Abstract

This paper points out that a major challenge is to develop the necessary means for managing interdependence. The objective of the twenty-four-nation Organization for Economic Cooperation and Development (OECD) is to bring about a harmonious and orderly evolution of the world economy both among members and with others. To this end, they must take action to prevent the dislocation and disruption which can only lead to the collapse of world economic security and retard the more equitable distribution of wealth. The path to be followed is not an easy one. It will involve contingency planning, both medium- and long-term. It will require day-to-day as well as more far-reaching decision making and taking. While closer cooperation among OECD governments in managing their internal economic relations is important, these countries cannot lose sight of the wider perspective of global interrelationships, both with the developing countries and the centrally planned economies. The overriding point is that these links and ties will be ever more closely intermeshed. Each group will have to assume its share of the burdens and bears its responsibilities, and OECD countries being the most prosperous will of necessity have to carry their share.