Don't Expect Miracles Of Economic Summits: Seeing Economic Summits in Political Context
Presidents and prime ministers of seven of the richest nations of the world have now met in four economic summit sessions since November 1975. Each time, they have praised their own efforts in communiques promising more jobs, less inflation, growing world trade, and a better deal for the lesser-developed nations and all the poor ones not invited to their conferences.</br></br>For example, at the end of the most recent summit in Bonn July 16 and 17, President Carter and the other heads of state said they had ÛÏagreed on a comprehensive strategyÛ covering all the major economic issues facing the world.</br></br>But conscious of criticism that the rhetoric was too grand and the results too puny at Rambouillet, Puerto Rico and London, the leaders this time were a bit more cautious: Their commitments were narrow, specific strategies were withheld, and outlines of the problems to be faced were more realisic.</br></br>What, in truth do economic summits accomplish? Are they an exercise that raises expectations too far? Do they merely ratify decisions already taken and programs already on line?</br></br>It is important to note that some problems get filed in the ÛÏtoo hardÛ drawer. Thus, the Bonn summit did not come to grips with the overwhelming international economic dilemma of the dayÛÓwhat to do about the plunging U.S. dollar.