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The global economy can be represented in various ways, and broken down in various ways. It is inseparable from the geography and ecology of Earth, e.g. ecoregions which represent different agricultural and resource extraction opportunities.

The postwar era of full employment has been dubbed the 'Golden Age of Capitalism'; it is a description which appears increasingly appropriate with the continued failure of the advanced capitalist economies to return to the levels of economic growth and employment witnessed from 1948 to 1973. The demise of that era around 1973 has now been followed by more than twenty years of global instability and varying degrees of mass unemployment. Yet far from provoking a concerted effort to construct a new global economic framework for stability and growth, as was the case in 1944 with Bretton Woods, the past two decades of stagflation, recovery, and stagnation are instead ushering in what threatens to be a period of still greater economic and political danger. The end of the Cold War has been marked by regional conflicts and open wars. The 'freeing of the market' in the former Soviet Union and Eastern Europe has destroyed many existing institutions without developing effective alternatives, resulting in economic regression and falling national income.

Increased global competition from the Newly Industrializing Countries has been blamed for aggravating unemployment in Western Europe and North America. It has led to calls for an abandonment of the welfare state and the associated social security and other provisions which are alleged to make Western Europe, in particular, uncompetitive, and to policy proposals for 'managed trade' or similar measures. What was seen by some as an alternative economic system of 'social corporatism', explaining a relative escape from mass unemployment by the Scandinavian economies, has also crumbled in the face of domestic political developments and global economic pressures. The Third World debt crisis may have slipped out of the news but is hardly resolved. And the world economy seems set to enter the twenty-first century with the industrial world divided between three main trading blocs: the European Union, the North American Free Trade Area and the Pacific Rim countries. This tripolar division could either form the basis for negotiation and cooperation, or else for the sort of unstable economic and political developments only before witnessed in the preludes to the two world wars.

The situation demands action from national governments to tackle economic recession and unemployment: this requires cooperation between governments towards these ends, and calls for new international institutions to facilitate such cooperation. The following chapters set out some of the policy options available. They aim to make sense of current economic developments and to give an account of the key trends in the world economy, both to indicate what sort of new institutional arrangements might be appropriate and to allow judgments to be made as to their feasibility.

The global economy can be imagined to be a self-equilibrating mechanism of the textbook variety, or it can be recognized as subject to processes of cumulative causation whereby if one or more countries fall behind the pack, there may be dangers of them falling further behind rather than enjoying an automatic ticket back to the equilibrium solution path. These two alternatives, conflicting views of real world economic processes have very different implications regarding institutional needs and arrangements. . .

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