The largest industrial countries have committed themselves to the pursuit of policies aimed at promoting cooperation, reducing exchange rate misalignment, combatting protectionism, strengthening growth, buttressing the adjustment efforts of the developing countries, and reforming the international monetary system. One of the most encouraging developments to emerge from this cooperation of the major industrial countries is the debt initiative introduced by the Secretary of the U.S. Treasury in October of 1985. This initiative combines the efforts of three sets of agents in the debt situation: those of the indebted countries, to improve the functioning of their economies; those of the multilateral development banks, to increase their disbursements to heavily indebted countries; and those of the commercial banks, to step up lending to these same countries.
There seems to be a fresh air of optimism blowing around the world, and most experts applaud the initiative taken by the major industrialized nations. Although global cooperation has not yet reached the level needed to alleviate global economic disasters, there is evidence that a critical mass has been reached. Enough momentum has been gained to suggest that we are indeed at the cutting edge of a true conceptual revolution, a revolution that is causing political leaders all over the world to follow the World Future Society's motto, "Think globally, act locally."
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