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A dinner meeting held jointly by The Empire Club of Canada and The Canadian Club of Toronto.
The world economy: "The success of the entire enterprise is dependent upon all the participants playing a constructive role." The various roles and significance of various countries in the world economy, beginning with the United States and Canada. A detailed discussion, with statistics. Progress by the indebted countries. The pattern of progress in the world economy over the past three years being undermined by various factors. Avoiding the dangers of shortsighted approaches such as protectionism, defaults and inflation. Broad directions of effort as outlined in the communique issued by the Group of Five, and speeches and communiques at the recent World Bank-IMF meeting. The roles of borrowers, international institutions, and banks are each essential to the success of the whole. The prospect for sustaining growth and working toward lower interest rates in the U.S. and in Canada rests on maintaining the progress against inflation. A time of opportunity, and a time of danger. How the actions of each country fit into a coherent whole.