So what can be done to address the situation without getting into a beggar-thy-neighbor
, retaliatory free-for-all?
Germany is accused of pursuing a beggar-thy-neighbor
What if Eugene lobbied separately for state and federal transportation funding, perhaps employing beggar-thy-neighbor
Economy ministers and central bankers for the IMF's 187 member states meet Friday as anger grows about beggar-thy-neighbor
currency policies that are skewing world trade.
Was not the IMF set up in 1944 with the explicit mandate to prevent the beggar-thy-neighbor
and protectionist policies of the 1930s?
The chancellor plays an essential role in higher education by preventing program duplication and beggar-thy-neighbor
competition among the seven universities.
This is what makes today's beggar-thy-neighbor
policies so destructive: though some countries will eventually have to absorb the surpluses and capital, each country is trying to avoid them.
The laudable intentions of the founders at the 1944 Bretton Woods conference were directed toward avoiding the tremendous shortcomings in the international system in the post-World War I period when the lack of effective multilateral mechanisms allowed governments to practice beggar-thy-neighbor
policies, resulting in declining world trade hurting employment and living standards in many countries.
The temptation in this type of recession, however, is to use the beggar-thy-neighbor
policy by devaluing the currency.
In the current climate of anxiety and uncertainty, policymakers must ensure strong communication and coordination, avoid beggar-thy-neighbor
policies, and guard against protectionism.
Germany refuses to accept that its beggar-thy-neighbor
economic policies -- reflected in its massive current-account surpluses -- are both a cause of the eurozone crisis and a major impediment to resolving it.
The list of policy mistakes is almost endless: Interest-rate hikes by the European Central Bank in July 2008 and again in April 2011; imposing the harshest austerity on the economies facing the worst slump; authoritative treatises advocating beggar-thy-neighbor
competitive internal devaluations; and a banking union that lacks an appropriate deposit-insurance scheme.