By W. J. Verdenius
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Extra info for Commentaries on Pindar: Olympian Odes 1, 10, 11, Nemean 11, Isthmian 2 (Mnemosyne : Bibliotheca Classica Batava : Supplementum, 101)
In studying this topic, Brookings sought and received the cooperation of some of the world's leading economists, political scientists, foreign-policy specialists, and government officials, representing all regions of the world. Although some functional areas require a special focus on European, Japanese, and North American perspectives, at all junctures the goal was to include, in addition, the perspectives of developing nations and the formerly centrally planned economies. The first phase of the project commissioned the twenty-one scholarly studies listed at the beginning of the book.
As international consultations and monitoring of compliance with such rules become more important, this situation can be described as monitored decentralization. The Group of Seven finance ministers meetings, supplemented by the IMF's surveillance over exchange rate and macroeconomic policies, illustrate this approach to management. Coordination goes further than mutual recognition and monitored decentralization in acknowledging convergence pressures. It is also more ambitious in promoting intergovernmental cooperation to deal with them.
In recent decades, many examples of such circumstances can be identified. Yet protagonists of intergovernmental cooperation have been challenged by numerous skeptics. For every situation in which an observer has recommended that a major country should act as a potential "locomotive" for the world economy (or, alternatively, that several countries should move together in "convoy"), some other critic has identified potential dangers and argued against the recommendation. The annual economic summit meetings of the largest industrial countries, initiated in 1975, have been variously praised and damned as sites for attempted economic cooperation.