Just as a high degree of reliance upon free economic markets was instrumental to the growing prosperity in the modern era of the First World nations, so too a free economic market at the international level would tend to enhance the growth and development of a strong world economy. As for national government anti-cyclical policy, although it is clearly justified in crisis conditions of deep depression or hyperinfla­tion, too often in the past it has been applied injudiciously, so that it aggravates rather than ameliorates cyclical swings. Owing to the various lags in policy determination and implementation described by the famous economist Milton Friedman, often expansionary policy takes full effect in boom periods, while contractionary policy takes full effect in recession periods. This problem might well hold at the global level if there were a world government in existence attempting to apply world anticyclical policy. To the extent that the world government ventures beyond anticyclical policy into the realm of overall regulation and control of the business economy, it is likely to repeat and amplify the self-evident errors and excesses the national governments have made in this area.