- 2 -

Unless our actions are cooperative, taken with full
consideration of their wider international consequences,
the results will erode the political stability and the
moral dimension in which each of our societies pursues
its destiny.

Today let me discuss what we, the industrialized
nations, can do -- both in our own interest and for
the larger human community which ultimately sustains
us. Our endeavors must focus on two important challenges:

-- A challenge to the nations of the industrial
world (underscored) to return to a path of steady
economic growth, and thus restore faith in our insti-
tutions and leadership, and be able to act together
from a position of strength in times of crisis;

-- A challenge to _all nations_ to extend the system
of international economic cooperation to give the less
developed countries a greater opportunity to share in

- 3 -

sustained economic growth.

Ultimately our survival as nations may demand that we meet these challenges. For political and social instability thrive on economic stagnation and dispute. Conflict within and among nations is intensified by the struggle to obtain a larger share of a static global output.

History confirms that only economic growth can satisfy competing domestic demands for more income and more opportunity; and that an environment of growth and economic cooperation facilitates solutions to international political and security problems.

Moreover, industrial nations cannot act with authority in an environment of stagnation and increasing domestic and international struggle over the distribution of economic benefit. Our purpose will falter. Our

- 4 -

moral positions will erode. Confidence in our
institutions and leadership will decay. The industrialized
nations must be economically strong and politically
cohesive if they are to contribute to world security and
prosperity.

Economic expansion in the industrial world and
building a new structure of economic cooperation with
the less developed countries go hand in hand. Only an
expanding world economy permits increased transfer of
resources through bilateral and multilateral aid
programs. Only sustained growth in the industrialized
world can provide a long-term market for raw materials,
for manufactures, and for the agricultural products
on which the prosperity of the developing countries
depends. Only increasing income for both developed and
developing countries can create the propitious climate
needed for negotiations on the hard issues of food,
energy, raw materials, trade and investment.

- 5 -

The organization for economic cooperation and
development has played an important role in economic
cooperation among the advanced nations. But the
members of this institution increasingly must address
problems in a global context. The challenge of growth
in the industrial world is inextricably linked to the
challenge of our relationships to the developing nations.

Let me discuss each of these in turn.

GROWTH AMONG THE INDUSTRIALIZED NATIONS

We have witnessed thirty years of economic growth
among the industrialized nations. Now, however, we are
in the midst of a recession, the most serious since the
great depression of the thirties. Our cardinal task is
to return to a path of sustained growth.

The conditions that foster and sustain growth in the
industrial economies from a delicate equilibrium. A

- 6 -

political and social consensus that government policies
are equitable is the key to economic growth. The
distribution of economic benefit must be broadly accepted;
ot
otherwise escalating wage and price demands, lagging work
performance and labor unrest destructive of growth will
result. Continuing inflation that destroys growth will
be the arbiter of social priorities.

Within the industrial world the signs are everywhere
that these underlying conditions may no longer obtain.
We see it in the inflation that has become the hallmark of
our societies; an inflation that results from efforts
by individual interest groups to improve or defend their
share of available income by raising prices and wages. We
see it in the increasing difficulty of governments in
controlling their budgets. We see it in the declining
portion of their income that many of the industrial

portion of their income that many of the industrial
controlling their budgets. We see it in the declining
see it in the increasing difficulty of governments in
share of available income by raising prices and wages.
by individual interest groups to improve or defend their
own societies; an inflation that results from efforts
We see it in the inflation that has become the hallmark of
that these underlying conditions may no longer obtain.
Within the industrial world the signs are everywhere
be the arbiter of social priorities.

Continuing inflation that destroys growth will
result. Continuing inflation must be broadly accepted;
distribution of economic benefit must be broadly accepted;
are equitable in the key to economic growth. The
political and social consequences that government policies

- 6 -

democracies are willing to save and invest in future
growth.

14 These disquieting economic signs will only abate
if the industrialized nations return to sustained,
non-inflationary growth. The Finance Ministers, meeting
tomorrow, will discuss specific actions we can take
separately and together to achieve this goal. Secretary
Simon will discuss the American recovery in detail. Let
met offer some general propositions that should frame
our long-term actions.

15 First, we must sustain the growth of international
trade and investment. They have been among the main
motors of our prosperity for over a generation, consistently
expanding at rates twice that of our domestic economies.
This is the fruit of the great postwar effort to
liberalize trade, to lessen barriers to investment,

liberalize trade, to lessen barriers to investment.

This is the fruit of the great postwar effort to
expanding at rates twice that of our domestic economies.

motors of our prosperity for over a generation, consistently
trade and investment. They have been among the main

that, we must sustain the growth of international
our long-term actions.

met other some general propositions that should frame
Simon will discuss the American recovery in detail. Let
separately and together to achieve this goal. Secretary
tomorrow, will discuss specific actions we can take
non-inflationary growth. The Finance Ministers, meeting
if the industrialized nations return to sustained,

These disquieting economic signs will only abate
growth.

- 7 -

and to maintain free monetary exchanges. We must carry
this effort forward:

-- In the OECD, through the renewal and respect of
our pledge not to adopt restrictive trade measures to
cover our oil deficits;

-- In the GATT, through the vigorous conduct of
the new round of multilateral trade negotiations now
beginning.

Second, we must recognize the effects of the economic
policies of one nation on others. In the past we have
coordinated on short-term policy measures. Now we
must ensure that our actions are mutually reinforcing
in the cause of sustained expansion. This was done
informally this winter when Chancellor Schmidt, Prime
Minister Wilson, President Giscard D'Estaing, former
Prime Minister Tanaka, and President Ford developed plans

Minister Wilson, Presidentias DiEating, former
informally this winter when Chancellor Schmidt, Prime
in the cause of sustained expansion. This was done
what ensure that our actions are mutually reinforcing
coordinated on short-term policy measures. Now we
policies of one nation on others. In the past we have
Second, we must recognize the effects of the economic
beginning.

-- In the GATT, through the vigorous conduct of
cover our oil delimitation:

-- In the OECD, through the review and respect of
this effort forward:

- 8 -

- 9 -

to combat the recession. In the future, the OECD should
coordinate policies for the expansion of the major industrial
economies, so as to avoid the simultaneous boom and bust
experienced these last three years.

17 Third, as I outlined yesterday in the IEA, our
energy policies must be aimed at returning oil prices to
equilibrium levels. Sustained high prices for oil will
dampen growth; and when OPEC's imports catch up with its
income such prices will also involve an annual transfer
of more than one percent of our output, which otherwise
would be available for consumption or investment within
our economies.

16 Finally, we must develop longer-term growth
strategies. We must identify the political and economic
conditions necessary for sustained growth in the late
1970s and early 1980s. We must begin a systematic

fifty-a and early 1880s. We must begin a systematic
conditions necessary for sustained growth in the late
strategies. We must identify the political and economic
Finally, we must develop longer-term growth
our economies.

would be available for consumption or investment within
of more than one percent of our output, which otherwise
income such prices will also involve an annual transfer
damper growth; and when OPEC's imports catch up with its
equilibrium levels. Sustained high prices for oil will
energy policies must be aimed at returning oil prices to
Third, as I outlined yesterday in the IFR, our
experienced these last three years.

economies, so as to avoid the simultaneous boom and bust
coordinate policies for the expansion of the major industrial
countries in the future, the OECD should
To combat the recession.

- 10 -

attempt to answer some fundamental, long-run questions:

-- How can the industrial societies create the conditions necessary for the massive capital formation required over the next decade, not only for an adequate rate of growth, but for a new quality of growth?

-- What policies are needed to restore a non-inflationary environment for longer-term growth?

-- How can we encourage the research and development effort needed to sustain, and transfer to others, the changing technology so vital to our postwar growth?

To begin the search for answers to these questions, I propose that we constitute a special high level group of distinguished economists both in and out of government to draw up and OECD growth strategy for the next five years. This group should draw on the five year projections now

This group should draw on the five year projections now to draw up and OECD growth strategy for the next five years.

effort needed to sustain, and transitor to others, the

-- How can we encourage the research and development
inflationary environment for longer-term growth?

-- What policies are needed to restore a non-
nature of growth, but for a new quality of growth?

required over the next decade, not only for an adequate
conditions necessary for the massive capital formation

-- How can the industrial societies create the
attempt to answer some fundamental, long-range questions:

- 11 -

being developed by the economic policy committee. But
its focus should be on policy. It should report to the
next ministerial meeting.

Growth is a fundamental question that transcends
national economic policy and goes to the heart of
nationhood and purpose. For economic stagnation breeds
tension and conflict. It undermines the stability of our
societies and the ability of our governments to act.
The building of national political consensus and the
resolution of disputes among competing domestic interest
groups are far easier with a strong economy and a growing
command over resources.

Nor can we resolve political problems among advanced
countries in the absence of growth. Close economic
cooperation is an important element in the cohesiveness

cooperation is an important element in the cohesiveness
countries in the advance of growth. Close economic

can we resolve political problems among advanced
command over reasons.

groups are far easier with a strong economy and a growing
revolution of diabetes among competing domestic interest
The building of national political consensus and the
societies and the ability of our governments to act.

tension and conflict. It undermines the stability of our
nationwide and purposeful economic stagnation precludes
national economic policy and goes to the heart of

next ministerial meeting.

its focus should be on policy. It should report to the
being developed by the economic policy committee. But

- 11 -

-12-

of our alliances. That cohesiveness, as well as our
economic strength and vitality are vital if we are to
discourage threats to our common security. We cannot
be disunited and preoccupied with economic problems if
we are to cooperate in times of political and military
crisis.

Moreover, stable relations with the communist
world require us to demonstrate the strength and
vitality of our open economic system. For their
incentive to play a responsible role in the world economy
and in their political relationships with the West will
be enhanced as their stake grows in our economic success.

Finally, stable growth is critical to the well-being
of the developing world. Let me now turn to it.

Cooperation with the Developing Nations

The return to sustained world economic growth is
primarily the task of the industrialized nations. For

**Cooperation with the Developing Nations**

of the developing world. Let us now turn to it.

Finally, a stable growth is critical to the well-being

be enhanced as their intake grows in our economic success.

incentive to play a reasonable role in the world economy

world regime as to demonstrate the strength and

Moreover, a stable relation with the communist
crisis.

be disannied and preoccupied with economic problems if
disannage threatens to our common security. We cannot

of our alliances. That consensus, as well as our

-15-

- 13-

they account for sixty-five percent of the world's output and
seventy percent of its trade.

But that growth cannot be sustained in the absence
of a structure of enhanced international cooperation in
which the developing countries are, and perceive them-
selves to be, effective participants. For the new
problems of our era -- food, energy and raw materials --
involve communities of interest extending to all peoples
in every corner of the globe.

We will fail in any effort to build a better struc-
ture of international cooperation if we fail to involve
the developing nations constructively in that system.

No international system can survive if a major portion
of the world's population do not share in its benefits,
as is argued.

The problem of an effective relationship with the
less developed countries is a shared challenge of the

The problem of an effective relationship with the
of the world's population do not share in its benefits.
No international system can survive if a major portion
the developing nations constructively in that system.
We will fail in any effort to build a better atmo-
sphere in every corner of the globe.

involves communities of interest extending to all peoples
problems of our own -- food, energy and raw materials --
selves to be, effective participants, for the new
which the developing countries are, and perceive them-
of a structure of enhanced international cooperation in
which that growth cannot be sustained in the absence
seventy percent of its trade.

- 13 -

- 14 -

industrialized nations. It is a test of our ability to
act decisively in the face of other challenges.

28 Of central importance will be our capacity to
distinguish between the political perception of developing
countries as a single entity and the reality of their
diversity -- in resource endowment and in extent of develop-
ment. We can accept that their self-perception of unity
is a political imperative. But they must realize their
diversity demands a variety of responses; that no compre-
hensive solution is possible; and that effective coopera-
tion among the parties most concerned is the key to

solving specific problems.

29 The diversity of the so-called third world has been
made obvious by the emergence of new, rapidly growing
economic powers, most prominently the oil-rich. But
other new powers in industrial manufacturing and natural
resources are of increasing importance. The participation
of these countries in the international economic system

of these countries in the international economic system
reasons are of increasing importance. The participation
in other new powers in industrial manufacturing and natural
economic powers, most prominently the oil-rich. But
made obvious by the emergence of new, rapidly growing

The diversity of the so-called third world has been
solving specific problems.

tion among the parties most concerned is the key to
winning a settlement. But they must realize their
is a political imperative. The problem is not one of
diversity -- in resource endowment and in extent of develop-
 countries as a single entity and the reality of their
differentiation between the political perception of developing
of central importance will be our capacity to
act decisively in the face of other challenges.

Industrialized nations, it is a fact of our ability to

- 155 -

is indispensable to any effort to construct a new era
of cooperation.
building a cooperative world

The system must also be capable of meeting the needs
of the poorest countries. Nations callous to their plight
must forfeit any claim to moral and political world
leadership.

A better relationship with the less developed
nations will require serious progress on the problems
central to that relationship--food, raw materials,
trade and finance.

FOOD

Food is man's most basic need. If we do not move
to close the gap between world productivity and
demand, nothing else we can have meaning. But the
construction of a stable world food economy can
provide a pillar of a new international economic order.

The solution to the world's food problem depends

The solution to the world's food problem depends
on construction of a stable world food economy can
demand, nothing else we demand have meaning. But the
to close the gap between world productivity and

food is man's most basic need. If we do not move

**FOOD**

trade and finance.

central to that relationship--food, raw materials,
nations will require serious progress on the problems
A better relationship with the less developed
leadership.

must be left any claim to moral and political world
of the poorest countries. Nations callous to their flight
The system must also be capable of meeting the needs
of cooperation.

- 133 -

- 16 -

crucially on the cooperation of most of the major food producing and consuming nations. For a poor harvest in any one nation affects us all through higher prices and limited supplies worldwide.

For the short-term, food aid will be needed.

The U.S. views this as a shared international responsibility of all financial able donor countries.

But a fundamental solution to the world food problem will require us to:

- Increase world food production capacity; and

- Build food security through an international reserve system.

It is the less developed nations which possess the greatest capacity for increased production--in water and cultivatable land. To assist their efforts to increase production, and to encourage more effective

to increase production, and to encourage more effective
water and cultivatable land. To sealat their efforts
the greatest capacity for increased production--in
It is the least developed nation which possesses
reserve axatam.

-- Build food security through an international
problem will require us to:

But a fundamental solution to the world food
purity of all financial stable donor countries.

The U.S. views this as a shared international neopon-
for the short-term food aid will be needed.

if any one nation affects us all through higher
producing and consuming nations. For a poor harvest

- 18 -

- 17 -

agricultural policies, the U.S. supports two new
international mechanisms: First,

-- The International Fund for Agricultural Development, an initiative of the oil-producing nations to help mobilize new financial resources. The fund should bring together all donors who are prepared to contribute additional resources, over some agreed base year, to agricultural development. For many countries, this may require a commitment to sustain current and future agricultural assistance efforts at levels in excess of those in the recent past.

President Ford has asked me to inform you today that the U.S. will participate in the creation of such a fund, whose resources, we believe, should total at least $1 billion a year.

A link between funding and effective agricultural

A link between funding and effective agricultural
least of $1 billion a year.

fund, whose reasons, we believe, should total it
the U.S. will participate in the creation of such a
President Ford has asked me to inform you today that
at levels in excess of those in the recent past.

current and future agricultural assistance efforts
countries, this may require a commitment to sustain
base year, to agricultural development. For many
contribute additional reasons, even some agreed
should bring together all donors who are prepared to
help mobilize new financial resources. The fund
ment, an initiative of the oil-producing nations to

- 17 -

policies can be provided by the second organization,
the consultative group on food production and invest-
ment, organized by the World Bank, UNDP and the FAO.
The group, which plans its first meeting in July,
should be the central mechanism for cooperation among
traditional donor nations, new donors--the oil
exporting countries--and the developing countries
themselves.

The second requirement for a long term solution
to food is an international reserves system. To
guard against emergency shortages and protect world
supplies in the face of crop failures and other
catastrophies, we agreed at the Rome Food Conference
to negotiate a new international system of nationally
held grain reserves. I recently outlined our suggested
principles for such a system:

principles for such a system:

held grain reserves. I recently outlined our suggested
to negotiate a new international system of nationally
catastrophies, we agreed at the Rome Food Conference
supplies in the face of crop failures and other
guard against emergency shortages and protect world
to food is an international reserves system. To

The second requirement for a long term solution
themselves.

exporting countries--and the developing countries
traditional donor nations, new donors--the oil
should be the central mechanism for cooperation among
The group, which plans its first meeting in July,

ment, organized by the World Bank, UNDP and the FAO.
the consultative group on food production and invest-
ment can be provided by the second organization.

- 18 -

- 19 -

-- Total world reserves must be large enough to meet potential shortfalls in food grains production.

-- Grain exporters and importers should agree on a fair allocation of reserve holdings, taking into account wealth, grain productive capacity, and trade.

-- There should be agreed international rules or guidelines to encourage members to build up reserves in times of good harvest.

-- Each participating country should be free to determine how its reserves will be maintained and what incentives to provide for their buildup, holding, and draw-downs.

-- Rules or guidelines should be agreed in advance for the draw-down of reserves, triggered by shortfalls in world production. There must be a clear presumption that all members would make reserves available when needed and, conversely, that reserves

preemption that all members would make reserves

shortfalls in world production. There must be a clear
advance for the draw-down of reserves, triggered by

-- Rules on guidelines should be agreed in

and draw-downs.

what incentives to provide for their buildup, holding,
determine how its reserves will be maintained and

-- There should be agreed international rules
trade.

into account wealth, grain productive capacity, and
on a fair allocation of reserve holdings, taking

- 18 -

-20-

would not be released prematurely or excessively and
thus unnecessarily depress market prices.

-- In times of shortage the system must assure
access to supplies for countries that participate in
it, and there must be special provision to meet the
needs of the poorest developing countries.

-- Finally the system must encourage expanded
and liberalized trade in grains.

38 The United States is prepared to hold an important part of an agreed level of world reserves. If others join us in negotiating such a system, the outline of an international reserves agreement can be completed before the end of the year.

COMMODITIES

39 Economic cooperation between industrialized and developing nations also will require progress on commodity problems, an issue with wide political and

commodity problems, an issue with wide political and
developing nations who will require progress on
Economic cooperation between industrialized and
COMMODITIES

before the end of the year.

an international reserves agreement can be completed
join us in negotiating such a system, the outline of
part of an agreed level of world reserves. If others
The United States is prepared to hold an important
and liberalized trade in metals.

-- Finally, the system must encourage expanded
needs of the poorest developing countries.

it, and there must be special provision to meet the
success to supplies for countries that participate in
-- In times of shortage the system must assume
that unnecessarily depress market prices.

-30-

- 21 -

economic implications. Unless we seriously attempt
to deal with the raw materials problem, price
volatility, supply disruption, investment disputes,
and increasing hostility to the private firms that
provide managed technology for resource development
could, over the long-term, adversely affect the price
and availability of raw materials vital to economic
progress.

In response to these problems, the United Kingdom
has proposed a series of concrete steps on commodities.
While we do not agree with all aspects of their pro-
posals, we welcome their initiative and concern.

In this same spirit the United States will table
suggestions for addressing the problems of commodity
markets.

First, we will propose that new arrangements
for access to markets and supplies be negotiated in the

for access to markets and supplies he negotiated in the
first, we will propose that new arrangements
markets.

recommendations for addressing the problems of commodity
In this same spirit the United States will table
besides, we welcome their initiative.

While we do not agree with all aspects of their pro-
has proposed a series of concrete steps on commodities.
In response to these problems, the United Kingdom
progress.

and availability of raw materials vital to economic
could, over the long-term, adversely affect the price
provide managed technology for resource development
and increasing mobility to the private firm that
volatility, supply disruption, investment diables,
to deal with the raw materials problem. price
economic implications. Unless we seriously attempt

- 11 -

- 22 -

multilateral trade negotiations.

Second, we are prepared to discuss new arrangements for individual commodities on a case-by-case basis. We have already made innovative proposals for a new international coffee agreement. We are participating in discussions with the members of the international tin council. We are prepared to join other producers and consumers of copper in a dialogue about the problems and possible actions to take in this area.

Third, I have already suggested that the World Bank explore new ways of financing resource development in combination with private management, technology and capital. The World Bank and the International Monetary Fund could also provide improved facilities for financing counter-cyclical stockholding where

for financing counter-cyclical stockholding where
Monetary Fund could also provide improved facilities
and capital. The World Bank and the International Fund
ment in combination with private management, technology
Bank explore new ways of financing resource develop-
Third, I have already suggested that the World
this area.

about the problems and possible actions to take in
other producers and consumers of copper in a dialogue
international tin council. We are prepared to join
participating in discussions with the members of the
for a new international coffee agreement. We are
basics. We have already made innovative proposals
ments for individual commodities on a case-by-case
Second, we are prepared to discuss new arrange-
multilateral trade negotiations.

- 33 -

- 23 -

agreed by producers and consumers.

For many less developed countries, the real issue is not price instability but their desire for reliable, long-term stability in their commodity export earnings. The time has come to review existing facilities for earnings stabilization, such as the IMF's, and to see what more is possible to insure the neediest developing countries against excessive fluctuation in their export income.

Given the urgency of making progress on commodity issues the United States supports the OECD proposals for a high level group on commodities to study proposals in this area.

TRADE AND FINANCE

In the traditional areas of international trade and finance, the scope for cooperation with the developing nations also can be enhanced.

nations also can be enhanced.

TRADE AND FINANCE

in this area.

for a high level group on commodities to study proposals
issues the United States supports the OECD proposals

excessive fluctuation in their export income.
to insure the neediest developing countries against
such as the IMFA, and to see what more is possible
existing facilities for earnings stabilization.

export earnings. The time has come to review
reliable, long-term stability in their commodity
issue is not price instability but their desire for
for many less developed countries, the real

- 23 -

- 24 -

18 Two issues stand out:

49 First, developing countries with large and growing industrial sectors, particularly in East Asia and Latin America, require expanding markets for their manufactured goods. For these countries, the Tokyo Declaration's pledge on access to industrial world markets for developing countries must become a reality.

50 Second, for the poorest countries, our international financial system is poorly designed to help them meet the burden of higher prices for imported energy, food, fertilizer and industrial goods. And at the same time worldwide recession reduces their export potential. For this reason, we consider it a matter of urgency that a special trust fund of up to $2 billion be established under the IMF by 1976.

We have proposed that gold now held by the IMF be

We have proposed that a bold new step be taken by the IMF to
$2 billion be established under the IMF by 1980.

A special trust fund of up to $2 billion is needed to meet
the demand for energy, food, fertiliser and industrial goods. And
they meet the demand of higher prices from imported
national financial system is poorly devised to help
second, for the poorest countries, our inter-
a reality.

world markets for developing countries what become
Tokyo Declaration's pledge on access to industrial
their manufactured goods. For these countries, the
Asia and Latin America, require expanding markets for
growing industrial sectors, particularly in East
First, developing countries with large and
Two issues stand out:

- 24 -

- 25 -

used to provide resources for half this total and
supplemented by other contributions, especially from oil
producers. We believe the industrial countries could
be flexible in meeting the desires of contributing
regarding management and other arrangements for a
trust fund. I would hope that the countries of the
OECD could put this proposal forward for action at
the meetings of the IMF Interim Committee and IMF/IBRD
Development Committee in two weeks time.

The OECD nations have a history of cooperation in
addressing problems of the less developed countries.
We have a duty to warn against, and to resist con-
frontation; for its is in the long-term interest of no
nation. Instead, the U.S. will work to expand an
international system of beneficial cooperation. The
United States therefore supports the Secretary General's
proposal for a broad study for our relationships with
developing countries, to be carried forward under the

developing countries, to be carried forward under the
proposal for a broad standby for our relationship with
United States therefore supports the Secretary-General's
international system of beneficial cooperation.
The
nation. Instead, the U.S. will work to expand an
frontation; for items in the long-term interest of no
We have a duty to warn against, and to resist con-
addressing problems of the least developed countries.
The OECD nations have a history of cooperation in
Development Committee in two weeks time.
the meetings of the IMF Interim Committee and IMF/IBRD
OECD could put this proposal forward for action at
trust fund. I would hope that the countries of the
regarding management and other arrangements for a
be flexible in meeting the desires of contributing
producers. We believe the industrial countries could
substituted by other contributions, especially from oil
used to provide reasons for half this total and

- 38 -

aegis of the Executive Committee in special session.

## CONCLUSION

Our modern era has been created and shaped by the industrial revolution and the progressive economic growth it brought. Its impact has been rapid, its results prodigious, its effects unprecedented. It not only has created industrial society, it has provided the means by which industrialization, confined to Western Europe and the United States a century ago, has been expanded into many parts of the globe.

For the nations which have already reached industrialization, it promotes security, sustains prosperity and nutures cherished values.

For those still striving to industrialize, it represents the best hope for a better life--the chance to share in the world's growing wealth and

chance to share in the world's growing wealth and
represent the best hope for a better life--the

For those still striving to industrialize, it
prosperity and future cherished values.

Western Europe and the United States a century ago,
the means by which industrialization, confined to
only has created industrial society, it has provided
results producing, its effects unprecedented. It now
sions, it has been rapid, its

## CONCLUSION

ases of the Executive Committee in special session.

- 36 -

- 27 -

the generating source of new and widely dispersed
production enterprises.

For the new challenges we face, a vital industrial
system provides the only means for massing the resources
required for creative and sustained solutions to the
problems of food, energy, environment and other great
global imperatives of our time. It provides a
foundation on which to build a stable and equitable
international order.

There are no plateaus in the affairs of mankind,
what is not a step forward is at best stagnation; but
often, it is a pause before regression. There is no
need to be dismayed or distraught by the problems we
face, for progress implies problems. The circumstances
of our time have provided the conditions of the world
with a uniquely shared perception of our common
predicament. The opportunity to write a new and
enduring chapter in the story of international cooperation
is before us.

is before us.

enduring chapter in the story of international cooperation
predicament. The opportunity to write a new and
with a uniquely shared perception of our common
of our time have provided the situations of the world
face, for progress implies problems. The circumstances
need to be diamayed or disunioned by the problems we
often, it is a baneful before regression. There is no
what is not a step forward is at least atrogation: but
there are no plateaus in thecline of mankind,
international order.

foundation on which to build a stable and equitable
global imperatives of our time. It provides a
problem of food, energy, environment and other great
required for creative and sustained solutions to the
system provides the only means for missing the reasons
for the new challenges we face, a vital industrial
production enterprises.

the generating source of new and widely diabereed

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