ABSTRACT
This article deals with the phases and problems in the crisis of transition from “Fordism” to a new order and a new growth model for the world economy. The two different responses to the productivity fall problems - radical reduction of labor costs or a new social contract - are pointed as determinants of the crisis evolution and, in special, of the development of the American commercial deficit and Treasury debt, and the third world debt. It is shown that the solution by debt payment is not viable and that macroeconomic logic leads to devaluation as an adequate response. Ethical, political, and technical problems of this scheme are analised indicating that more probably the debt devaluation will be combined with a readjustment of the export flux of the United States and the Third World against Europe and Japan. Finally, the possibilities of a significant European contribution to this readjustment are discussed. It is argued that, for this to occur, a common social policy for Europe must be adopted before the 1992 unification.
KEYWORDS:
Structural change; economic crisis