"•Economic stagnation, persistent unemployment, daunting debt burdens, and the threat of banking crises bedevil the immediate future of global economic activity."...will a co ordinated global effort emerge ? NOPE !!

so say well meaning academicals including
our hero dani R


they seem only to nod at certain big truth off sets :

" most political-economic problems can be addressed  effectively at the national level."

" International cooperation is only necessary where there are substantial extra national
externalities "

that suggests thinking nationaly oughta suffice as far as recovery goes


but

"There are areas in which only global solutions exist to truly global problems – such as the impact of greenhouse gases on the world’s climate. "

but of course that's not relevent
               however this is :

"cooperation can prevent mutually damaging outcomes, such as avoiding a currency war. "

 currency war might need to be threatened

"However, even where the normative justification is strong,
 the practical ability of governments to engineer such cooperative endeavors
 can be limited"

indeed ...if  globe wide action hurts MNC great game play !

translation into cloudy goo goo speak

"While the ultimate effect is presumably positive for the whole  nation 
as well as the world
            the changes could  threaten powerful domestic interests "

and
 "There is disagreement within the OECD; adding such countries as China and Brazil vastly increases the range of views that need to be taken into account."

  ie the north south structural contradictions
   exacerbated into conflicts by the emergence  of ever more MNC
                                                                               profit arbitrage
                                                                                  cross ocean
                                                                                   slurries of opportunity

----------------------------------

so given reality
what do these goo goos suggest ?

purely north north stuff
ie

" use whatever transformative capacity  the G 20 has toward
  improving  macroeconomic policy coordination
.. uncoordinated macroeconomic policies among the major economic centers can be extraordinarily dangerous... the IMF has attempted to focus attention on  threats
 posed by large-scale global macroeconomic imbalances "

yikes

translation we all stag together
 or
  we each   hang separately on our various  north south imbalances