a significant rise in its price. The industrial countries had to increase exports to pay for higher priced oil. Within the general growth there is clearly a stumble between 1980 and 1985. Declining trade volumes over 1980-1982 come as a result. As Europe recovered from the war its share increased rapidly, but after 1960 Japan became the most dynamic group.
             Table 2 shows the growth rates of world output, by region, 1960-1986 in percentage.
             Source: United Nations Centre on Transnational Corporations, pg. 17
             As shown in the table 2 it now seems clear that the world economy entered a period of slower growth around 1973. All groups of countries, regardless of their economic system or level of development have been affected. The post-war period until the early 1970 is characterised by strong economic growth. During that period, world trade grew considerably faster than the world output. Also, the growth of world trade since the early 1970s has been more marked than that of world output. During the 1980s the world economy witnessed large shifts.
             Clearly, world trade and output are independent, and it is not possible to claim that slower growth in world trade has caused world output growth to decelerate.
             "A person is defined as being unemployed if he or she does not have a job but is available for work, willing to work, and has made some effort to find work within the previous four weeks" (M. Parkin, Macroeconomics, 3rd Edition, pg. 110). Unemployment is a persistent feature of economic life.
             Table 3 illustrates the unemployment average % per annum.
             Source: J. Sloman, Economics, 3rd Edition, pg. 400.
             In the Great Depression of the inter-war period, mass unemployment was experienced in most industrialised countries. It reached 3 million, 23 of the working population. Things changed, though, af
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