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By Fritz Machlup, Gerhard Fels, Hubertus Muller-Groeling

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283, and Herbert Stein, 'International Coordination of Domestic Economic Policies', The AEI Economist, Washington, June 1978, pp. 4-5, argue that international coordination cannot be implemented satisfactorily because too little is known about international interdependencies and because the policy-making process would be 'overburdened'.

The conventional assignment literature is partial and defective in that it assumes Roland Vaubel 9 information to be costless and democratic politicians and voters to be universalist utilitarians who value the (cardinal) utility of others as highly as their own. First of all, as far as information cost is concerned, it seems plausible to assume with Bentham that, usually, 'everybody is the best judge of his own interest' or at least that if he were given the freedom to make the mistakes from which he can learn, everybody has the highest potential to become, and in the long run is likely to be, the best judge of his own interest.

Another remarkable development was that the IMF received explicit responsibility for the surveillance of exchange rates and monetary policies. 10 Finally, the OECD succeeded in drawing attention to its views by popularising the so-called 'locomotive theory', and later the 'convoy theory', of internationally coordinated demand management. l l All these efforts differed from what had been typical of coordination under the Bretton Woods system in that: (a) coordination was no longer achieved through automatic adjustment to American hegemony, but through explicit negotiations among governments or IMF surveillance; and (b) the aim of coordination was not always a more uniform use of the national policy instruments, but sometimes a planned international differentiation (in order, however, to attain a more uniform target performance).

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