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NEW HAVEN, Conn. — The International Monetary Fund’s October World Economic Outlook proclaimed that “Strong public policies have fostered a rebound of industrial production, world trade, and retail sales.” The IMF, along with many national leaders, seem ready to give full credit to these policies for engineering what might be the end of the global economic recession.

National leaders and international organizations do deserve credit for what has been done to bring about signs of recovery since the spring. The international coordination of world economic policies, as formalized in the recent G20 statement, is unprecedented in history.

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