Hostname: page-component-848d4c4894-xfwgj Total loading time: 0 Render date: 2024-07-06T12:32:47.760Z Has data issue: false hasContentIssue false
  • English
  • Français

1967 Prize Award Essay: The International Monetary Fund and the Third World

Published online by Cambridge University Press:  22 May 2009

Stephen D. Krasner
Get access

Extract

International organizations are involved in the development process in several ways: They transfer real resources, offer technical assistance, give advice on development strategy, and collect and collate information. The specialized agencies and other United Nations bodies do not have a tax base of their own; they must rely on the donations of their members for resources. Most of their subscriptions come from the wealthy nations of the world, and most of their grants benefit the poor nations. The UN system acts as a financial intermediary distributing resources between the developed and the underdeveloped worlds. Human, as well as financial, capital is transferred to the less developed nations (LDC's) by the specialized agencies, which provide skilled personnel or training programs for nationals of the LDC's.

Type
Articles
Information
International Organization , Volume 22 , Issue 3 , Summer 1968 , pp. 670 - 688
Copyright
Copyright © The IO Foundation 1968

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

1 International Monetary Fund, Annual Report of the Executive Directors for the Fiscal Year Ended April 30, 1947 (Washington, n.d.), P. 2Google Scholar.

2 International Monetary Fund, Annual Report of the Executive Directors for the Fiscal Year Ended April 30, 1948 (Washington, n.d.), p. 74Google Scholar.

3 Scott, Ann C., “The Role of the International Monetary Fund in Economic Development,” Columbia Essays in International Affairs: Volume II, The Dean's Papers, 1966, edited by Cordier, Andrew W. (New York: Columbia University Press, 1967), p. 281Google Scholar. This article provides an excellent historical analysis of the Fund's attitude toward the third world.

4 Fleming, J. Marcus, The International Monetary Fund: Its Form and Function (Washington: International Monetary Fund, 1964), p. 37Google Scholar.

5 Bernstein, Edward M., “The International Monetary Fund,” International Organization, Winter 1968 (Vol. 22, No. 1), p. 137CrossRefGoogle Scholar.

6 International Monetary Fund, Annual Report of the Executive Directors for the Fiscal Year Ended April 30, 1952 (Washington, n.d.), p. 87Google Scholar.

8 Peacock, Leslie, “Policies and Operations of the International Monetary Fund: 1947–1956” (unpublished Ph.D. thesis, University of Texas, 1958), p. 82Google Scholar.

9 Fleming, p. 56.

10 Ibid., p. 33.

11 Aufricht, Hans, The International Monetary Fund: Legal Bases, Structure, Functions (New York: Frederick A. Praeger, 1964), p. 37Google Scholar.

12 Scott, “Role of the International Monetary Fund,” p. 293.

13 Prebisch, Raúl, “Commercial Policy in the Underdeveloped Countries,” American Economic Review, 05 1959 (Vol. 49, No. 2), pp. 251–273Google Scholar. Haberler, Gottfried, “Terms of Trade and Economic Development,” in Economic Development for Latin America, proceedings of a conference held by the International Economic Association, edited by Ellis, H. S. (London: Macmillan, 1961), pp. 275–297CrossRefGoogle Scholar, provides a critical review of the declining-terms-of-trade argument.

14 Scott, , “Role of the International Monetary Fund,” p. 294Google Scholar.

15 See Decision No. 1477, February 27, 1963, in International Monetary Fund, Compensatory Financing of Export Fluctuations (Washington, 1963), p. 26Google Scholar.

16 Fleming, p. 39.

17 Compensatory Financing of Export Fluctuations, p. 14.

18 Ibid., pp. 10–13.

19 International Monetary Fund, Compensatory Financing of Export Fluctuations: A Second Report (Washington, 1966), pp. 38–39Google Scholar.

20 International Financial Statistics, 10 1967 (Vol. 20, No. 10), pp. 2, 16, 37Google Scholar.

21 Rooth, Ivar, “I.M.F. and Under-developed Countries,” Pakistan Horizon, 03 1955 (Vol. 8, No. 1), p. 254Google Scholar. For a more recent unofficial view by a Fund staff member seeGardner, Walter R., “The Role of the International Monetary Fund in Promoting Price Stability,” in Inflation, proceedings of a conference held by the International Economic Association, edited by Hague, D. C. (New York: St. Martins Press, 1962), pp. 285–292CrossRefGoogle Scholar.

22 Prebisch, Raul, “Economic Development or Monetary Stability: The False Dilemma,” Economic Bulletin for Latin America, 03 1961 (Vol. 6, No. 1), pp. 1–25Google Scholar.

23 Hirschman, Albert O., The Strategy of Economic Development (New Haven: Yale University Press, 1958)Google Scholar, Chapter 9.

24 Meier, Gerald M., ed., Leading Issues in Development Economics (New York: Oxford University Press, 1964)Google Scholar, Chapter IV. Chapter IV provides a selection of articles with divergent views on the effects of inflation.

25 SeeVries, Margaret de, “Trade and Exchange Policy and Economic Development,” in Oxford Economic Papers, 03 1966 (Vol. 18, No. 1), pp. 19–44CrossRefGoogle Scholar, for a review of recent literature on trade restrictions.

26 Prebisch, , American Economic Review, Vol. 49, No. 2, pp. 251–273Google Scholar, passim.

27 De Vries, p. 39.

28 SeeChenery, Hollis B., “Comparative Advantage an d Development Policy,” in American Economic Association and the Royal Economic Society, Surveys of Economic Theory, Vol. II: Growth and Development (3 vols.; New York: St. Martins Press, 1965), pp. 125–131CrossRefGoogle Scholar, for an elaboration of the difference s between trade and growth theory.

29 Hirschman, Albert O., Journeys Toward Progress: Studies of Economic Policy-Making in Latin America (New York: Twentieth Century Fund, 1963), pp. 222–223Google Scholar. Chapter 3, “Inflation in Chile,” provides a historical review of Chile's experience, including analysis of the government's love-hate relationships with foreign advisers.

30 Macbean, Alisdair I., Export Instability and Economic Development (Cambridge: Harvard University Press, 1966)Google Scholar, challenges this traditional view on the basis of statistical studies which reveal little correlation between export instability and economic development.

31 Johnson, Harry G., Economc Policies Toward Less Developed Countries (New York: Frederick A. Praeger, 1967), pp. 213–217Google Scholar.

32 International Monetary Fund, Report of the Deputies of the Group of Ten (Washington: 07 1966)Google Scholar, paragraph 64.

33 International Monetary Fund, Annual Report of the Executive Directors for the Fiscal Year Ended April 30, 1966 (Washington, n.d.), P. 17Google Scholar.

34 Ibid.

35 Polak, J. J., “The Outline of a New Facility in the Fund,” Finance and Development, 12 1967 (Vol. 4, No. 4), p. 276Google Scholar.

36 Maxwell Stampp, “The Fund and the Future,” Lloyd's Bank. Review, October 1958 (New Series No. 50), pp. 1–20; and UNCTAD,International Monetary Issues and the Developing Countries, Report of the Group of Experts (UN Document TD/B/32) (New York: United Nations, 1965)Google Scholar.

37 Hart, Albert G., “Monetary Reform to Furdier Economic Development,” Political Science Quarterly, 09 1964 (Vol. 79, No. 3), pp. 360–377CrossRefGoogle Scholar, passim.

38 International Monetary Issues and the Developing Countries, p. 29.