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The inter-relations between adjustment, poverty and growth have been studied vigorously by the IMF and World Bank. Now the main issue is how the poor can be protected during periods of adjustment. Experience of the 1980's showed that the World Bank IMF Package provided mised results, with only a minority of the LDCs showing reasonable growth of exports. The symmetry of adjustment now suggests turning around the balance of resource flows again towards the LDCs both for the medium and long term credits.
In the adsence of adequate capital flows, investment levels may prove insufficient to sustain a growth rate that could absorb the growing labour force, this has happened during the last five years in most of the debtor countries.
This volume brings together recent studies relating to the following elements of adjustment and liberalization in the third word:
1. Development Policy and Structural Adjustment
2. World Recession and International Imbalances
3. Adjustment and interdependence
4. Policies for Reform
5. The US, Britain and Japan
6. Debt Equity Swaps
7. Dept Burden and Exchange Rate
8. Bases for a New Approach
9. International Policies for Adjustment

 

Introduction
Acknowledgements
Contributors

PART A Development Policy and Structural Adjustment

1. Basic Development Policy Questions on Structural Adjustment Programs: Adjustment as if People Mattered........
---Richard Gerster
2. Food Aid and Structual Adjustment Lending........
---H.W. Singer
3. Adjustment with Growth and the Role of the IMF........
---Ariel Buira
4. Structural Adjustment: A Survey of the Issues and Options........
---Paul Streeten
5. Structural Adjustment and Long Term Development in Sub-Saharan Africa........
---G.K. Helleiner

PART B World Recession and International Imbalances

6. Development at the Turn of the Century........
---Graciela Chichilnisky
7. Revolution and the Third World........
---Samir Amin
8. American Roulette in the Globonomic Casino: Retrospect and Prospect on the World Economic Crisis Today........
---Andre Gunder Frank

PART C Adjustment and Interdependence

9. Developing Countries Debt Problems and Growth Prospects........
---Anne O. Krueger
10. Adjustment and Interdependence: The Challenge to Conditionality........
---Manuel Guitian
11. Adjustment with IMF Lending........
---George M. Von Furstenberg
12. Stabilization and Adjustment........
---Paul Streeten

PART D Policies for Reform

13. Selective Policies Under a Structural Foreign Exchange Shortage........
---Ricardo Ffrench Davis and Manuel Marfan
14. Some Repressed Aspects of the Case for Financial Reform in LDCs........
---William Darity Jr. and Bobbie L. Horn
15. Stabilization, Adjustment and Basic Needs in SSA: Annotated Jottings Towards an Agenda........
---Reginald Herbold Green
16. Sovereign Debts, Unilateral " Adjustment" and Multilateral Control: The New Way to Serfdom........
---Kunibert Raffer

PART E The US, Britain and Japan

17. Japan's Embarrassment of Rihes........
---H.W. Singer
18. The United States, Britain and International Development........
---Paul Streeten
19. 'Real' Causes of the Japanese Imbalance........
---Frederick Victor Meyer

PART F Debt-Equity Swaps

20. Debt-Equity Swaps in Chile........
---Ricardo Ffrench Davis
21. Debt-Equity Swaps: Panacea or the Emperor's New Clothes?........
---Hans Joachim Huss
22. Debt-Equity Swaps, Investment and Creditworthiness: The Chilean Example........
---Rolf Schinke
23. The Effects of Debt versus Equity Inflows on Savings and Growth in Developing Countries........
---Ulrich Lachler and Peter Nunnenkamp

PART G Debt Burden and Exchange Rates

24. Debt Burden, Export Prices and Real Exchange Rates of the Less Developed Countries: A cross Country Study, 1980-86........
---Prabirjit Sarkar
25. The International Monetary System and Exchange Rate Policies in the Developing Countries........
---Bela Balassa

PART H Bases for New Approach

26. Conditionality: Facts, Theory and Policy Contribution to the Reconstruction of the International Financial System........
---Dragoslav Avramovic
27. Global Trends and Latin American Policy........
---John Williamson
28. The Foreign Debt Crisis and Adjustment in Chile: 1976-86........
---Ricardo Ffrench Davis

PART I International Policies for Adjustment

29. Growth and Macro-economic Policies in the OECD Countries........
---Jean Paul Fitoussi and Jacques Le Cacheux
30. Investment, Imports and Economic Performance of Developing Countries in the 1980s........
---S.M. Shafaeddin
31. Agriculture in Development: A Punished Sector........
---Mats Lundahl
32. Structural Adjustment and East-West-South Economic Cooperation: Key Issues........
---Karl Wohlmuth
33. Visible and Invisible Hands in Trade Policy Reform........
---David Evans

Index