Word: ldcs
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Dates: during 1970-1979
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...debatable whether the First World has really been using trade to exploit the developing countries. If that were so, notes British Economist P.T. Bauer, then nations like Taiwan, Singapore, Brazil and South Korea, which are the most involved in extensive foreign trade, would not have become the most prosperous LDCs. Bauer rightly points out that the poorest states are "those with the fewest or no external contacts...
...LDCs insist on tariff preferences for their exports and that the First World ban production of potentially competitive synthetics and substitutes. The purchasing power of the poor should be protected from any sharp decline in the value of their community exports by "indexing"-setting a fixed relationship between the price of the developing countries' raw materials and the price of the First World's manufactured goods...
Foreign aid has often been more effective than most of the poor are willing to admit. Dotting the developing countries are new dams, low-rent public housing, irrigation systems, power plants and canals. These projects have significantly contributed to the impressive 5.5% annual G.N.P. increase logged by the LDCs as a group during the 1960s, and the nearly 6% annual rise from 1970 to 1974. These gains, of course, were not evenly distributed; a dozen or so nations, such as Brazil, South Korea and Taiwan, developed much more quickly than most of the others, while a few, including Southern Yemen...
...useful dialogue on economic justice, the developing countries must come to understand the limits of what the First World can and will do. The poor must also understand that they need the resources of the rich-and capital, technology and markets-more than the First World requires the LDCs' raw material. Reports TIME Economics Correspondent John Berry: "There is hope in Washington that the discussions in the specialized commissions set up by this week's Paris conference will convince most LDC leaders that some of their favorite projects would hurt instead of help them. Indexing, for example, would...
...Encourage foreign investment. The LDCs' quickest route to First World capital, technology, research and marketing skills is probably through the local branch of a multinational corporation. Yet many developing countries seem