Word: ldcs
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Dates: during 1970-1979
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...LDCs lower their expectations for a new economic order
...past quarter-century of uneven growth and the recent meteoric rise in oil prices have made the Third World a more disparate group of nations than ever. For many of them, the catchall appellation of less-developed countries (LDCs) has become outdated or at least incomplete. New subclassifications have become necessary: advanced-developing countries and least-developed countries; socialist LDCs and neocapitalist LDCs; non-oil LDCs and OPEC LDCs...
Such rapidly industrializing, fairly affluent and capitalistic countries as Singapore, Taiwan, South Korea and Malaysia have totally different problems and priorities from many dirt poor and authoritarian African nations. Although the LDCs presented a façade of commonality on the floor of the conference, their changing interests were obvious. Calls for a new economic order were often ignored by the advanced-developing countries...
Hopeful talk of "convergence" and a plea for the LDCs...
...most forceful speeches, World Bank President Robert McNamara severely chastised the wealthiest nations for a trend toward increased protectionism that seems aimed at the rising amount of finished goods made by the less developed countries (LDCs). He noted that the rich countries still sell about five times as much manufactured products to the poor countries as they buy from them, and that the LDCs absorb fully 30% of the industrial world's exports of finished products. So rather than worrying about the LDCS' "minuscule" exports of such products, McNamara said, the richer countries would be wise to help...