Word: ldcs
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Dates: during 1980-1989
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...form of bartering and one of the fastest growing ways of doing business around the world. Countertrade ranges from relatively simple barter transactions to intricate arrangements that can involve many nations and goods as well as complex financing and credits. Because so many countries, especially the less developed ones (LDCs), are having trouble paying cash for the goods they need, swapping merchandise and services is becoming increasingly attractive...
...trader hired by Citicorp's London countertrade division to turn commodities into cash for the bank's commercial customers: "Countertrade enables banking activity to continue where it otherwise might not. No one wants it, yet it is there as the only practical alternative for the hard-pressed LDCS...
...world commerce. Says Franklin Root, head of the Wharton School's international business program: "Such arrangements are anathema to the free market." Others disagree. Zenon Carnapas, head of the United Nations Conference on Trade and Development, says that countertrade deals are "a solution of last resort" for struggling LDCS. Still, no one disputes that postwar prosperity was built on the foundation of free and growing trade among nations...
...assistance on a realistic basis so that aid will 1) regain the political support it needs in the U.S., and 2) be effective overseas. In the 1950s and '60s, U.S. aid was largely a matter of bilateral, oneway gifts. Such assistance has too often proved harmful to the LDCs: it discourages economic innovation and national self-esteem while feeding corruption and resentment on the part of the recipient. Some outright government-to-government grant assistance will still be necessary. The real emphasis, however, should now be on private-sector investment by multinational corporations and on highly conditional, firmly supervised...
Therefore, the Saudis share the responsibility of major industri alized countries to help the international financial institutions as sist the LDCs. In the long run it is in the interests of the West and its wealthy friends in the Third World to wean the poorer na tions from their current paradoxical addiction: socialist nostrums at home financed by capitalist largesse from abroad...