Word: ldcs
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...greater share of the world's wealth would be directed toward developing countries. Last weekend the fourth United Nations Conference on Trade and Development (UNCTAD IV) adjourned after 24 days of intense bargaining in Nairobi between the industrialized north and the poorer south. Though the less developed countries (LDCs) did not by any means win all their demands, delegates hoped that an eleventh-hour compromise would preserve the fragile climate of cooperation that has characterized north-south, rich-poor economic relations in the past year...
...called Group of 77 (which actually includes about 110 developing countries) pressed for the creation of a $3 billion Common Fund that would attempt to stabilize world prices for various raw materials by maintaining buffer stocks in them (TIME, May 10). By buying and selling from these stocks, the LDCS argued, consumers and producers would be able to keep prices within an agreed range, thus avoiding both the sharp increases that fuel world inflation and the steep declines that bring producers to the brink of bankruptcy...
...number of LDCs threatened to try to launch the fund without the major developed countries. Norwegian Delegate Martin Huslid won long applause when he announced that his country would contribute $25 million regardless of the conference's outcome. Without the participation of the large industrial nations, however, a common fund would not have adequate financial resources to be effective. In such circumstances, moreover, the fund could be transformed from a cooperative enterprise into a weapon used by cartels of producer countries against their First World customers...
...developing countries also pressed the Communist nations of Eastern Europe for concessions. The East Bloc has always argued that colonial expansion was the cause of the Third World's poverty and that the Communist nations thus were under no obligation to make "reparations." Unconvinced by this argument, the LDCs demanded more aid, better access to East Bloc markets and payment in hard currencies-but won no commitments from the Communist delegates...
...onetime colonies, under which commodity-producing nations get special loans if export revenues fall below a certain level. At Nairobi, Secretary of State Henry Kissinger will suggest an International Resources Bank that would borrow money from private firms and governments of developed nations and relend the cash to LDCs to increase raw-materials production...