Word: ldcs
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...produced an elephantine mass of paper but little of substance. UNCTAD IV, which will meet for three weeks, had better achieve something more. At issue is the Third World's increasingly clamorous and potentially disruptive demand for a "new international economic order" that would give less developed countries (LDCs) a bigger share of global wealth...
Reaching agreement will not be easy. Meeting last February in Manila, the organization of LDCS known as the Group of 77 (it has expanded to 110 countries) drew up 17 demands that, if adopted, would thoroughly reorganize the workings of international trade. Some of the proposals are patently impractical, and the U.S. is determined to oppose the "Manila Declaration" pretty much down the line. But UNCTAD Secretary General Gamani Corea, 50, an Oxford Ph.D. in economics from Sri Lanka, would view the conference as a success if it can produce agreement on just two subjects: easing the LDCs' crippling...
Mostly because of the high price of oil and of imports from industrialized countries, LDCs have sharply increased their borrowing in the past two years. They now owe an estimated $145 billion to rich nations, to agencies like the International Monetary Fund and to private banks. By the Morgan Guaranty Trust Co.'s estimate, they will have to borrow more than an additional $40 billion this year. Interest and principal payments are swallowing most of the aid that the poor countries get. The Group of 77 will demand that the very poorest countries be granted a moratorium on their...
...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