Word: ldcs
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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...
...short, helping LDCS head off disaster-much like a sophisticated human rights policy -is not just a humanitarian ideal but a matter of reality. Unfortunately, foreign aid is now the object of widespread disillusionment both at home and abroad...
...these nations are asking for massive transfers of goods and services and seemingly want to readjust the north-south economic imbalance overnight. They also need to face up to the problem of paying off the debt they already owe the West; the more than $400 billion borrowed by LDCs in the past decade, if defaulted, would threaten the very institutions that can provide the funds for further development...
...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...