Word: riche
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Dates: during 1970-1979
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There are a few signs that the rich nations are becoming more interested in aiding LDCs. The West German government is preparing some actions to announce at next month's economic summit meeting, in Bonn, of the seven biggest industrial powers. Included: cancellation of debts owed to West Germany by some of the poorest countries. Japan promises to increase its foreign aid to $2.2 billion by next year, double the 1976 figure, though still a pittance in comparison with the nation's $29.6 billion in monetary reserves...
Unfortunately, there seems to be little chance that these small steps will lead to any sustained effort by the rich nations to help the poor. Says U.S. Treasury Secretary W. Michael Blumenthal: "In view of our domestic problems, no substantial increase in assistance seems feasible at present." Many Western statesmen contend that the LDCs lack the infrastructure (roads, ports, dams, railways), political organization and expertise to use much more aid than they are now getting. Says West German Economics Minister Count Otto Lambsdorff: "I do not believe that a kind of Marshall Plan for the Third World-which today would...
Formal aid would not be the only component of such a plan. One other step that the rich countries should take together is to lower the tariffs and scrap the quotas that keep many products of the LDCS-beef, sugar, cotton textiles, shoes -out of Northern markets. These rising barriers hurt precisely those LDCs, such as Argentina, Brazil, India and Mexico, that have the best chance of building sound economies based on a mix of industry and agriculture. The World Bank estimates that trade barriers cost LDCs $24 billion a year in lost exports of manufactured goods alone...
...Marshall Plan for the developing nations would admittedly be imperfect. But consider the alternatives: for the LDCs, continued poverty; for the industrial nations, endless political threats and damage to their own economies. Rich and poor countries do not have to like each other to realize they have a common interest they cannot escape...
...Frank Rich...