Most essential in any discussion of the issues raised by Mr Prebisch is the need, first, to distinguish between short-term possibilities and longer-term objectives — where we want to be in 1980 or 1990. The questions to which Mr Prebisch has addressed himself are, I think, second-best short-term possibilities. I had hoped that he would find time to say a bit more about matters relating to direct aid transfer which remains the first-best policy and the longer-term objective in the development area.
KeywordsAbsorptive Capacity Export Earning Buffer Stock Programme Loan World Bank Group
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