Introduction: the Issues Involved
This book sets out to identify and analyse some of the principal issues involved in discussing international financial policy from the viewpoint of the developing world. That such a perspective receives specific attention is a relatively recent phenomenon. Certainly at the time of the Bretton Woods conference in 1944 the generally held view was that developing countries did not warrant any form of special treatment within the context of the international financial system. However, since then the evolution of the system — or in recent years some would argue the ‘non-system’ — has shown a gradual acceptance of the hypothesis that developing countries experience balance of payments difficulties that are different in nature or in degree from those experienced by developed countries and that their ability to deal with them is more circumscribed.
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