Foreign Assistance and Economic Development

  • Hollis B. Chenery
Part of the International Economic Association Conference Volumes book series (IEA)


Programmes of public assistance to less developed countries have increased rapidly over the past decade in the United States and Western Europe. Since private investment has stagnated during this period, public grants and loans now provide over $6 billion of the total of about $9 billion of capital transferred. For most underdeveloped countries, foreign assistance is already a critical source of development finance and one of the main hopes for accelerated growth in the future.


Absorptive Capacity Saving Rate Recipient Country Capital Inflow Public Capital 
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  1. United Nations, Foreign Capital in Latin America, 1954, p. 5.Google Scholar
  2. U.S. Department of Commerce, U.S. Business Investments in Foreign Countries. Washington, D.C., 1960.Google Scholar
  3. Organization for Economic Co-operation and Development, The Flow of Financial Resources to Less Developed Countries, 1959–1963 (Paris, 1964), p. 58.Google Scholar
  4. Filipe Pazos, ‘Private versus Public Foreign Investment in Under-Developed Areas’ in Howard S. Ellis, Economic Development for Latin America (London and New York, 1961), pp. 201–225.Google Scholar

Copyright information

© International Economic Association 1967

Authors and Affiliations

  • Hollis B. Chenery
    • 1
  1. 1.Harvard UniversityUSA

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