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External Development Finance and the Multilateral Financial Institutions

  • Ramesh F. Ramsaran

Abstract

The search for ideas which reduce or eliminate poverty has produced a voluminous literature in the post-war period, as an increasing number of former colonial territories became independent states. One recent study has noted that thinking on development has shifted repeatedly during the past forty years.1 For most of the post-war years a large role for the state was the dominant strategy. The current emphasis is on the market-driven or market-friendly model which points to the private sector as the engine of growth. In this model, government’s responsibility is not to manage development in detail, but to provide a stable macroeconomic foundation and ‘to do more in those areas where markets alone cannot be relied upon.’2 Essentially this means improving the social and economic infrastructure and promoting a framework for sustainable development. It also implies that capital spending by the government is a crucial variable. There are areas for which the private sector will not take responsibility.

Keywords

Executive Director Development Bank International Money International Development Association World Bank Group 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Further Reading

  1. AI-Shaikhly, S. (ed.), Development Financing: A framework for International Cooperation, Frances Pinter (Publishers), London, 1982.Google Scholar
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  17. South Commission Report, The Challenge to the South, Oxford University Press, London, 1990.Google Scholar
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  19. Tussie, D., The Inter-American Development Bank, Lynne Rienner Publishers, Boulder, Colorado, 1995.Google Scholar

Copyright information

© Ramesh F. Ramsaran 1998

Authors and Affiliations

  • Ramesh F. Ramsaran
    • 1
  1. 1.Institute of International RelationsUniversity of the West IndiesSt AugustineTrinidad

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