External Development Finance and the Multilateral Financial Institutions

  • Ramesh F. Ramsaran


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.


Executive Director Development Bank International Money International Development Association World Bank Group 
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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
  2. Berg, R. J. and D. F. Gordon, International Development: The United States in the Third World in the 1980s, Lynne Rienner Publishers, London, 1989.Google Scholar
  3. Bourne, C., Caribbean Development to the Year 2000: Challenges, Prospects and Policies, Commonwealth Secretariat, London, 1988.Google Scholar
  4. Culpeper, R., The Multilateral Development BanksTitans or Behemoths? Lynne Rienner Publishers, Boulder, Colorado, 1987.Google Scholar
  5. Cunningham, G., The Management of Aid Agencies, Croom Helm, London, 1974.Google Scholar
  6. English, E. P. and H. M. Mule, The African Development Bank, Lynne Rienner Publishers Boulder, Colorado, 1996.Google Scholar
  7. Griffin, K., Alternative Strategies for Economic Development, Macmillan, London, 1989.CrossRefGoogle Scholar
  8. Hardy, C., The Caribbean Development Bank, Lynne Rienner Publishers, Boulder, Colorado, 1995.Google Scholar
  9. Hunt, D., Economic Theories of Economic DevelopmentAnalysis of Competing Paradigms, Harvester Wheatsheaf, London, 1989.Google Scholar
  10. Hutchful, E. (ed.), The IMF and GhanaThe Confidential Record, Zed Books, London, 1987.Google Scholar
  11. Kappagoda, N., The Asian Development Bank, Lynne Rienner Publishers, Boulder, Colorado, 1995.Google Scholar
  12. Meier, G., Problems of Cooperation for Development, Oxford University Press, London, 1974.Google Scholar
  13. Payer, C., The World Bank: A Critical Analysis, Monthly Review Press, London, 1982.Google Scholar
  14. Ramirez-Faria, C., The Origins of Economic Inequality Between Nations, Unwin Hyman, London, 1991.Google Scholar
  15. Report of the Independent Commission on International Development Issues (The Willy Brandt Commission), North-South: A Program for Survival, MIT Press, Cambridge, MA, 1980.Google Scholar
  16. Richards, J. H., International Economic Institutions, Hold, Rinehart and Winston, London, 1990.Google Scholar
  17. South Commission Report, The Challenge to the South, Oxford University Press, London, 1990.Google Scholar
  18. Toye, J., Dilemmas of Development, Basil Blackwell, Oxford, 1980.Google Scholar
  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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