The International Monetary Fund in Economic Development: Equality and Discrimination

Abstract

While the demand for economic development by underdeveloped countries has a long history, two landmarks call for brief comment: 1960, when a massinflux of newly-independent underdeveloped countries lent political strength to their clamours; and 1973, when the spectacular rise in oil prices became a potential weapon of the developing countries. The chief political forum of the latter has been the General Assembly of the United Nations, but battle has also been done in the General Agreement on Tariffs and Trade (GATT), chief forum on international trade. Some concessions have been wrested from the developed countries, but progress in the two chief fora of public international finance, the International Monetary Fund and the World Bank, has been slow. Both of these international institutions have become the focus of manoeuvre between the developing and the developed countries.