The distinct perspective of the TDR on development issues has been, from the very outset, that of interdependence in two areas: interdependence of economic conditions and policies among countries, and interdependence among different areas of economic activity and spheres of economic policy. The Report to the First United Nations Conference on Trade and Development in 1964 had already formulated a strategy designed to promote economic development in the poorer countries through strong capital formation and expansion of exports, both traditional and non-traditional. Central to that agenda was the idea that developing countries could base economic development on their own efforts only if they had sufficient scope to accelerate capital formation and diversify their economic structure. This agenda also emphasized the interdependence between trade and finance, given that, particularly in the early stages of industrialization, imports would almost certainly grow faster than exports, and financing the gap would be key to accelerating growth (04:VII).

Related Subject(s): International Trade and Finance
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