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World Economic Survey 1965

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Part one: The Financing for Development, deals with an issue that has been a matter of long-standing concern in various United Nations bodies, namely the financing of economic development. The Survey discusses the problem of increasing the volume of savings available to the developing countries, examining trends and sources of savings in the period 1953-1955 to 1962-1964. Finally, the Survey offers a perspective on economic development financing. Part two: Current Economic Developments, discusses the economic events of 1965 and early 1966, summarizing the principal developments in the world economies, including the major developments in the industrially advanced market economies that led to the adoption of disinflationary policy in some and deterioration in the external balance in others. The Survey also highlights the current developments in the centrally planned countries and reviews the new five-year plans of economic development.

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The flow of resources from the developed market economies

The scientific and industrial revolutions that transformed western Europe during the 300 years between the Renaissance and the First World War created the means for capital formation on an unprecedented scale. They set in motion a pattern of flow from areas in which the ratio of capital to land was high to areas of lower capital density, which culminated, in the nineteenth century, in a massive movement of resources to regions of new settlement —in North America, Oceania and the southern temperate parts of Latin America and Africa—where railway construction was opening up the hinterland. Though this movement—largely in private hands or raised from private lenders—was resumed after the First World War it never again reached the same relative proportions and it was slowed down to a trickle by the Great Depression, the defaulting of debtors and the imbalance between the capacity to produce primary commodities in the less developed regions and the market demand for them in the more industrialized regions.

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