1945

Fluctuations in the world economy

image of Fluctuations in the world economy

The targets embodied in the International Development Strategy in 1970 and the policies prescribed for their achievement were greatly influenced by the events of the 1960s. Though the Strategy itself is silent on the subject, the production and trade targets designated for the developing countries were based on the assumption that the developed countries would — at least in the aggregate maintain the rates of growth they had recorded in the 1960s and that the terms of trade of the developing countries would not deviate markedly from the norms of the 1960s. The fragility of these assumptions was not fully appreciated at the time and it is only in retrospect that some of the extraordinary features of the 1960s can be discerned.

Related Subject(s): Economic and Social Development
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