I Introduction
Author:
Mr. Morris Goldstein https://isni.org/isni/0000000404811396 International Monetary Fund

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Abstract

In 1971–73 an average of only eight countries a year had Fund-supported adjustment programs. The world economy had just emerged from a decade (1963–72) in which the volume of world trade had grown at an average annual rate of 8½ percent and in which economic growth in industrial and developing countries was close to, or in excess of, 5 percent a year, respectively. Against such a background of very modest Fund program activity and generally favorable economic performance, the global effects of Fund programs were hardly discussed.

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