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Abstract
Since the breakdown of the Bretton Woods system, policymakers all over the world have been preoccupied with monetary reform, exchange rates, balance of payments adjustment, and after 1973, with the problems of the most serious postwar recession from which we have now, on the whole, emerged. Other developments were also taking place, but they do not, as yet, attract the attention which they in fact deserve. I am referring to the problems of economic development of developing countries. Those problems, so far, have not substantially affected the centers of economic power, and their longer-term nature makes them perhaps less dramatic and relatively less pressing in comparison with events related to monetary and balance of payments matters.
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