Journal Issue
Finance & Development, March 1975

Letters to the Editor

International Monetary Fund. External Relations Dept.
Published Date:
March 1975
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In the article, “A Viable Model for Rural Development,” which appeared in the December 1974 issue of Finance & Development, I wrote that experience had indicated that the combination of four elements—labor-intensive agriculture; labor-using minor development works; agriculturally oriented, small-scale light industry; and self-reliance constituted the elements of a model which offered the best prospect for rural development in poor countries. The article also stated that a serious rural development effort usually required major organizational and institutional adjustments.

Research carried out since publication of the article indicates that for the model to be self-sustaining, institutional and organizational arrangements must be made which will permit the activities covered by the first four elements of the model to proceed on a continuing basis. These arrangements should include farmers’ organizations as well as government and (where pertinent) private agencies and institutions. Too often failure to establish institutional and organizational structures which allow rural development to become self-sustaining accounts for the failure of otherwise worthy rural development programs. Because of this, I believe that establishment of the appropriate institutional and organizational arrangements should be included as a fifth element of the rural development model I espoused in the original article.

Moreover, experience reveals that viable world development also required a hierarchy of development centers to bridge the wide gap between rural villages and the metropolis, which is characteristic of less developed countries. The typical development hierarchy is composed of three levels: small basic marketing and servicing centers for rural villages at the lowest level, with small and large towns at the two higher levels where more advanced marketing and other services are provided to rural people. The establishment of an appropriate hierarchy of development centers therefore constitutes the sixth and final element of a viable rural development model.

  • Albert Waterston Director

  • Agricultural Sector

    • Implementation Project

  • Governmental Affairs Institute

  • Washington, D.C., U.S.A.


Do you publish in Arabic?

  • Mrs. Amany Tewfik

  • American Friends of the Middle East

  • Cairo, Egypt

Not yet. But aFinance & Developmentedition in the Arabic language will be published later this year. Readers wishing to change to the Arabic edition should send the address label from their current issue magazine to the Editor, and also include their address in Arabic.


We have been receiving your esteemed journal Finance & Development on complimentary basis.

The journal is of immense value to our members. Unfortunately, we have not been receiving your publication regularly. The last issue received by us was March 1974.

  • J.C. Ahuja

  • Assistant Secretary

  • Delhi Management Association

  • New Delhi, India

Finance & Developmentis sent by surface mail, and delays in delivery do occur. If your copy does not arrive within a reasonable period of time, a back copy may be available. When writing to us, be certain to include the complete address label from the magazine.


The Planning and Projects Development Office of this Department needs your assistance in the adding to its growing list of planning and development studies.

Kindly furnish us with additional copies of Finance & Development. Please note that the growing research demand on this publication necessitates this particular request.

  • Teodoro T. Encarnacion

  • Director, Planning and Project

  • Development Office

  • Department of Public Works

  • Transportation and Communications

  • Manila, The Philippines

Finance & Developmentis always pleased to consider such requests.



Instruments of Monetary Policy in the United States: The Role of the Federal Reserve System. Ralph A. Young. 1973. US$1.25.

Membership and Nonmembership in the International Monetary Fund: A Study in International Law and Organization. Joseph Gold. 1974. US$10.00.

Voting and Decisions in the International Monetary Fund: An Essay on the Law and Practice of the Fund. Joseph Gold. 1972. US$6.50.

The Stand-By Arrangements of the International Monetary Fund: A Commentary on Their Formal, Legal, and Financial Aspects. Joseph Gold. 1970. US$4.00.

International Reserves: Needs and Availability. Proceedings, IMF Seminar. 1970. US$6.00.

The International Monetary Fund, 1945-1965: Twenty Years of International Monetary Cooperation. (3 vols.). J. Keith Horsefield and others. 1969. US$12.50 a set (US$5.00 a volume).

Surveys of African Economies

Vol. 1.Cameroon, Central African Republic, Chad, Congo (Brazzaville), and Gabon. 1968.
Vol.2.Kenya, Tanzania, Uganda, and Somalia. 1969.
Vol. 3.Dahomey, Ivory Coast, Mauritania, Niger, Senegal, Togo, and Upper Volta. 1970.
Vol. 4.Democratic Republic of Congo (Zaire), Malagasy Republic, Malawi, Mauritius, and Zambia. 1971.
Vol. 5.Botswana, Lesotho, Swaziland, Burundi, Equatorial Guinea, and Rwanda. 1973.

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Central Banking Legislation: A Collection of Central Bank, Monetary and Banking Laws. Hans Aufricht. Vol. II, Europe, 1967. US$10.00. (Vol. I is out of print.)

The Fund Agreement in the Courts. Joseph Gold. 1962. US$3.50.

International Monetary Problems, 1957-1963: Selected Speeches of Per Jacobsson. 1964. US$2.50.


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