Front Matter

In This Issue

Both the World Bank and the Fund conduct training courses for professionals from member countries. A description of the Project Analysis Course offered by the World Bank’s Economic Development Institute is given by George B. Baldwin in “Teaching Project Analysis.”

Accountancy has historically evolved to meet the needs of society, but now may be a time when its response to challenge is lagging. In “The Changing Role of Accountancy,” Adolf J.H. Enthoven argues that further development is needed to meet the special requirements of the third world. “We accountants must not assume that what might have been good for the developed countries will be automatically good for the emerging nations,” he says.

Photo credits: Cover 1, top—The Lamp, bottom—Edwin G. Huffman, World Bank; pages 2, 5, 6, 7, 8, 15, 29, 30, 43, 48, 55, Edwin G. Huffman, World Bank; 18, 19, 21, Smithsonian Institution; 26, NASA; 32 map by Richard Lawrie, IMF Graphics Section; 34, UPI; 36, 37, Leo Rosenthal-Pix; 38, Wide World; 49, World Bank; 54, Nancy Flowers; 63, IMF.

The illustrations accompanying K.S. Krishnaswamy’s article and for the back cover of the March 1969 issue were adapted from S. Chavda’s illustrations for Theatre in India by Balwant Gargi, published by Theatre Arts Books, New York, 1962.

Cover: It was wartime, and the participants felt they were on a mission to rescue the world economy, which before the war had been racked by chronic instability, currency disorders, and excessive trade barriers—that was the mood at Bretton Woods 25 years ago. B.K. Madan recalls the scene in “Echoes of Bretton Woods.”

See also the Fund Recent Activity Section for some impressive statistics showing what has resulted in the intervening quarter century. Otmar Emminger comments on the validity of the Bretton Woods concept today in the section “Views and Comments.”

Front Matter Page


J. D. Scott

Deputy Editor

Donald Townson

Consulting Editors

L. Rubén Azócar

Jean van der Mensbrugghe

Advisors to the Editor

Roger V. Anderson

Barend A. de Vries

John A. Edelman

H. Geoffrey Hilton

Michael L. Hoffman

F. A. G. Keesing

Henri H. P. King

Lars Lind

Samuel Lipkowitz

A. S. Ray

Charles F. Schwartz


Hördur Karlsson

Fund Graphics Section

Finance and Development is published quarterly in English, French, and Spanish by the International Monetary Fund and the International Bank for Reconstruction and Development, Washington, D.C., 20431, U.S.A.

A selection of its contents is published annually in Rio de Janeiro, Brazil, in cooperation with the United Nations Information Center.

Opinions expressed in articles and other material are those of the writer or writers; they are not statements of Fund or Bank policy.

The contents of Finance and Development may be quoted or reproduced without further permission. Due acknowledgment is requested.


  • Teaching Project Analysis

    • George B. Baldwin

  • Countering Inflation: The Role of Value Linking

    • Sanjaya Lall

  • The Changing Role of Accountancy

    • Adolf J. H. Enthoven

  • Weather and Economic Development

    • Bernard Oury

  • Echoes of Bretton Woods

    • B. K. Madan

  • Finding Domestic Finance for Industrialization

    • Manfred Reichardt

  • Fluctuating Exchange Rates: The Fund’s Approach

    • Margaret G. de Vries

  • Copper Substitution

    • R. I. Grant-Suttie

  • Book Notices

  • Views and Comments

  • Recent Activity—International Bank for Reconstruction and Development, International Development Association, and International Finance Corporation

  • Recent Activity—International Monetary Fund