By Jane Harrigan, Paul Mosley, John Toye
Whilst the key reduction enterprises made flows of reduction conditional on adjustments in coverage, they caused an in depth debate in improvement circles. Aid and Power has made the most major and influential contributions to that discuss. This variation has been revised to take account of adjustments in the international financial institution itself and the extension of coverage established lending to the previously socialist economies of east and imperative Europe.
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Extra info for Aid and Power - Vol 1: The World Bank and Policy Based Lending
Is it plausible to represent domestic policy failures as the major cause of the economic problems of developing countries in the 1980s? 1. 4 WORLD DEVELOPMENT AND INTERNATIONAL FINANCE Table 1. 9 Ind111trial countries Real GDP foum: Adapced from World Bank, World Development Report 1994, Appendix Tables 1 and 25. The evidence of growth rate statistics shows that the whole of this period has been one of the gradual deceleration of growth in almost all parts of the world. The only significant exception was in China and the countries of South and South-East Asia in the 1980s.
Such informal cross-conditionality, although often supported and attacked as a matter of principle, is not right or wrong in principle. Its rightness depends on whether it is applied to a policy condition that is itself right. Many of the policy conditions to which it is applied will be right beyond a peradventure. The danger lies, as was argued in Aid and Power, in the excessive multiplication of policy conditions and the use of informal cross-conditionality to enforce large aggregated policy packages, many of whose conditions will be right but some of which will be wrong.
They are not at all as straightforward a confirmation of the tenets of the NPE as it might appear at first blush. The additional welfare losses arising from a quantitative restriction (QR) regime result from an unproductive, but resource-consuming, competitive scramble for import licences that bring windfall gains to those who acquire them. For these additional losses to be realised in practice requires such a process to exist. But does it exist? It does not exist when the competitive scramble which we actually observe in developing countries is conducted by those who would be otherwise unemployed; clerks who fill in forms, legmen who stand in queues at government offices are consuming largely their own time and effort, and it is often sadly true in developing economies that these do not have any alternative productive use, and therefore no economic value.