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//' FROM MARSHALL PLAN TO DEBT CRISIS// Foreign Aid and Development Choices in the World Economy ROBERT E. WOOD UNIVERSITY OF CALIFORNIA PRESS Berkeley . Los Angeles . London CONTENTS INTRODUCTION: PART ONE: Tables and Figures Acknowledgments List of Abbreviations Economic Aid, Development, and the World Economy lX XlU xvii 1 The Development and Functioning of the Aid Regime INTRODUCTION TO PART ONE: l. 2. 3. 4. PART TWO: Alternatives to Aid The Marshall Plan and the Origins of the Aid Regime The Changing Structure of Extemal Financing and Aid Dependency The Structure of the Aid Regime Sectoral Allocation and the Management of Industrial Investment 21 29 68 94 138 The Aid Regime in Crisis INTRODUCTION TO PART TWO; 5. Crises of Dependent Development Basic Needs and the Limits of Regime Change 191 195 vu CONTENTS VIII 6. 7. EPILOGUE: APPENDIX: Aid, Debt, and the Crisis of State Capitalism Regime Restructuring and Reconsolidation Regime Conditionality and Development Choices in the 1980s 232 270 313 DECD Classification of Less Developed Countries 327 Notes Index 331 391 TABLES AND FIGURES Tables 1. Net u.s. Direct Investment Abroad, by Area, 1946-51 2. Exports of Overseas Territories to the United States as Percentage of All OEEC Exports and Metropolitan COWl try Exports to the United States, 1947-50 3. Balance of Trade of Overseas Territories with the United States, by Metropolitan CoWltry, 1947-50 4. United States Balance of Trade With Mrica, Asia and Oceania, and Latin America, 1947-52 5. Marshall Plan Aid to Overseas Territories as ofJWle 30, 1951 6. U.S. Foreign Aid to Underdeveloped Countries (Excluding Overseas Territories), 1948-52 7. The Flow of Financial Resources to Less Developed Countries by Source of Flow, Net Disbursements, 1956, 1960, 1965, 1970, 1975, 1980 47 50 50 51 56 61 83 8. Percentage Breakdown of Total Official Flows and Total Private Commercial Flows, by Source, 1956, 1960, 1965, 1970, 1975, 1980 9. Changes in Single Donor Dependency: Countries Receiving 50 Percent or More of Their DAC Bilateral ODA from a Single DAC CoWltey, by Region, 1967 and 1980 84 87 ix X 10. Largest Source of External Financing, by Region, 1978-80 11. Largest Individual Donor of Official External Financing, by Region, 1978-80 12. Summary of the International Regime of Economic Assistance 13. The Financial Spectrum of Official Aid Institutions 14. Policies and Facilities of the International Monetary Fund 15. Grants and Loans as Percentage of Total External Resource Flows to LDCs, 1965-83 16. Medium- and Long-Term External Public Debt Outstanding (Including Undisbursed), 1970-83 17. Sectoral/Functional Distribution of 1980 Commitments of Major Multilateral Institutions, DAC Bilateral ODA, and OPEC Bilateral ODA 18. Multilateral Development Bank Loans for Industrial Projects, Fiscal Years 1978-81 19. Multilateral Development Bank Loans for Industrial Projects, by Product, Fiscal Years 1978-81 20. World Bank Loans for DFCs and for Industrial Projects, Fiscal Years 1978-81 21. Nonproject Aid to LDCs from DAC Countries and Major Multilateral Sources, 1975, 1980, 1981 22. Distribution ofDAC Bilateral and Multilateral ODA and Total Official Flows, 1974 and 1980 23. 1980 Per Capita ODA Receipts of Different Groups of LDCs, by Category of Donor 24. World Bank Classification ofIts Sector Lending by Poverty Focus 25. Sectoral Distribution ofDAC Bilateral ODA, 1971 and 1981 26. Gross and Net Official Bilateral Aid from Advanced Capitalist Countries, 1968-83 TABLES<