ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Financial Liberalisation-Unconvincing Case

Unconvincing Case THE World Bank's World Development Report, 1989 focuses on the rule of financial systems not only in developing countries but also in the advanced industrial countries and seeks to make uniform prescriptions lor both. I his is indeed an ambitious task, encompassing ihe whole spectrum of experience of countries at different stages of development Perhaps only the World Bank could have made bold to undertake ii; others may have been daunted by the fundamental differences between the processes of 'development' in the LDCs with unlimited supplies of labour and scarce capital and (he processes of 'growth' in the advanced industrial countries with scarce labour and massive capital. For the World Bank, however, the central, if not the sole, issue is to goad the LDCs towards greater market-orientation and closer integration with the world capitalist economy. With that kind of a framework, the World Development Report has attempted its task with easy confidence. It is a different matter that its contribution to understanding the complex processes of development and the role of finance in them has been minimal.

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