Abstract
This chapter will first attempt a diagnosis of the near-panic and quasi-crash of 1982. Then it will suggest international actions to avoid similar scares in the future, without sacrificing desirable features of some 1970s international financial and commodity markets, such as substantial competitiveness and a low degree of politisation. The important topic of what individual LDCs can do (and they can do much) to weather crises and external shocks is ignored in this essay.
This chapter, prepared for the Yale Concilium on International and Area Studies, partly summarises and partly expands previous work, including that of co-authors, who should not be held responsible for my summary and extensions. That work can be found in the listed references. I have also benefited in preparing this chapter from reading Griffith-Jones (1983). Virginia Casey kindly and expertly typed the manuscript, again and again.
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References
Bacha, Edmar L. and Diaz-Alejandro, Carlos F. (1982). International Financial Intermediation: A Long and Tropical View, (Princeton Essays in International Finance Section), May.
Bhagwati, Jagdish N. and Diaz-Alejandro, Carlos F. (1983). Rethinking Global Negotiations; A Statement on North-South Economic Strategy (New York: Columbia University, Center for the Social Sciences).
Diaz-Alejandro, Carlos F. and Helleiner, Gerald K. (1982). Handmaiden in Distress: World Trade in the 1980s (Ottawa: North-South Institute), November.
Diaz-Alejandro, Carlos F. (1982) ‘Some Financial issues in the North, in the South, and in Between’, Yale Economic Growth Center Discussion Paper No. 425, December.
Fitzgibbon, Russell H. (1964). Cuba and the United States 1900–1935 (New York: Russell & Russell, first published in 1935).
Garten, Jeffrey (1982) ‘Rescheduling sovereign debt: Is there a better approach?’ The World Economy (November), pp. 279–89.
Griffith-Jones, Stephany (1983). ‘Compensatory Financing Facility: A review of its operation and proposals for improvement’, (University of Sussex: Institute of Development Studies, January.
Lewis, Jerry (1983) ‘The real costs of world debt’, The Wall Street Journal, 9 February.
Pearson, Lester B. et al. (1969). Partners in Development: Report of the Commission on International Development (New York: Praeger).
United States, Council of Economic Advisers (1983) Economic Report of the President (Washington, DC: US Government Printing Office).
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© 1987 International Economic Association
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Diaz-Alejandro, C.F. (1987). International Financial and Goods Markets in 1982–3 and Beyond. In: Borner, S., Taylor, A. (eds) Structural Change, Economic Interdependence and World Development. International Economic Association Series. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-09117-1_28
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DOI: https://doi.org/10.1007/978-1-349-09117-1_28
Publisher Name: Palgrave Macmillan, London
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