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The Applicability of ‘Orthodox Monetary Remedies’ to Developed and Under-Developed Countries

In: Inflation

Author

Listed:
  • Arthur W. Marget

    (Federal Reserve System)

Abstract

At the 1958 annual meeting of the International Monetary Fund, a representative of one of the less developed countries delivered a vigorous attack on the Fund’s policies with respect to such countries. In dealing with the under-developed countries, he contended that the Fund was quite wrong in insisting ‘on the prescription of orthodox monetary remedies found highly effective in developed countries. Most advice to the under-developed countries and the pressure exerted upon them,’ he declared, ‘is commonly rationalized in terms of an economic theory obtaining in a fully industrialized economy, unrealistic so far as under-developed countries are concerned.’2

Suggested Citation

  • Arthur W. Marget, 1962. "The Applicability of ‘Orthodox Monetary Remedies’ to Developed and Under-Developed Countries," International Economic Association Series, in: Douglas C. Hague (ed.), Inflation, chapter 0, pages 317-331, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-08455-5_21
    DOI: 10.1007/978-1-349-08455-5_21
    as

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