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

Arthur W. Marget
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Arthur W. Marget: Federal Reserve System

Chapter Chapter 21 in Inflation, 1962, pp 317-331 from Palgrave Macmillan

Abstract: 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

Keywords: Monetary Policy; Real Output; Inflationary Pressure; Socialist Country; Federal Reserve System (search for similar items in EconPapers)
Date: 1962
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Persistent link: https://EconPapers.repec.org/RePEc:pal:intecp:978-1-349-08455-5_21

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DOI: 10.1007/978-1-349-08455-5_21

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