The period of the 1970s experienced a tremendous growth of debt of the less developed countries (LDCs). Between 1970 and 1980, the debt of the LDCs grew fivefold to $580 billion. Much of this growth of debt was accounted for by liberal lending of transnational commercial banks (TNBs). The...

During the last 40 years since the Prebisch-Singer terms of trade deterioration hypothesis was first proposed, the commodity composition of exports of developing countries has undergone a major change in the direction of dominance of manufactures in their nonfuel exports, with strong growth in...