The Bretton Woods system of fixed exchange rates was abandoned by the industrialised countries in March 1973. They switched to a system of flexible exchange rates. Representatives of the developing countries were particularly critical of the industrialised countries’ exchange rate flexibility....

The question of income distribution played a very important role in practical and theoretical development policy during the seventies. World market conditions were blamed for the fact that the income gap between industrialised countries and developing countries was widening. The demands to which...