48 - 48 Chapter 3 But capital fundamentalism has few...

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48 Chapter 3 But capital fundamentalism has few doubters in the international financial institutions. Paging through their recent reports, one finds statements like these: ”The adjustment experience of sub-Saharan Africa has demonstrated that to achieve gains in real per capita GDP an expansion in private saving and investment is key” (International Monetary Fund, 1996).l Latin America too must meet ”the challenge of sustaining the level of investment necessary for continued output growth” (Inter-American Development Bank, 1995).2 In the Middle East, ”Improving the investment performance-in both human and physical assets-is an important determinant of the . . . region’s abil- ity to grow” (IMF, 1996).3 In East Asia, ”accumulation of productive assets is the foundation of economic growth” (World Bank, 1993).4 In case you have any remaining doubts, you should know that ”addi- tional investment is the answer-or part of the answer-to most policy problems in the economic and social arena” (United Nations
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This note was uploaded on 10/13/2008 for the course ECON 204 taught by Professor Cabal during the Spring '08 term at Williams.

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