One Percent, [Mirovaia Ekonomika I Mezhdunarodnye Otnosheniia], No. 6, June 1968, pp. 64-71, by L. Stepanov.

by Lilita I. Dzirkals

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Translation of an article by a Russian economist, exploring the findings of the sessions of the UN Conference on Trade and Development (UNCTAD) held in Geneva in 1964 and in New Delhi in 1968. Many resolutions of these sessions could normalize world economics, including the idea of a tax on highly developed nations of one percent of gross national product, for aid to developing countries. Without such financing, third-world nations face bankruptcy, being unable to repay their public debts or to achieve economic stability--a situation largely due to their exploitation by imperialism over the years. Thus, they are in danger of becoming fully dependent on the rest of the world. Since it could foster dependencies itself, this "one percent" concept is dangerous. However, the need for external financing is unavoidable, and should be undertaken without arithmetical boundaries. The problem then becomes one of how developing nations should use the funds. 25 pp.

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