ABSTRACT
The non-oil developing countries have been severely buffeted by world economic events since October 1973. This chapter examines the channels used to help them finance their unprecedented deficits, and discusses the broader context in which the issue of resource transfers has been placed by the events. A strong impetus to a concerted effort arises from widespread deep resentment of the framework the industrial countries imposed on world economic systems and the vicarious satisfaction which the non-oil countries have derived from the success of Organization of Petroleum Exporting Countries. Payment through exports for the increased outlays for fuel, grain, and higher priced industrial goods was frustrated by sagging markets in the industrial countries. The impact fell with varying degrees of severity on the developing countries, reflecting their degree of economic development, their dependence on imported oil and grain, and the reserve position in which they found themselves at the onset of the crisis.
