ABSTRACT
The United Nations Conference on Trade Aid and Development was held in Geneva in 1964. In fact none of this argument about trends in the terms of trade is necessary to the main policy objectives of developing countries within United Nations Conference on Trade Aid and Development (UNCTAD). The Prebisch Report which heavily influenced discussion at the first UNCTAD and has continued to dominate UNCTAD thinking to this day contains a general analysis of the major problems facing developing countries. Despite the UNCTAD resolution to increase aid to 1 per cent of national income the proportion of the rich nations' national incomes allotted to financial flows to developing countries declined. The general view of commentators was that the second UNCTAD was a failure. Perhaps the most constructive and hopeful proposal put forward at UNCTAD was for generalised non-reciprocal preferences for manufactured exports from LDCs in developed countries' markets.
