![]() However, the achievement of independence by numerous countries in recent years, especially in Africa, and the consequent fragmentation of previous colonial areas into a large number of small, often extremely small, markets has compounded the difficulties mentioned above, making it difficult to “go it alone” on the basis of national markets. Unfavorable terms of trade, protectionist policies in some importing countries, uncertainty of overseas markets, commodity price instability, export subsidies in other countries, the development of synthetics, etc., make it important for the developing countries to develop additional markets for their products. This is reflected in Resolution 23 (II) adopted at the second session of the United Nations Conference on Trade and Development (New Delhi, February-March 1968): “The countries participating in the second United Nations Conference on Trade and Development… reaffirm that trade expansion, economic co-operation and integration among developing countries is an important element of an international development strategy and would make an essential contribution toward their economic development.” 2 Specifically, a major justification for integration is seen to be the difficulties encountered by developing countries in their exports, the so-called export frustration. First, economic integration has come to be considered as an important instrument in the problems of economic development. The interest in economic integration among developing countries is due to several factors, which to some extent are interrelated. Progress toward actual integration has been slight but a number of organizations have been established, and numerous proposals for the further promotion of integration among various groups of developing countries-in particular for the creation of customs and payments unions-have been put forward. I n recent years economic integration among developing countries, in its various forms, has become one of the more topical issues in the field of economic development, and the subject has increasingly attracted the attention of policymakers in the developing countries, as well as that of international organizations and various governments among developed countries. Subscriptions and orders should be sent to: THE SECRETARY International Monetary Fund 19th and H Streets, N.W. Special rate to university libraries, faculty members, and students: $3.00 a volume $1.00 a single copy. ![]() Subscription: US$6.00 a volume or the approximate equivalent in the currencies of most countries. This general statement of indebtedness may be accepted in place of a detailed list of acknowledgments. The views presented in these papers are not, therefore, to be interpreted as necessarily indicating the position of the Executive Board or of the officials of the Fund.” The authors of the papers in this issue have received considerable assistance from their colleagues on the staff of the Fund. On some international monetary problems, final and definitive views are scarcely to be expected in the near future, and several alternative, or even conflicting, approaches may profitably be explored. Much of what is now presented is quite provisional. The Fund believes that these papers will be found helpful by government officials, by professional economists, and by others concerned with monetary and financial problems. “Through the publication of Staff Papers, the Fund is making available some of the work of members of its staff. From the Foreword to the first issue: “Among the responsibilities of the International Monetary Fund, as set forth in the Articles of Agreement, is the obligation to ‘act as a center for the collection and exchange of information on monetary and financial problems,’ and thereby to facilitate ‘the preparation of studies designed to assist members in developing policies which further the purposes of the Fund.’ The publications of the Fund are one way in which this responsibility is discharged.
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