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Published online by Cambridge University Press: 03 February 2011
The financing of economic development became a major concern of governments in liberal societies and economies largely during or after the Great Depression of the early thirties and the economic debates of that period. At first the state was assigned the role of minimizing or eliminating economic cycles. Later this role was enlarged to include the guiding and promotion of national economic activities toward progressive económic growth. The instruments advocated and used for these purposes have been mainly financial. The revolution which has occurred in the nature and scope of these instruments is far from complete, especially in the underdeveloped areas of the world.
1 Economic Survey of Europe in 1949, published by United Nations Department of Economic Affairs; 1950.II.E.1 (Geneva, 1950), pp. 274–75.Google Scholar
2 Ibid., p. 47.
3 Economic Survey of Asia and the Far East, published by United Nations Department of Economic Affairs; 1949.II.F.1 (Lake Success, New York, 1949), pp. 168–73.Google Scholar
4 Section I of the Law of April 6, 1936, amending the statutes of the National Bank of Denmark.
5 Preamble to the Bank of Canada Act of July 1934. See further the report of the Committee (McMillan) on Financing Industry, 1931, and the British Empire Declaration on Monetary Policy of July 27, 1933, at the World Economic Conference.
6 Section 10 of the Amendment Act of 1936 of the Reserve Bank of New Zealand.
7 For a more detailed account of the evolution of central banks before 1937, see a study prepared for the League of Nations: Money and Banking, 1937–38, Vol. I: Monetary Review; 1938. H-A.3 (Geneva, 1938), pp. 79–91.Google Scholar
8 See Money and Banking, 1938–39, Vol. I: Monetary Review, published by the League of Nations; 1939.II.A.3 (Geneva, 1939), pp. 72–98.Google Scholar
9 Economic Survey of Europe in 1940. p. 47.
10 Economic Development in Selected Countries, Vol. I, published by United Nations Department of Economic Affairs; 1948.II.B.1 (1948).
11 Economic Survev of Europe in 1949, p. 50.
12 Money and Banking, 1937–38, Vol. I: Monetary Review, pp. 92–105, on commercial banking legislation.
13 Money and Banking, 1938–39, Vol. I: Monetary Review, Table 4 on p. 83, and accompanying appendixes on composition of bank assets.
14 The condition of underdeveloped areas in the field of financing and banking is described in Methods of Financing the Economic Development of Underdeveloped Countries, published by United Nations Economic and Social Council; E/1333, June 7, 1949, and Methods of Increasing Domestic Savings and Ensuring Their Most Advantageous Use for the Purpose of Economic Development, published by United Nations Economic and Social Council; E/1562, December 16, 1949.
15 On this, see especially, International Capital Movements during the Inter-war Period, published by United Nations Department of Economic Affairs: 1949.11.D.2(1949); and Rosenthal, Morris S., Where Is the Money Coming From? (Bold New Program Series, No. 8; Washington, D.C: Public Affairs Institute, 1950).Google Scholar