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11 J. Int'l L. & Econ. 67 (1976-1977)
The Jamaica Agreement, International Monetary Reform, and the Developing Countries

handle is hein.journals/gwilr11 and id is 75 raw text is: THE JAMAICA AGREEMENT, INTERNATIONAL MONETARY REFORM, AND THE DEVELOPING COUNTRIES Gerald M. Meier* Some thirty years after the Bretton Woods Agreement 1 introduced an international code of conduct into international monetary arrange- ments, the recently concluded Jamaica Agreement has provided for far-reaching amendments to the International Monetary Fund's (IMF) Articles of Agreement. While the first stage in the evolutionary re- form of the international monetary system was achieved at the Janu- ary, 1976 Jamaica meeting of the Interim Committee of the Board of Governors of the IMF,2 the significance of the agreement reached at this meeting can only be assessed in the perspective of international monetary developments of the past three decades and the issues that remain central to international monetary reform. In this context, it is particularly instructive to clarify the implications of international monetary reform for less developed countries, which is the focus of this article. In a book with the engaging title The World's Economic Crisis and the Way of Escape,3 a distinguished international monetary economist has said: B.A. 1947, Reed College; B.Litt. 1952, University of Oxford; Ph.D. 1953, Harvard University. Professor of International Economics, Stanford University. 1. For an account of the negotiations at Bretton Woods and the establishment of the International Monetary Fund, see J. HORSEFIELD, THE INTERNATIONAL MONETARY FuND, 1945-1965: TWENTY YEARS OF INTERNATIONAL MONETARY COOPERATION, vol. I (1969); IMF, THE FIRST TEN YEARS OF THE INTERNATIONAL MONETARY FUND (1956); Keynes, Proposals for an International Clearing Union, reprinted in J. HORSEFIELD, supra, at vol. III at 19. Keynes' Proposals was published by the British Government as BRITISH INFORMATION SERVICES, INTERNATIONAL CLEARING UNION: TEXT OF A PAPER CONTAINING PROPOSALS By BRITISH EXPERTS FOR AN INTERNATIONAL CLEARING UNION (April 8, 1943). 2. Interim Committee Communiqu6, Press Release No. 76/1 (January 8, 1976), reprinted in 5 IMF SuRVEY 18 (January 19, 1976). The Interim Committee became in September 1974 a successor to the Committee of Twenty, originally established by a resolution of the Board of Governors in 1972 as the Committee on Reform of the International Monetary System and Related Issues. 3. Salter, Stamp, Keynes, Blackett, Clay & Beveridge, Halley Stewart Lecture, 1931, in THE WoRLD'S ECONOMIC CRIsIs AND THE WAY OF ESCAPE (1932).

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