1. The history of the two institutions is extensively chronicled in the World Bank's semi-official history by Edward Mason and Robert Asher, The World Bank Since Bretton Woods (Washington, D.C.: Brookings Institution, 1973); and the IMF's multivolume official histories: J. Keith Horsefield, ed., The International Monetary Fund, 1945-1965: Twenty Years of International Monetary Cooperation , 3 vols. (Washington, D.C.: IMF, 1969); Margaret G. de Vries, ed., The International Monetary Fund, 1966-1971: The System Under Stress , 2 vols. (Washington, D.C.: IMF, 1976); and Margaret G. de Vries, ed., The International Monetary Fund, 1972-1978: Cooperation on Trial , 3 vols. (Washington, D.C.: IMF, 1985). See also the series of articles from Finance and Development commemorating the fortieth anniversary of Bretton Woods and republished by the Bank and the Fund in 1984 under the title Bretton Woods at Forty: 1944-84 (Washington, D.C.: World Bank and IMF, 1984).

2. See, for example, David H. Blake and Robert S. Walters, The Politics of Global Economic Relations (Englewood Cliffs, N.J.: Prentice-Hall, 1976), pp. 11-14; Fred Block, The Origins of International Economic Disorder: A Study of United States International Monetary Policy from World War II to the Present (Berkeley and Los Angeles: University of California Press, 1977), pp. 33-38.

3. Gabriel Kolko, The Politics of War: The War and United States Foreign Policy, 1943-1945 (New York: Random House, 1968). See also U.S. Congress, House, Committee on Banking and Currency, Participation of the United States in the International Monetary Fund and the International Bank for Reconstruction and Development — Report to Accompany H.R. 3314, A Bill to Provide for the Participation of the United states in the international Monetary Fund and the International Bank for Reconstruction and Development , Report 629, 79th Cong., 1st sess., 1945, p. 2.

4. Robert Gilpin, "The Politics of Transnational Economic Relations," in Transnational Relations and World Politics , ed. Robert Keohane and Joseph Nye (Cambridge, Mass.: Harvard University Press, 1971), pp. 57-59; Block, Origins , pp. 32-69; Dean Acheson, Present at the Creation (New York: W.W. Norton, 1969), p. 81; Richard N. Gardner, Sterling-Dollar Diplomacy in Current Perspective: The Origins and the Prospects of Our International Economic Order , rev. ed. (New York: Columbia University Press, 1980).

5. Keynes's original draft of what he titled the Clearing Union (later called the IMF), cited in Roy F. Harrod, The Lift of John Maynard Keynes (London: Macmillan, 1951; reprint ed. Harmondsworth: Penguin Books, 1972), p. 655.

6. According to Gardner, Sterling-Dollar Diplomacy , p. xiii, this note from one of the Anglo-American meetings on the Bank and the Fund said in full: "In Washington, Lord Halifax / Once whispered to Lord Keynes: / 'It's true they have the money bags / But we have all the brains.'"

7. Although discussions on the Bank and the Fund were separate, and the Fund commanded the most attention, for the concerns at hand they can be treated together. See U.S. Department of State, Proceedings and Documents of United Nations Monetary and Financial Conference, Bretton Woods, New Hampshire, July 1-22, 1944 , Department of State Publication 2866, International Conference Series 1, 3; 2 vols. (Washington, D.C.: U.S. Department of State, 1948).

8. John Maynard Keynes, The Collected Writings of John Maynard Keynes , ed. Donald Moggridge, vol. 26: Activities 1941 - 1946, Shaping the Post-War World: Bretton Woods and Reparations (Cambridge, England: Macmillan, 1979), pp. 211, 221.

9. Ibid., pp. 221-22; Harrod, Life of Keynes , pp. 686, 746; and "Report of the Committee on Site," March 13, 1946, in IMF, Selected Documents: Board of Governors Inaugural Meeting, Savannah, Georgia, March 8-18, 1946 , 1946, pp. 29-30.

10. Horsefield, International Monetary Fund , vol. 1, p. 95. (The Soviet Union signed the agreements establishing the Bank and the Fund, but never ratified them.)

11. Keynes, Activities 1941-1946 , pp. 212, 222. See also Gabriel Kolko and Joyce Kolko, Limits of Power: The World and United States Foreign Policy, 1945-1954 (New York: Harper and Row, 1972), p. 85; and Bereket Hable Selassie, "The World Bank: Power and Responsibility in Historical Perspective," African Studies Review 27 (December 1984): 35-46.

12. Keynes, vol. 25: Activities I940-1944, Shaping the Post-War World: The Clearing Union , ed. Moggridge (Cambridge, England: Macmillan, 1979), p. 404; and Keynes, Activities 1941-1946 , pp. 34, 65, 68-69, 109, 223; Harrod, Lift of Keynes , pp. 686-87; Horsefield, International Monetary Fund , vol. 1, pp. 67-73, 101-2; Robert W. Oliver, International Economic Cooperation and the World Bank (London: Macmillan, 1975), p. 138. See also David P. Calleo and Benjamin M. Rowland, America and the World Political Economy: Atlantic Dreams and National Realities (Bloomington: Indiana University Press, 1973), p. 40; and Sidney Dell, On Being Grandmotherly: The Evolution of IMF Conditionality , Essays in International Finance 144 (Princeton, N.J.: International Finance Section, Department of Economics, Princeton University, 1981), pp. 1-7.

13. Harrod, Life of Keynes , pp. 753-54. On the loan, see Gardner, Sterling-Dollar Diplomacy ; and Keynes, vol. 24: Activities 1944-1946: The Transition to Peace , ed. Moggridge (Cambridge, England: Macmillan, 1979).

14. Keynes, Activities 1941-1946 , pp. 41, 42, 63; Robert W. Oliver, Early Plans for a World Bank , Princeton Studies in International Finance 29 (Princeton, N.J.: International Finance Section, Department of Economics, Princeton University, 1971), p. 47. See Harrod, Life of Keynes , pp. 691, 752-53.

15. Acheson, Present at the Creation , p. 83; Harrod, Life of Keynes , pp. 575-76.

16. Keynes, Activities 1941-1946 , pp. 215, 227.

17. Paraphrasing of Article 1, in A. W. Hooke, The International Monetary Fund: Its Evolution, Organization and Activities , IMF Pamphlet Series 37, 1981; reprint ed. April 1982, p. 2.

18. Keynes, Activities 1941-1946 , p. 215.

19. World Bank, The World Bank, IDA, and IFC: Policies and Operations , June 1969, p. 3.

20. U.S. Congress, House, Committee on Banking and Currency, Participation of the United States in the International Monetary Fund and the International Bank for Reconstruction and Development , p. 4.

21. U.S. Treasury Department, Questions and Answers on the International Monetary Fund (Washington, D.C., 1944), quoted in Mason and Asher, World Bank , p. 18. See World Bank, Articles of Agreement of the International Bank for Reconstruction and Development (As Amended Effective December 17, 1965 ), art. 1.

22. On this, see World Bank, Articles of Agreement , art. 3, sec. 1; Acheson, Present at the Creation , p. 84; Oliver, Early Plans , p. 42; and Gardner, Sterling-Dollar Diplomacy , p. 85.

23. Gardner, Sterling-Dollar Diplomacy , p. 291.

24. World Bank, Articles of Agreement , art. 3, sec. 1(a).

25. Ibid., art. 3, sec. 3(c).

26. Mason and Asher, World Bank , p. 430; on these early loans, see pp. 153-54.

27. See Kolko and Kolko, Limits of Power , pp. 85-86; Gabriel Kolko, The Roots of American Foreign Policy (Boston: Beacon Press, 1969), p. 70; Mason and Asher, World Bank , p. 504.

28. IMF, Articles of Agreement of the International Monetary Fund (July 22, 1944), art. 5, sec. 4. Section 3 is also of relevance. See Joseph Gold, "Use of the Fund's Resources," in International Monetary Fund , ed. Horsefield, vol. 2, pp. 522-23.

29. Communication from IMF managing director to Chilean government preceding September 1947 loan, quoted in Horsefield, International Monetary Fund , vol. 1, p. 192; see also pp. 223-24.

30. Emil G. Spitzer, "Stand-by Arrangements: Purposes and Form," in International Monetary Fund , ed. Horsefield, vol. 2, p. 484; Frank A. Southard, Jr., The Evolution of the International Monetary Fund , Essays in International Finance 135 (Princeton, N.J.: International Finance Section, Department of Economics, Princeton University, 1979), p. 19; Samuel Lichtensztejn, The IMF and the Experience of Latin America's Southern Cone , DEE/D/41/i (Mexico: Instituto Latino-americano de Estudios Transnacionales, June 1980). See Per Jacobson, International Monetary Problems, 1957-63 (Washington, D.C.: IMF, 1964), p. 20, for a summary of these different "degrees of conditionality."

31. The Executive Board's decision adopting the principle of conditionality was taken on February 13, 1952, See Gold, "Use of the Fund's Resources," in International Monetary Fund , ed. Horsefield, vol. 2, pp. 523-24, 526-30; and IMF, "Selected Decisions of the Executive Directors (as of December 31, 1965)," in ibid., vol. 3, pp. 228-30. According to Dell ( On Being Grandmotherly , p. 10), "it was a desire to enlist the cooperation of the United States as the principal source of credit that prompted other Fund members to give way to American views on the question of conditionality, rather than any conviction on their part that the adoption of the U.S. concept of conditionality Was indispensable for a successfully functioning IMF." See also John Williamson, The Lending Policies of the International Monetary Fund , Policy Analyses in International Economics 1 (Washington, D.C.: Institute for International Economics, 1982), p. 11.

32. Quoted in J. Keith Horsefield and Gertrud Lovasy, "Evolution of the Fund's Policy on Drawings," in International Monetary Fund , ed. Horsefield, vol. 2, p. 404. See also Dell, On Being Grandmotherly , pp. 10-11.

33. Margaret de Vries, "The Process of Policymaking," in International Monetary Fund , ed. Horsefield, vol. 2, p. 11 See also Southard, Evolution , pp. 19-20; and Cheryl Payer, The Debt Trap: The International Monetary Fund and the Third World (New York: Monthly Review Press, 1974), appendix 2, p. 219. Member countries are represented by twenty full-time executive directors. Southard was U.S. executive director to the IMF from February 1949 to November 1962, and IMF deputy managing director from then until February 1974.

34. World Bank, Articles of Agreement , art. 4, sec. 10. "Although there is no similar provision in the Articles of the Fund, the last sentence of Article I ... has been understood to imply what is made express in the Bank's provision on political activity" (Joseph Gold, The Rule of Law in the International Monetary Fund , IMF Pamphlet Series 32, 1980, p. 59).

35. IBRD, Second Annual Report, 1947-1948 , 1948, p. 14. On the Polish loan, see also Gardner, Sterling-Dollar Diplomacy , p. 296. Poland subsequently withdrew from the Bank.

36. Interview with Dragoslav Avramovic, Geneva, Switzerland, July 2, 1982. See Mason and Asher, World Bank , pp. 28, 105-49, 151, 158.

37. World Bank, Third Annual Report, 1947-1948 , 1948, p. 20; and World Bank, The International Bank for Reconstruction and Development, 1946-53 (Baltimore: Johns Hopkins University Press, 1954), p. 112.

38. Mason and Asher, World Bank , p. 422.

39. World Bank, Fifth Annual Report, 1949-1950 , 1950, pp. 11-12.

40. World Bank, Tenth Annual Report, 1954-1955 , 1955, p. 35.

41. Mason and Asher, World Bank , p. 701; see also p. 291.

42. Ibid., pp. 316, 437.

43. Ibid., pp. 172, 689-91. The $75 million loan to Iran in 1957 is of particular interest, as it was the Bank's first program loan to an LDC. However, unlike program loans to developed countries, this balance-of-payments support came with conditions. In particular, through the vehicle of the loan, the Bank played an important role in Iran's seven-year development plan and in building an institution to implement the plan. On this, see ibid., p. 274.

44. Ibid., pp. 297, 324-31, 438. On EDI, see also Guy de Lusignan, "The Bank's Economic Development Institute," Finance and Development 23 (June 1986): 28-31; "The World Bank's Economic Development Institute," World Bank News 3 (August 30, 1984): 3-4; James Morris, The Road to Huddersfield: The Story of the World Bank (n.p.: Minerva Press, 1963), pp. 53-54; and Robert Stauffer, Transnational Corporations and the Political Economy of Development: The Continuing Philippine Debate , Research Monograph 11 (Sydney, Australia: Faculty of Economics, University of Sydney, 1980), p. 12.

45. The ECLA document in this regard is Raul Prebisch, The Economic Development of Latin America and Its Principal Problems , United Nations/ECLA, E/CN.12/89/Rev. 1, Santiago, Chile, 1950. For some interesting archival research on import substitution, see Sylvia Maxfield and James H. Nolt, "Protectionism and the Internationalization of Capital: U.S. Sponsorship of Import Substitution Industrialization in the Philippines, Turkey, and Argentina," draft, Chicago: University of Chicago, May 22, 1986.

46. Mason and Asher, World Bank , pp. 372, 455.

47. Including IDA and IFC loans: ibid., p. 678.

48. For more on India, see ibid., pp. 99, 372-73, 422, 455, 458, 494, 514-17; and Payer, Debt Trap , pp. 166-83. The Indian consortium was the Bank's first effort at what evolved into the consultative group.

49. Mason and Asher, World Bank , p. 426.

50. On Brazil, see Payer, Debt Trap , pp. 143-65; Payer, The World Bank: A Critical Analysis (New York: Monthly Review Press, 1982), pp. 99-104; Manchester Guardian , June 30, 1958; Mason and Asher, World Bank , pp. 160, 425, 464; and Horsefield, International Monetary Fund , vol. 1, p. 381. The Bank, in general, found it ''difficult, if not impossible, to impose conditions on a borrower unless some elements in the borrowing country Consider it to be in the country's interest to meet these conditions'' (Mason and Asher, World Bank , p. 438).

51. Philippines (Republic), Philippine Trade Act of 1946 , Title 3, sec. 2. This act is known as the Bell Trade Act.

52. For more on the Philippines during the late 1940s and 1950s, see Miguel Cuaderno, Sr., Problems of Economic Development (The Philippines — A Case Study ) (Manila: n.d.). This covers the fifteen-year period (1946-1960) when Cuaderno was governor of the Central Bank. of the Philippines. See also Miguel Cuaderno, Sr., Guideposts to Economic Stability and Progress: A Selection of the Speeches and Articles of Miguel Cuaderno, Sr., Governor of the Central Bank of the Philippines , rev. ed. (Manila: Bookman Printing House, for Central Bank of the Philippines, 1960); Shirley Jenkins, American Economic Policy Toward the Philippines (Stanford, Calif.: Stanford University Press, for American Institute of Pacific Relations, 1954); David Wurfel, "Problems of Decolonization," in The United States and the Philippines , ed. Frank H. Golay (Englewood Cliffs, N.J.: Prentice-Hall, for American Assembly, Columbia University, 1966), pp. 149-73; Robert E. Baldwin, Foreign Trade Regimes and Economic Development: The Philippines (New York: Columbia University Press, for National Bureau of Economic Research, 1975), pp. 17-49; Frank H. Golay, The Philippines: Public Policy and National Economic Development (Ithaca, N.Y.: Cornell University Press, 1961), pp. 140-62; and Payer, Debt Trap , pp. 50-65.

54. Despite accounting for a third of Bank membership in 1967, African countries had less than 8 percent of the voting power (Mason and Asher, World Bank , pp. 63-64). Similar shifts were, of course, reflected in IMF membership, which is a prerequisite for Bank membership (Margaret de Vries, "Setting Par Values," in International Monetary Fund , ed. Horsefield, vol. 2, pp. 87-89; de Vries, International Monetary Fund, 1966-1971 , vol. 1, p. 570; and interview with Ernest Leung, Metro-Manila, Philippines, January 30, 1981).

55. For the U.S. role in postwar coups, see Noam Chomsky and Edward S. Herman, The Political Economy of Human Rights , vol. 1: The Washington Connection and Third World Fascism (Boston: South End Press, 1979); and Richard J. Barnet, Intervention and Revolution: America's Confrontation with Insurgent Movements Around the World , rev. ed. (New York: New American Library, 1972).

56. The Bank largely stopped lending to developed countries by 1967 (Mason and Asher, World Bank , pp. 227, 458; Hooke, International Monetary Fund: Its Evolution, Organization and Activities , p. 4; interviews with Avramovic, July 2, 1982; and Leung, January 30, 1981).

57. De Vries, International Monetary Fund, 1966-1971 , vol. 1, chapter 28, "Growth of Responsibilities." This refers to the 1966-1971 period.

58. Margaret de Vries, "The Consultations Process," in International Monetary Fund , ed. Horsefield, vol. 2, p. 238.

59. De Vries, International Monetary Fund, 1966-1971 , vol. 1, pp. 575-76.

60. On these facilities, see Horsefield and Lovasy, "Evolution of the Fund's Policy on Drawings," in International Monetary Fund , ed. Horsefield, vol. 2, pp. 415-27; de Vries, International Monetary Fund, 1966 - 1971 , vol. 1, part 3, "General Resources: New Challenges and Responses," pp. 253-428; Calleo and Rowland, America and the World Political Economy , pp. 337-38, n. 2; Blake and Walters, Politics , pp. 46-47; Hooke, International Monetary Fund: Evolution, Organization and Activities , pp. 41-48.

61. Interview with Avramovic, July 2, 1982.

62. William Dale at conference on IMF conditionality, sponsored by Institute for International Economics, Airlie House, Virginia, March 24-26, 1982, quoted in Williamson, Lending Policies , p. 12.

63. Lichtensztejn, The IMF and the Southern Cone , p. 11; see Payer, Debt Trap .

64 . See Mason and Asher, World Bank , pp. 663-64.

65. On Brazil, see Payer, Debt Trap , pp. 143-65.

66. See Horsefield, International Monetary Fund , vol. 1, pp. 554-55, 604; de Vries, International Monetary Fund, 1966-1971 , vol. 1, p. 588. For the expansion of other IMF technical advice, see ibid., p. 579; and Manchester Guardian Weekly (May 7, 1978).

67. Quoted from Mason and Asher, World Bank , p. 376, also pp. 332, 376-77; and de Vries, International Monetary Fund, 1966-1971 , vol. 1, pp. 576, 590. The study on India was the Bank's Report to the President of IBRD and IDA on India's Economic Development Effort , 14 vols., 1965. Among the other studies were Ian Little, Tibor Scitovsky, and Maurice Scott, Industry and Trade in Some Developing Countries: A Comparative Study (London: Oxford University Press for the Development Centre of OECD, 1971); and Bela Balassa et al., The Structure of Protection in Developing Countries (Baltimore: Johns Hopkins University Press, 1971).

68. Mason and Asher, World Bank , p. 455. In this battle with nationalist factions, India became the Banks largest borrower by the early 1960s and (up to mid-I967) the LDC that had most heavily borrowed from the IMF (ibid., p. 678; Payer, Debt Trap , p. 166).

69. Mason and Asher, World Bank , pp. 432-33.

70. Teresa Hayter, Aid as Imperialism (Harmondsworth: Penguin, 1971), pp. 57-58.

71. Quoted from David Lilienthal, The Journals of David Lilienthal , vol. 5: The Harvest Years (New York: Harper & Row, 1971), p. 538 (entry for December 19, 1963), Bruce Nissen, "Building the World Bank," in The Trojan Horse: A Radical Look at Foreign Aid , ed. Steve Weissman (Palo Alto, Calif.: Ramparts Press, 1975), p. 53; Mason and Asher, World Bank , p. 203. In 1963 the United States controlled 30 percent of the total voting power in the World Bank (Morris, Road to Huddersfield , pp. 44-45).

72. The 1,057 loans and credits of the Bank group as of June 30, 1971, broke down as follows: 30 were program or nonproject; 1,027 were project. "With the exception of a loan to Iran in 1957, all the Bank program loans, until the loan to Nigeria in 1971, were made to developed member countries" (Mason and Asher, World Bank , pp. 229, 265, 430).

73. The loan's conditions were basically provisions for consultations; there were no strict performance clauses (de Vries, International Monetary Fund, 1966-1971 , vol. 1, pp. 338-47; Dell, On Being Grandmotherly , pp. 12-13).

74. Mason and Asher, World Bank , p. 547; on this earlier period, see also ibid., pp. 538-50; and Horsefield, International Monetary Fund , vol. 1, pp. 340-43.

75. Mason and Asher, World Bank , p. 505.

76. Ibid., p. 512, table 15-1, and p. 536. For more on consultative groups, see ibid., pp. 510-28; and de Vries, International Monetary Fund, 1966-1971 , vol. 1, pp. 612-13; Escott Reid Strengthening the World Bank (Chicago: Adlai Stevenson Institute, 1973), pp. 146-48.

77. Both men entered office in 1963 (Mason and Asher, World Bank , p. 550). These memoranda followed on the heels of a January 1966 paper on Bank and Fund collaboration (IMF, "Further Steps for Collaboration with the IBRD," EBD/66/9, Revision 1, January 19, 1966, revised February. 17, 1966).

78. IMF, "Memorandum on Fund-Bank Collaboration," from the IMF managing director to department heads, December 13, 1966, unnumbered p. 1.

79. Ibid., unnumbered pp. 1-2.

80. IMF and World Bank, "Further Steps for Collaboration Between the IMF and the IBRD," joint memorandum by the managing director of the IMF and president of the IBRD, February 19, 1970, unnumbered p. 1.

81. De Vries, International Monetary Fund, 1966-1971 , vol. 1, p, 613.

82. IMF and World Bank, "Collaboration Between the IMF and the IBRD," unnumbered p. 1.

83. See Diosdado Macapagal, Five-Year Integrated Socio-Economic Program for the Philippines , Address on the State of the Nation to the Fifth Congress of the Republic of the Philippines, January 22, 1962. This glosses over the question of exactly what sort of industrialization the Philippine economy underwent in the 1950s. On this, see especially Payer, Debt Trap , pp. 54-60; Edberto M. Villegas, The Philippines and the IMF-World Bank Conglomerate , Philippines in the Third World Papers, Series 17 (Quezon City: Third World Studies Center, University of the Philippines at Diliman, May 1979), pp. 6-7; and Guy Whitehead, "Philippine-American Economic Relations," Pacific Research 4 (January-February 1973): 3-6.

84. Quentin Reynolds and Geoffrey Bocca, Macapagal: The Incorruptible (New York: David McKay, 1965), p. 174; Diosdado Macapagal, A Stone for the Edifice: Memoirs of a President (Quezon City: MAC Publishing House, 1968), pp. 60-61; and interview with Macapagal, Metro-Manila, Philippines, March 27, 1981.

85. Interview with Macapagal, March 27, 1981.

86. Ibid.; see also Macapagal, Memoirs , p. 60.

87. The head of the IMF's Asian Division registered a complaint against this U.S. interference (interview with Leung, January 15, 1981).

88. For details, see Macapagal, Memoirs , annex A, p. 31; and J. Keith Horsefield, "Charges, Repurchases, Selection of Currencies," in International Monetary Fund , ed. Horsefield, vol. 2, table 22, p. 462. Ironically, the Philippines never made use of that $28.3 million committed by the IMF (interview with Macapagal, March 27, 1981; verified by data provided by Department of Economic Research, Central Bank of the Philippines, April 15, 1981).

The literature concerning the IMF conditions and the economic and political aftereffects of decontrol is fairly extensive: see Payer, Debt Trap , chap. 3, "Exchange Controls and National Capitalism: The Philippines Experience," pp. 50-74; Alejandro Lichauco, "The Lichauco Paper: Imperialism in the Philippines," Monthly Review 25 (July-August 1973): 1-111; Benito Legarda y Fernandez [Benito Legarda, Jr.], "Foreign Exchange Decontrol and the Redirection of Income Flows," Philippine Economic Journal 1 (First Semester 1962): 18-27; M. Treadgold and R. Hooley, "Decontrol and the Direction of Income Flows: A Second Look," Philippine Economic Journal 6 (Second Semester 1967): 117-20; John Power and Gerardo Sicat, The Philippines: Industrialization and Trade Policies (London: Oxford University Press, for Development Centre of the OECD, 1971), pp. 38-50; Vicente B. Valdepeñas, Jr., and Gemiliano M. Bautista, The Emergence of the Philippine Economy (Manila: Papyrus Press, May 1977), pp. 188-224; and Robin Broad, International Actors and Philippine Authoritarianism (Manila: Nationalist Resource Center, September 1981), pp. 8-9.

89. Quoted from interview with Avramovic; July 2, 1982. Interview with Armand Fabella, Metro-Manila, Philippines, December 8, 1980.

90. Interview with Fabella, December 8, 1980.

91. Interview with Avramovic, July 2, 1982.

92. Fabella (December 8, 1980) called it a "joint mission." Interviews with Macapagal, March 27, 1981; and with Hilarion Henares, Jr., Metro-Manila, Philippines, February 27, 1981.

93. Macapagal, Memoirs , p. 69; and Macapagal, Five-Year Integrated Socio-Economic Program for the Philippines , appendix 2, "Economic Growth in the Philippines: A Preliminary Report Prepared by the Staff of the IBRD, January 4, 1962," pp. 1-73.

94. Interview with Avramovic, July 2, 1982; and C. Hsieh, Employment Problems and Policies in the Philippines , United Nations, International Labour Organization, Employment Research Papers (Geneva, 1969), p. 27. Already during this period, Avramovic began airing the views that would lead to his departure from the Bank. "On the sly," according to Macapagal's National Economic Council chairman, Henares, "Avramovic advised us not to let the IMF and the World Bank control us" (interview with Henares, February 27, 1981). The Program Implementation Agency, staffed by "young technical people," was renamed the Presidential Economic Staff during Marcos's first term. After martial law, Marcos merged his own economic staff with the by then less powerful, more nationalist-oriented National Economic Council, to form the National Economic and Development Authority, the nation's highest economic planning body (Romeo B. Ocampo, "Technocrats and Planning: Sketch and Exploration," Philippine Journal of Public Administration 15 [January 1971]: 31-64).

95. Interview with Benito Legarda, Jr., Metro-Manila, Philippines, February 2, 1981. Legarda was then assistant director of the Central Banks Department of Economic Research.

96. Ibid.

97. Interview with Fabella, December 8, 1980.

98. Interview with Armado Castro, Metro-Manila, Philippines, January 20, 1981.

99. Interview with Legarda, February 2, 1981. This was up from the pre-float level of 3.90 to 1.00 (ibid.). IMF officials Obviously did not totally understand the economic forces at work, either.

100. Ibid. On the specific conditions as well as the economic and political aftereffects of the 1970 IMF program, see Payer, Debt Trap , pp. 71-74; Lichauco, "Lichauco Paper"; Villegas, Philippines , p. 10; and Broad, International Actors , pp. 9-10. Specifically on the investment acts, see Gonzalo M. Jurado, "Industrialization and Trade," in Philippine Economic Problems in Perspective , ed. Jose Encarnacion, Jr. (Quezon City: Institute of Economic Development and Research, School of Economics, University of the Philippines, 1976), p. 318; and Robyn Lim, "The Multinationals and the Philippines Since Martial Law," in A Multinational Look at the Transnational Corporation , ed. Michael T. Skully (Sydney: Dryden Press Australia, 1978), pp. 127-28.

101. Quoted in Robert Stauffer, "The Political Economy of Refeudalization," in Marcos and Martial Law in the Philippines , ed. David A. Rosenberg (Ithaca, N.Y.: Cornell University Press, 1979), p. 196.

102. This was, more officially, House Joint Resolution 2, signed into law by Marcos on August 4, 1969 (Alejandro Lichauco, "IMF-World Bank Group, the International Economic Order and the Philippine Experience," amended initial draft of paper presented at St. Scholastica's College, Manila, September 3, 1976, pp. 63-66).

103. Cited in Williamson, Lending Policies , p. 23.