This. however, require not merely a wider use of money as a medium of exchange, but al o developing the habit of using money a a unii of account’ for more rational allocation of resources, and what b more important for our pre ent purpose, using money at a Store of value’ for economic auet . On the other hand, with monetary policies which induce a distrust in the use of money a a unit of account and a flight from money at a More of value, it is difficult to see how the domestic resource of the underdeveloped countries can be dfedndy mobilized by a tore comprehensive growth of the money economy. Similarly.
Ilil little 08c sidcd to Assume t””uit the stability of the caIctmI value of the currency of an underdeveloped country and the abtcoce of import controK mainly benefit foreign investor and foreign enterprises and not the indigenous people. After all. the high ratio of export to the national income ia these country bo mean a high import ratio and a widespread depcn drnce on imports. In some of the African peasant economies in the carter ttagr of development, imports may still haw lo play their rale as incentive goods for expanding export production and the money economy. Lhcwhere. domestic private industries “’e comc ‘° depend on imported producers’ goods and it is net unknown for many infant industries of the underdeveloped countries to be stifled by the difficulties and delays of obtaining import licence for essential raw materials, capital equipment and spare parts.
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