UN General Assembly
1966

78. The mere establishment or strengthening of institutions cannot, however, provide solutions. The grim reality is that even after we have passed the mid-point of the United Nations Development Decade, the goals set for the Decade are far from being achieved. The reason is obvious. The developing countries need capital, particularly foreign exchange, to implement their economic development plans. They have only very slight possibilities of increasing domestic capital formation because consumption levels continue to be extremely low and there is no further room for squeezing them. They can acquire foreign exchange, first, by inflows of capital through assistance provided by the richer nations either bilaterally or multilaterally, and secondly, by increasing their exports.