The Development Business: A History of the Commonwealth Development Corporation

by M. McWilliam

Overview

The Commonwealth development Corporation (CDC) was launched with all-party support as one of the initiatives to build a better post-war world. After a troubled start it earned its role as Britain's development agency. The chairmanship of Lord Reith in the 1950s left a legacy of robust independence within the public sector framework. Few public sector businesses escaped privatisation by the Conservative Governments of the 1980s and 1990s, yet CDC was exempted. The first privatisation announcement of the New Labour Government in 1997 was in respect of CDC and enabling legislation has since been passed to provide for a long-term public-private partnership. The compatibility of a continuing development role with meeting the requirements of investors is still controversial as CDC adapts its operations to those of a private equity fund for emerging economies. Sir Michael McWilliam has written a study of institutional transformation that reflects changing perceptions of the role of development agencies. His membership of the CDC Board and access to its records give authority to this appraisal and to the discussion of the proposed privatisation.

Product Details

ISBN-13:	9781349420698
Publisher:	Palgrave Macmillan UK
Publication date:	01/01/2001
Edition description:	1st ed. 2001
Pages:	296
Product dimensions:	5.00(w) x 7.99(h) x (d)

About the Author

SIR MICHAEL MCWILLIAM KCMG was a member of the Board of Commonwealth Development Corporation from 1980-86. After a career in banking leading to the post of Chief Executive of Standard Chartered Bank from 1983-88, he was appointed Director of the School of Oriental and African Studies from 1989-96 and is an honorary fellow of the School. Sir Michael is chairman of the Royal Commonwealth Society and of The Royal African Society.

Table of Contents

Prologue PART I: A WILL TO SUCCEED 1948-61 Planning for a Better World Tropical Allsorts: A False Start Stemming the Losses Adjusting the Mandate Financial Reorganisation The Score Card Notes PART II: AN AGENCY FOR DEVELOPMENT 1962-79 Easing the Finding Constraint Aid and Development Jubilee Sktaking Targeting the Poor Notes PART III: MAKING A BUSINESS OF DEVELOPMENT 1980-93 Commercial Borrowing Mirage Nothing but a Bank The Fan Club Raising Standards Moving Into Top Gear An Environmental Problem Monopolies and Mergers Commission Hopes Deferred A Business of Sorts Notes PART IV: REINVENTING CDC 1994-99 Strategy Reviews A Battle of Wills Escaping the Funding Impasse Understanding the Funding Partnership Reconciling God and Mammon Facing the Future Notes Principal Reports CDC Leaders Ministers Responsible for CDC, 1948-98 CDC Financial Highlights, 1951-97 The Financial Record 1948-99 Index

Editorial Reviews

One of the few public sector businesses in Britain to escape privatization at the hands of the conservatives in the 1980s and 1990s, the Commonwealth Development Corporation (CDC) has evolved from a mechanism of British colonialism to a publicly funded facilitator of international investment. Former board member of CDC traces its institutional history from 1948 to 1999, focusing on its policies, its economic impact, and the political environment which effected its work. Annotation c. Book News, Inc., Portland, OR (booknews.com)

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