Foreign banks are playing an increasingly large role in many developing countries, holding more than 50 percent of banking assets in several of these countries. But important issues about foreign bank entry continue to be debated

Albert Hirschman developed his strategy of unbalanced growth in response to the postwar theories of the "big push," development planning, and balanced growth. Ellerman "translates" today's debate about the effectiveness of conditionality and adjustment lending back into the old debate about...