This volume contains the proceedings of a September 1987 conference organised by the Centre for Economic Policy Research and the International Economics Study Group. The contributors in this volume explore the North–South macroeconomic interactions. The volume will interest those involved in policy debates concerning international debt, the global consequences of macroeconomic policy choices in the North, commodity markets and the economic policies of the less developed countries. It will also form a valuable addition to undergraduate and postgraduate reading lists in trade, finance, international macroeconomics and the economics of developing countries.