was supposed to...
level the playing ﬁeld
create trade alliances
foster global economy
make independant nations (of former colonies)
new world order
World Bank + IMF
WB = lending institution
IMF = monitor world currency
short term loans
height of decolonization efforts
shifted to former colonized nations
1970s rise in oil $-- goes to western banks
lending increases + large scale projects
Who is valued?
“The foreign assets of a country that refuse to pay its
debt would be attacked by creditors throughout the
world; its exports seized by creditors at each dock
where they landed; its national airlines unable to
operate; and its sources of desperately needed capital
goods and spare parts virtually eliminated. In many
countries, even food imports would be curtailed.”
new DEBT repayment focus
new set of policies/programs
what is the relationship between “development” and
what is the role of “developed” nations in the creation
of “developing” nations’ debt?
How does national debt effect individuals? And who
is negatively effected?