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causes of third world debt
Member rating: No Rating | Words: 2800 | Submitted: Tue Feb 26 2008
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Q.7) Discuss the causes of Third World debt, and evaluate the success of the solutions offered. name In this essay I will highlight my understanding to the Third World debt. The call for debt repudiation for least developed countries have echoed the sentiments of various sectors. Popular politicians, celebrities, the church and ordinary people all agreed that debt cancellation for the poorest countries in the world is justified. But are they right in that assumption? While it is true that countries with wealthier economies extended the credit line to these southern countries, how the money was spent in the respective third world countries was beyond their jurisdiction. Whatever the proponents of debt repudiation would say regarding the culpability of these lenders, it should be recognized that structurally, the lending systems at that time were also deficient. When the Mexican government in 1982 declared that it would default on its obligations, it started...
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