- Shopping Bag ( 0 items )
The huge foreign debt of developing countries has become a mechanism of domination and means of recolonization that prevents any meaningful and sustainable human development. The policies pursued by the indebted countries' governments have usually been decided by their creditors rather than by the authorities of the countries concerned. As for the initiative to lighten the debt burden, launched with much fanfare by the G7, the IMF and the World Bank under pressure from the largest ever petition in human history, ...
The huge foreign debt of developing countries has become a mechanism of domination and means of recolonization that prevents any meaningful and sustainable human development. The policies pursued by the indebted countries' governments have usually been decided by their creditors rather than by the authorities of the countries concerned. As for the initiative to lighten the debt burden, launched with much fanfare by the G7, the IMF and the World Bank under pressure from the largest ever petition in human history, it has made clear its limits. In 50 questions and answers, this book explains in a simple but precise manner how and why the debt impasse has been arrived at. Illustrated with figures, maps and tables, it details the roles of the various actors involved, the mesh in which indebted countries are caught, and the various alternatives to future indebtedness.
|1||The third world in the context of globalization||1|
|2||The origins of the developing countries' (DCs') debt||19|
|3||The debt crisis||27|
|4||Management of the debt crisis||36|
|5||Anatomy of the developing countries' debt||74|
|6||Ongoing moves to reduce the debt burden||88|
|7||Debt cancellation and suspensions of payment in the past||108|
|8||The case for cancelling the DCs' debts||117|
|9||Issues raised by debt cancellation||138|
|10||The international campaign for debt cancellation||164|
Posted November 19, 2004
Millet is the General Secretary of CADTM France (Comite pour l'Annulation de la Dette du Tiers Monde). Toussaint is the President of CADTM and a member of the International Council of the World Social Forum. Their book examines the origins of the developing countries' debts, the International Monetary Fund and World Bank's debt management, the efforts to reduce the debts and most important, the moral, political, economic and legal case for cancelling the debts. As Fidel Castro observed in 2000, 'The debt has already been amply repaid, given the terms under which it was contracted, the arbitrary and vertiginous growth of interest rates on the dollar during the preceding decade and the fall in prices of the basic products which are the fundamental source of revenue for countries still needing to develop. The debt has become a self-perpetuating vicious circle where new debts are taken out to pay off the interest on standing ones.' The authors quote the Russian legal theorist Alexander Nahum Sack who wrote, 'If a despotic power contracts a debt, not according to the needs and interests of the State, but to fortify the despotic regime, to put down the population which would combat it, this debt is odious for the population of the entire State. This debt is not binding for the nation, it is the debt of a regime, the personal debt of the power which contracted it. Consequently, it falls when that power falls.' So in 1776, the new revolutionary state of the USA repudiated all the debts due to bankers in London. Similarly, in 1917 the Bolshevik government repudiated the Tsar's debts to British and French banks. The authors cite a Touareg proverb, 'What you do for the others without the others, is against the others.' This hits the capitalist globalisers, and also the anarchists whose federal networks of committee and forums mirror their false internationalism. The workers in the countries of Asia, Africa and Latin America do not need international committees or social forums to tell them what to do. They will decide when how they cancel their rulers' debts.Was this review helpful? Yes NoThank you for your feedback. Report this reviewThank you, this review has been flagged.