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It is also necessary to rebuild public food reserves in the South especially cereals such as rice, wheat, corn People who earn a low wage must be ensured access to quality food at a low price. The State must also guarantee that small agricultural producers can sell at prices high enough to allow them to noticeably improve their living conditions.

Public authorities are perfectly capable of guaranteeing both subsidized food prices for consumers and retail prices high enough to provide small producers with an adequate income.

One cannot expect to seriously fight famine without combating the fundamental causes of the current situation. Debt is one of these causes. The publicity and fanfare around the issue, especially in recent years at the G8 or G20 summits, has failed to pull the veil over this persistent problem. The current global crisis is further worsening the situation in developing countries faced with the cost of debt, and new debt crises in the South are due to emerge.

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The debt has led people of the South, so often rich in terms of human and natural resources, to general impoverishment. Debt is organized pillage and must urgently be stopped. Without a doubt, the fulfilment of basic human needs must be placed above any other considerations, be they geopolitical or financial.

By Oscar R. De Rojas

From a moral perspective, the rights of creditors, people of private means or speculators have little weight compared to the fundamental rights of 6 billion citizens crushed by the implacable mechanism of debt. It is immoral to ask countries, impoverished by a global crisis for which they are not at all responsible, to earmark a large part of their resources to repaying wealthy creditors whether from the North or the South , instead of securing their basic needs. The immoral nature of the debt also stems from the fact that this debt was very often contracted by non democratic regimes who did not use the sums of money they received in the interests of their own population and often embezzled vast amounts, with the tacit or active approval of the States of the North, the World Bank and the IMF.

The creditors of the most industrialized countries granted loans while being fully aware of the fact that the regimes were often corrupt.


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They are therefore in no position to demand that the people of these countries pay back a debt which is both immoral and illegal. To sum up, debt is the one of the main mechanisms through which a new form of colonization operates, to the detriment of the people. This is in addition to the historic injustices perpetrated by rich countries: slavery, extermination of indigenous populations, colonial shackles, pillaging of raw materials, biodiversity and the know-how of farmers through the patenting of agricultural products of the South, such as Indian basmati rice, for the profit of multinational agro-businesses in the North , the pillage of cultural goods, the brain drain etc.

In the name of justice, it is time to replace the logic of domination with a logic based on the redistribution of wealth.

Understanding the National Debt and Budget Deficit

Faced with the crisis, the G20 has taken up the baton and is trying to place a discredited IMF at the centre of the political and economic playing field. We must put an end to an injustice which profits oppressors, whether from the North or South. He is co-author of Who Owes Who? His latest book in French : La crise, quelles crises? Article licensed under Creative Commons. Support Voltaire Network. In order to continue our work, we need you to support our efforts. Help us by making a contribution. How to participate in Voltaire Network? The members of our team are all volunteers. 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.

Q3 What are the different kinds of debt? The origins of the developing countries DCs debt. The debt crisis. Qio How have the creditors responded to the debt crisis? Exceptional customer service Get specialist help and advice. Using 50 questions and answers, this book explains in a simple but precise manner how and why the debt impasse for developing countries 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, the possible scenarios for getting out of the impasse and the various alternatives to future indebtedness.

About this book

It also sets out the various arguments - moral, political, economic, legal and environmental - on which the case for a wholesale cancellation of developing countries' external debt rests. It replies to the range of possible objections and proposes new ways of financing development at both local and international level. Newsletter Google 4. Help pages. Prothero Michael J. Benton Richard Fortey View All. Go to British Wildlife. Conservation Land Management. Go to Conservation Land Management.

Click to have a closer look. Select version. About this book Contents Customer reviews Biography Related titles. Images Additional images. About this book Using 50 questions and answers, this book explains in a simple but precise manner how and why the debt impasse for developing countries has been arrived at. What is the Third World? Are the conditions of the very poorest people improving?

What Does Africa Owe? - FPIF

What are the different kinds of debt? What has been the impact of the foreign debt on human development? Who have been the leading promoters of developing country indebtedness? What is the geopolitical context in which super-indebtedness has taken place? Who have been the leading actors of indebtedness within developing countries? How can one explain the debt crisis? How has the external debt grown over the past; 30 years?

Who Owes Who: 50 Questions about World Debt

How have the creditors organized themselves in the face of the debt crisis? Who is the key actor in the management of the debt crisis? How does the IMF operate? How does the World Bank operate?