Who owes who? : 50 questions about world debt / Damien Millet, Eric Toussaint ; translated by Vicki Briault Manus with the collaboration of Gabrielle Roche.

Format:

Book

Author/Creator:

Millet, Damien.

Contributor:

Toussaint, Eric.

Series:

Global issues series (Zed Books)

Global issues in a changing world

Standardized Title:

50 questions/50 réponses sur la dette, le FMI et la Banque mondiale. English

Language:

English

French

Subjects (All):

Debts, External--Developing countries.

Debts, External.

Economic conditions.

Developing countries.

Debt relief--Developing countries.

Debt relief.

Developing countries--Economic conditions--20th century.

Developing countries--Economic policy.

Economic policy.

Physical Description:

x, 185 pages : illustrations, maps ; 21 cm.

Other Title:

50 questions about world debt

Fifty questions about world debt

Place of Publication:

Dhaka : University Press ; Bangkok : White Lotus ; Nova Scotia : Fernwood Pub. ; Bangalore : Books for Change ; Kuala Lumpur : SIRD ; Cape Town : David Philip ; London ; New York : Zed Books in association with CADTM ; New York : Distributed in the USA by Palgrave Macmillan, 2004.

Summary:

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 in the South. 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.

Contents:

1 The Third World in the context of globalization 1

Q1 What is meant by the Third World? 1

Q2 Are the living conditions of the poorest populations improving? 5

Q3 What are the different kinds of debt? 12

Q4 What impact does the external debt have on human development? 14

2 The origins of the developing countries' (DCs') debt 19

Q5 What were the main factors leading to the indebtedness of the DCs? 19

Q6 What is the geopolitical context of the over-indebtedness of the DCs? 21

Q7 Who were the leading actors in the indebtedness of the countries of the South, and how have the loans been used? 23

3 The debt crisis 27

Q8 How can the debt crisis be explained? 27

Q9 How has the external debt of the DCs evolved over the last thirty years? 30

Q10 How have the creditors responded to the debt crisis? 34

4 Management of the debt crisis 36

Q11 Who is the main actor in the management of the debt crisis? 36

Q12 What does the IMF do? 38

Q13 How does the World Bank operate? 46

Q14 What is the logic behind the IMF's and the World Bank's economic policy? 52

Q15 What are the short-term or shock measures imposed by structural adjustment, and what are their consequences? 54

Q16 What are the long-term or structural measures imposed by structural adjustment, and what are their consequences? 57

Q17 What is the role of the Paris Club? 66

Q18 Are all the DCs in the same boat? 70

5 Anatomy of the developing countries' debt 74

Q19 What does the external debt of the DCs consist of? 74

Q20 Who are the main creditors of the different DCs? 75

Q21 How have the roles of the different creditors evolved over the last thirty years? 79

Q22 Do the DCs repay their debts? 82

Q23 How are the debt-related financial flows managed? 85

6 Ongoing moves to reduce the debt burden 88

Q24 How did the debt-reduction initiative come about? 88

Q25 What is the Heavily Indebted Poor Countries (HIPC) initiative? 89

Q26 What are the results of the HIPC initiative? 94

Q27 What are the limitations of the HIPC initiative? 96

Q28 What is the New Partnership for African Development (NEPAD)? 102

Q29 What are vulture-funds? 105

7 Debt cancellation and suspensions of payment in the past 108

Q30 Have there ever been debt cancellations in the past? 108

Q31 Why do the governments of the South continue to repay the debt? 114

8 The case for cancelling the DCs' debts 117

Q32 Will debt cancellation be enough to ensure the development of the DCs? 117

Q33 What are the moral arguments in favour of cancelling the DCs' debts? 118

Q34 What are the political arguments in favour of cancelling the DCs' debts? 120

Q35 What are the economic arguments in favour of cancelling the DCs' debts? 122

Q36 What are the legal arguments in favour of cancelling the DCs' debts? 124

Q37 What are the environmental arguments in favour of cancelling the DCs' debts? 127

Q38 What are the religious arguments in favour of cancelling the DCs' debts? 130

Q39 Who owes what to whom? 133

Q40 Should there be conditions attached to debt cancellation? 135

9 Issues raised by debt cancellation 138

Q41 If the creditors decided to cancel the debt, would it cause a global financial crisis? 138

Q42 Could cancelling the debt cause an impoverishment of the North, particularly for tax-payers? 143

Q43 How can alternative funding be found for the development of the DCs? 146

Q44 Won't the dictatorial regimes currently in office benefit most from debt cancellation? 151

Q45 If and when the debt is cancelled, how can a new round of indebtedness be avoided? 154

Q46 Should recourse to borrowing be avoided at all costs? 155

Q47 Can the DCs' external public debt be compared to the public debt of the North? 156

Q48 How can we achieve cancellation of the DCs' debt and a general improvement of the human condition? 159

10 The international campaign for debt cancellation 164

Q49 How did the international campaign for the cancellation of the debt start? 164

Q50 How was the CADTM founded? 166.

Notes:

Includes bibliographical references (pages 182-185).

ISBN:

1842774263

1842774271

1552661512

8182910013

9832535425

OCLC:

55972812