An analysis of the consequences of international debt.
Written in 2008; 2,343 words; 9 sources; APA; $ 72.95
Paper Summary:
This paper considers the fundamentals of debt. In particular, the paper looks at what it is, debt crisis, and how any analysis of the effects of foreign debt must take into account the type of debt, regional variation and the level of development, and the trappings of 'debt trap' not only for debtors but also for the world economy. The paper also analyzes two competing theoretical approaches to Third World indebtedness- neo-classical economics and dependency theory- and the efficacy of the International Monetary Fund's austerity programs.
From the Paper:
'Different types of debt may also affect physical quality of life in varying ways. One study shows that external debt actually improved the physical quality of life in Sub-Saharan Africa. This study argues that because Africa is extremely capital-starved, thus relying on multilateral and bilateral debt to direct resources to projects which promote physical well-being, external debt may provide some stimulus for at least short-term development. Thus, while it is wrong to assert that the majority of multilateral or bilateral loans are allocated to programs which enhance basic development, relative to commercial loans, they provide some resources for the overall physical quality of life."
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