SOCIOLOGY ESSAY HELP PLEASE: Should third world debt be cancelled?
‘Third world’ debt has been cancelled in waves and segments throughout history. I believe some Nordic countries cancelled debt to areas affected by the South Asian Tsunami a few years back, for example. The answer to this is both yes and no, and you would probably have to start looking at key lenders to figure out why. In the 1990s and early 2000s the biggest funds flowed through the IBRD and the IMF, and also through national banks of countries which have previously had extensive colonies (e.g. Spanish banks to Latin America).A more recent phenomenon is what is called ‘sovereign lending’ on a large scale. This is typically commodity rich countries (for example Gulf states benefitting from high oil prices) that lend money to less developed countries with minute restrictions compared to those suggested by the IMF. Check out the recent issue of the Economist for some details on how China is lending to less-than-excellent-human-records nations in Africa. Key terms to look for in your sear
