When borders don't matter: development and global culture - North and South, rich and poor - A debtors' globe
3 important questions on When borders don't matter: development and global culture - North and South, rich and poor - A debtors' globe
What troubling economic situation arose in 1983?
- By 1983, the nations of Latin America, Africa, and Eastern Europe owed the West $810 billion, up from $64 billion just 13 years earlier.
- It became clear that if the debt was not repaid, major banks in the developed world might fail, plunging the world into global economic crisis.
What did the debt crisis signal?
The debt crisis signaled the end of development economics and undermined confidence in the ability of the sovereign states to manage the economy.
Why was it harder for developing states to earn export income?
Developed states continued to subsidize their own agricultural producers, thus making it harder for developing states to earn export income by selling their agricultural products overseas.
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