GEOG 122 Lecture Notes - Lecture 6: Creative Destruction, 1973 Oil Crisis, International Monetary Fund
Document Summary
Lecture 6: north-south: the map of global debt. Global interdependencies: geographical, sectoral, economic, political, and social conditions. Brazil 1988 120 b 2003 183 b. Are there links to earlier global patterns: not historical development of developing world debt, and rapid growth after 1973 oil shock: 1971 debt 54 b, 1980 300b, 1989 1. 15 trillion. Impacted the global south and thus the industries in the global north: us has the highest debt in the world (highest per capita national debt, the biggest debts are in developed irst world countries (us, australia, The debt in the developed countries can be ignored because people will help pay it of. There are other people prepared to buy debt. There are investors interested in paying country"s debt. As the debt gets larger, it is okay as there are always people willing to buy them out. However this creates instability, so that will lead to people not wanting to buy debts: causes of debt crisis.
