POL 140 Lecture : International Development
12 Dec 2013
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Document Summary
Potential consequences of financial crisis global south. Not all developing states are in the same shape. All terms for grouping states are problematic : developing states, third world, south/global south. North/south relations and the politics of global debt. Historical basis of the debt crisis: starts in 1982, continues through the 80s and dies down in the 90s, rapid decolonization in the 1950s to 1960s. Becoming an independent state, you want to get more power and to be more important in general, get industrialised. If you want to industrialize, you have to pay to do it. Loans and borrowing: oil crisis in the 1970s. One outcome massive lending to developing states by states and private banks in the global north. 1973 and 1979 were the two big oil crises. Debt crisis: end of the 1970s. Commodity prices on certain goods had fallen.
