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This year, poor countries owe $25 billion in installments to creditors in rich countries in the midst of a pandemic. Demands for canceling Third World's debt are absolutely rational and just. A thread.
#CancelThirdWorldDebt #COVID__19
#CancelThirdWorldDebt #COVID__19
The creditor-debtor relation is a direct legacy of loot & plunder under colonial rule. For example, economist Utsa Patnaik estimates Britain stole $45 trillion from India. This explains why financial autonomy was a key demand in anti-colonial agitation.
mronline.org/2019/01/15/bri…
mronline.org/2019/01/15/bri…
After a brief period of anti-colonial politics, the debt crisis of the 1970s provided another opportunity to Western govts to control the labour and resources of the Third World. Termed the “Washington Consensus”, they pushed Structural Adjustment Programs on debtor states,
