Abstract
‘If it is not necessary to change, it is necessary not to change.’ On the basis of this fundamental precept of conservative thought there has been a tendency among observers of North-South disputes, particularly those who proclaim themselves primarily interested in positive-sum games (or interdependence), now to write off ‘the debt problem’ as a non-issue. In parts of the international financial community ‘realists’ and ‘pragmatists’ have engaged in a certain amount of self-congratulation with respect to the ease with which the industrialised world weathered the recent shocks of inflation, recession and oil price increases. Yet the debt issues do not and will not go away. They remain for essentially 3 reasons:
-
(1)
they cannot be dissociated from the whole range of other trade and financial issues which remain a source of conflict between North and South;
-
(2)
the ‘successes’ associated with the financing problems and debt accumulations of the past few years may be irrelevant as guides to the resolution of the debt-related issues of the future;
-
(3)
there exist major shortcomings in the way the world financial system at present protects developing countries, and perhaps the industrialised world as well, from major external shocks.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
Bibliography
Bronfenbrenner, M, M., ‘The Appeal of Confiscation in Economic Development’ Economic Development and Cultural Change, vol. III, no. 3 (Apr. 1955); reprinted in A. N. Agarwala and S.P. Singh (eds), The Economics of Underdevelopment (Oxford University Press, 1958 ).
Bittermann, H. J., The Refunding of International Debt (Durham: Duke University Press, 1963 ).
Edelman, John A. and Chenery, Hollis B., ‘Aid and Income Distribution’, in Jagdish N. Bhagwati (ed.) The New International Economic Order: The North-South Debate ( Cambridge, Mass.: MIT Press, 1976 ).
Fishlow, Albert, ‘Debt Remains a Problem’, Foreign Policy, no. 30 (Spring, 1978 ).
Group of 24, Press Communique following meeting in Manila (2 October 1976) to be found in IMF Survey (18 Oct. 1976).
Islam, Nurul, ‘The External Debt Problem of the Developing Countries with Special Reference to the Least Developed’, in G. K. Helleiner (ed.), A World Divided, The Less Developed Countries in the International Economy (Cambridge University Press, 1976 ).
Kenen, Peter, ‘Debt Relief as Development Assistance’ in Jagdish N. Bhagwati (ed.) The New International Economic Order: The North-South Debate ( Cambridge, Mass.: MIT Press, 1976 ).
North-South Institute, Third World Deficits and the ‘Debt Crisis’ (Ottawa: 1978).
Ohlin, Goran, ‘Debts, Development and Default’ in G. K. Helleiner (ed.), A World Divided, op. cit. (1976).
Overseas Development Council (ODC), Agenda for Action, 1977 (Washington: 1977).
Pearson Lester B. et al., Partners in Development ( New York: Praeger, 1969 ).
Smith, Gordon, W., ‘The External Debt Prospects of the Non-oil Exporting Developing Countries’ ( Washington: Overseas Development Council, 1977 ).
Triffin, Robert, ‘The Use of SDR Finance for Collectively Agreed Purposes’. Banca Nazionale del Lavoro Quarterly Review, no. 96 (Mar. 1971). Williamson, John, ‘The Link’, in Jagdish Bhagwati (ed.) The New International Economic Order, op. cit. (1977).
Weinert, Richard S, Richard S., ‘Why the Banks Did It’, Foreign Policy, no. 30 (Spring, 1978 ).
World Bank, Development Policy Staff, Prospects for Developing Countries , 1978–85 (Nov. 1977).
Copyright information
© 1980 Gerald K. Helleiner
About this chapter
Cite this chapter
Helleiner, G.K. (1980). Relief and Reform in Third World Debt. In: International Economic Disorder. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-06783-1_4
Download citation
DOI: https://doi.org/10.1007/978-1-349-06783-1_4
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-0-333-35106-2
Online ISBN: 978-1-349-06783-1
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)