Third World Debt Problem The purpose of this research is t

The purpose of this research is to examine the debt problem in the Third World. The plan of the research will be to set forth the context in which the crisis of the international debt may be seen to illuminate North-South relations, and then to discuss the causes as well as theoretical and practical responses to debt problems. As well, reference will be made to developments on the line, with a view toward forecasting possible lines of development in the future.

In order to understand the gap in priorities and perceptions of Third World debt in the current period, it is essential to grasp the meaning of the terms orthodoxy and IMF conditionality. Orthodoxy refers to a range of market-based reform mechanisms, including advocacy of free trade, that are meant to foster economic development. IMF conditionality, which is related to orthodoxy, is the name given to a range of demands for social, economic, and/or political changes in keeping with standards set by the International Monetary Fund of debtor nations as a condition of making new loans or rescheduling existing debt. Both concepts, which increased during the 1980s (right along with debt), are controversial for the reason that debtor nations, which are the only official IMF clients, view it as an affront to national sovereignty (Walker, 1988) as well as a symptom of industrial-nation/agency insensitivity to their particular cases (Williamson, 1983).

The orthodox view of the impact of severe Third World international

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mptive ideals of specific cases, even though, as Kuszynski says (n.d.), the IMF historically took a presumably case-by-case approach to helping individual nations solve financial problems. Unfortunately, virtually identical policy principles are applied to vastly different cases. Such policy recommendations of the IMF "are not neutral in effect" (Biersteker, 1990, p. 489), even though recommendations are made across a range of diverse sovereign structures as if they were. Industrialization on one hand and social reform on the other may vary enormously from one political organization or economy, but the vicissitudes of IMF conditionality seem more inclined to serve the IMF institutional principles than the realities or goals of individual countries. When IMF starts from the premise, which is an industrial-economy bias, that less state intervention inheres in social reform and economic progress, yet at the same time insists on state-sponsored reform, it takes a deductive approach to economic and political development instead of allowing idiosyncratic national situations to fully reveal themselves. For example, in the initial Latin American debt crisis, the IMF encouraged internal debtor belt-tightening; however, "the next step had

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