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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 debt is that while countries are in debt crisis, there will be a tendency for unorthodox economic activity to overtake and push out economic development that could improve the capital base of the countries involved. Williamson accepts the idea that debt-ridden Third World countries, including even socialist economies, favor orthodox remedies for other such countries though not necessarily for themselves. Based on the IMF's record to 1983, Williamson says that it does ...

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Third World Debt Problem The purpose of this research is t. (1969, December 31). In LotsofEssays.com. Retrieved 06:40, March 28, 2024, from https://www.lotsofessays.com/viewpaper/1700592.html