Lenin & nationalism

Tom Meisenhelder tsmeisen at wiley.csusb.edu
Mon Apr 10 17:25:07 MDT 1995


As I understand it dependency theorists explain the debt crisis by
beginning with the presence in developed world banks of lots and lots of
petro-dollars and the need for profitable places to invest them.  These
dollars found a home by being loaned to developing countries just
beginning to industrialize or to others still based in agriculture and
mining. These funds supported the development of export production
controlled by and profiting a small elite of landowners, industrialists,
and pols.  With rising interest rates in the "North" and the inherent
limits of export and Import substitution production, the developing
countries became unable to pay their debts.  Many were then loaned even
more money so that they could pay some of this debt.  Now the IMF and
World Bank are imposing structural adjustment programs as a way of
reorienting these economies once again to paying debts first and feeding
people later (if ever).   This is all of course only a quick summary but I
think its how the story goes.


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