Third World Debt—Past and Present

Authors

  • Harry Magdoff

DOI:

https://doi.org/10.14452/MR-037-09-1986-02_1

Keywords:

Imperialism

Abstract

Although today's third world debt crisis has features different from previous crises, it is far from unique in the history of capitalism. Accumulation of foreign debt, with its aftermath of severe financial strains and reduction in the living standards of the people, has long been common to the periphery of the world capitalist system. Conversely, the energetic extension of loans to weaker nations by bankers of the core capitalist nations has long been an important component of Western expansionism, providing stepping stones either to outright colonial occupation or to the kind of economic and political penetration that laid the foundation for, or contributed to, the enduring condition of dependency of peripheral nations on the centers of imperialism.

Published

1986-02-01

Issue

Section

Review of the Month