Debt and Development

Hanlon, Joseph (2009). Debt and Development. In: Haslam, Paul; Schafer, Jessica and Beaudet, Paul eds. Introduction to International Development: Approaches, Actors, and Issues. Oxford University Press, pp. 254–270.



Poor countries have been borrowing from richer countries for 800 years, and the cycle of over-lending and default has been repeated many times. The 1980s debt crisis came from loan pushing and illegitimate lending in the 1970s. Meanwhile, the United States has become the world's largest borrower, and since 1982 there has been a huge transfer of wealth from poor to rich countries.

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