Debt and development

Hanlon, Joseph (2012). Debt and development. In: Haslam, Paul; Schafer, Jessica and Beaudet, Paul eds. Introduction to International Development: Approaches, Actors, and Issues (2nd ed). Oxford: Oxford University Press.

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Abstract

Sets out the roots of the debt crises of the 1980s and 2000s, and shows the similarities between the most recent financial crisis in the North and earlier debt crises in the Global South. Lending to developing countries is linked to economic cycles and capital surpluses, to ‘loan pushing’ and default, and to the political interests of lenders. Meanwhile, the South has become a lender to the North and as a contributor to initially moderating a northern financial crisis.
The chapter also sets out the concepts of illegitimate and odious debt and changes in lending that increase the liability of lenders.
(Chapter substantially revised for this second edition.)

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