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Odious Debts
Loose Lending, Corruption and the Thirld World's Environmental Legacy
Adams, Patricia Publisher: Earthscan
Year Published: 1991
Pages: 252pp Price: $24.95
Resource Type: Book
In this exceptionally compelling account of the Third World's debt catastrophe, PAtricia Adams analyzes the parts played by the different participants: among the lenders, the World Bank, the IMF, export credit agencies, and the commercial banks; and among the borrowers, not only governments and state enterprises, but also the military and above all greedy and despotic leaders.
Abstract: In the past decade Patricia Adams has tracked the activities of international institutions such a the International Monetary fund (IMF) and the World Bank to determine if they act in the bests interests of their clients. She suggests that both these institutions are moribund and accountable to no one but themselves. With no accountability they have provided unwise loans to corrupt Third World governments while supporting environmentally destructive projects. The debtor nations made the loans without public knowledge and consent. The result is the money going into the coffers of the officials and not the people for whom it was intended to benefit. Adams' solution is to say firstly that there should be no debt forgiveness because that would let dictators off the hook and not take responsibility for saddling their countries with a staggering dept load paid by the people and that debt should be differentiated: if the loans have been used to aid the people then they should be repaid. If the debts are deemed "odious" that is they went to the government officials they should not be repaid. Paradoxically that would ensure that the IMF, World Bank and other financial institutions would be much more careful about loans-they would be more accountable and less willing to exploit the people they should be serving if they knew they would never see their money again.
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TABLE OF CONTENTS
Acknowledgements
INTRODUCTION: The Tragedies of the Commons
PART I: The Environment's Demise
1. The Environmental Legacy of Yesterday's Loans
2. The Environment Strikes Back
3. The Environment Strikes Back: The Economy
4. The Asset Sale
5. The Debt Crisis' Silver Lining
PART II: Easy Lenders
Introduction: The Queen Comes to Sicartsa
6. Bankers to the Third World
7. A Credit Union for Countries
8. The New Mercantilists
9. Givers and Takers
10. The Petrodollar Recyclers
PART III: Eager Borrowers
Introduction: Ponzi Writ Large
11. The Business of the State
12. Money for the Military
13. Despots on the Dole
14. Corruption in High and Not-So-High Places
15. The Nether Borrowers
16. Unchecked Governments
PART IV: The Third World's Tax Revolt
Introduction: Illegitimate Debts
17. The Doctrine of Odious Debts
18. Mercantile Law Versus The People
19. The Virtues of Taxation
20. CONCLUSION: Tragic Commons No More
Sources and Further Commentary
Index
Topics
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