Discipline and Punish: The New Right and the Policing of the International Debt Crisis

Abstract

The international debt crisis continues to have a devastating impact on poor households in Africa, in Latin America and in parts of South-East Asia. In low-income Africa the misery of famine and civil war has been compounded by a debt burden which caused a net transfer of funds from the region equivalent to 35 per cent of total exports. In Latin America average living standards have yet to return to the levels set in 1976. Over five years a net total of $110 bn drained from the region and the economies of Peru and Argentina now stand on the brink of collapse as debt management programmes flounder amidst hyperinflations. Total Third World debt is now over US$1.35 trillion, and ‘each child in Latin America is born into a nominal US$2000 share of external debt’ (Sachs; 1989; Mayo, 1992). These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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