The Foreign Debt/National Development Conflict - by Chris C Carvounis (Hardcover)

About the Book

Carvounis reviews the debt-servicing problems of developing countries, focusing on the experience of nine cases, mostly in Latin America. He stresses the adverse impact on the development prospects of these countries resulting from the adjustment policies that they have been required to pursue. Carvounis criticizes the current austerity-oriented approach to restoring orderly debt-servicing, maintaining that his emphasis is leading to severe economic, political, and social problems within these countries. He argues that the economic capacity and political will of borrowing countries to continue this route is dissipating.

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Book Synopsis

Carvounis reviews the debt-servicing problems of developing countries, focusing on the experience of nine cases, mostly in Latin America. He stresses the adverse impact on the development prospects of these countries resulting from the adjustment policies that they have been required to pursue. Carvounis criticizes the current austerity-oriented approach to restoring orderly debt-servicing, maintaining that his emphasis is leading to severe economic, political, and social problems within these countries. He argues that the economic capacity and political will of borrowing countries to continue this route is dissipating.
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Review Quotes

?Carvounis reviews the debt-servicing problems of developing countries, focusing on the experience of nine cases, mostly in Latin America. He stresses the adverse impact on the development prospects of these countries resulting from the adjustment policies that they have required to pursue. Carvounis criticizes the current austerity-oriented approach to restoring orderly debt-servicing, maintaining that his emphasis is leading to severe economic, political, and social problems within these countries. He argues that the economic capacity and political will of borrowing countries to continue this route is dissipating. Carvounis concludes that a preferable alternative to dealing with the debt-servicing problem is to provide borrowing countries with reinbursable interest capping to protect them from high and unpredictable real rates of interest and to provide these countries official guarantees on new loans/investment as a means of channeling fresh external capital. ... Academic and public library collections.?-Choice

?This is a masterful critique of the International Monetary Fund strategy for dealing with the international debt problem of the LDCs (Less Developed Countries). It clearly indicates the reasons for the failure of that strategy to achieve the objectives which it has sought, as well as the very great costs which that strategy has imposed on the indebted developing countries. The author also presents the alternative strategies for dealing with the debt problem which have been generally advocated, and his own suggestions for the solution of this problem. This is a study which should be of interest not only to scholars interested in the international debt problem but to those individuals who share the reponsibility for dealing with the problem.?-Robert J. Alexander, Professor of Economics, Rutgers University

"This is a masterful critique of the International Monetary Fund strategy for dealing with the international debt problem of the LDCs (Less Developed Countries). It clearly indicates the reasons for the failure of that strategy to achieve the objectives which it has sought, as well as the very great costs which that strategy has imposed on the indebted developing countries. The author also presents the alternative strategies for dealing with the debt problem which have been generally advocated, and his own suggestions for the solution of this problem. This is a study which should be of interest not only to scholars interested in the international debt problem but to those individuals who share the reponsibility for dealing with the problem."-Robert J. Alexander, Professor of Economics, Rutgers University

"Carvounis reviews the debt-servicing problems of developing countries, focusing on the experience of nine cases, mostly in Latin America. He stresses the adverse impact on the development prospects of these countries resulting from the adjustment policies that they have required to pursue. Carvounis criticizes the current austerity-oriented approach to restoring orderly debt-servicing, maintaining that his emphasis is leading to severe economic, political, and social problems within these countries. He argues that the economic capacity and political will of borrowing countries to continue this route is dissipating. Carvounis concludes that a preferable alternative to dealing with the debt-servicing problem is to provide borrowing countries with reinbursable interest capping to protect them from high and unpredictable real rates of interest and to provide these countries official guarantees on new loans/investment as a means of channeling fresh external capital. ... Academic and public library collections."-Choice

About the Author

rvounis /f Chris /i C.