Imperialism and the Political Economy of Global South's Debt

The Covid-19 pandemic has brought the issue of the Global South's debt back into the spotlight, with many countries in Africa, Latin America, and Asia unable to service their foreign currency debt. This situation is reminiscent of the international debt crisis of the 1980s and 1990s. Imperialism and the Political Economy of Global Souths Debt explores the history of this issue and its connection to factors such as class dynamics, sovereign debt markets, global liquidity cycles, commodity dependence, ecological sustainability, and the limitations of current sovereign debt restructuring procedures. It recognises the systemic nature of the Global South's external debt and the need to analyse it in relation to existing imperialist structures.

Format: Hardback
Length: 264 pages
Publication date: 20 March 2023
Publisher: Emerald Publishing Limited

The Covid-19 pandemic has reignited the pressing concern of the Global South's debt crisis. Numerous countries in Africa, Latin America, and Asia have faced an objective inability to service their foreign currency debt due to declining export earnings and tax revenues. This predicament, reminiscent of the international debt crisis of the 1980s and 1990s, sets the stage for the 38th volume of the Research in Political Economy series, edited by Ndongo Samba Sylla.

In Imperialism and the Political Economy of Global Souths Debt, esteemed experts delve into the historical roots of this issue, exploring its connections with various factors such as class dynamics, the evolving landscape of sovereign debt markets, the global liquidity cycle, the enduring constraints of commodity dependence, ecological sustainability, and the limitations of current ad hoc sovereign debt restructuring procedures. This book challenges the conventional understanding of debt crises in the Global South, which often portrays them as cyclical problems or mere consequences of mismanagement or fiscal irresponsibility. Instead, it recognises the systemic nature of the Global South's external debt, particularly highlighted by the economic uncertainties brought forth by the Covid-19 pandemic, and underscores the importance of analysing it in the context of existing imperialist structures.

The contributors to this book offer valuable insights into the complex dynamics that shape the Global South's debt crisis. They examine the historical roots of debt accumulation, including the role of colonialism, neocolonialism, and international financial institutions. They also explore the political and economic implications of debt, including its impact on governance, economic development, and social inequality. The book sheds light on the challenges faced by countries in the Global South, such as high levels of poverty, inequality, and political instability, which exacerbate their debt burden.

Furthermore, the contributors analyse the various mechanisms and strategies employed by countries in the Global South to address their debt challenges. They discuss the role of international financial institutions, such as the International Monetary Fund (IMF) and the World Bank, in providing loans and conditional aid to countries in need. However, they also highlight the criticisms and limitations of these institutions, including their focus on austerity measures, which often harm the poor and exacerbate social unrest.

The book also explores alternative approaches to debt restructuring and sustainability, such as debt cancellation, debt-for-development swaps, and sustainable debt management. It advocates for a more equitable and sustainable approach to debt, which prioritises social and economic development and addresses the root causes of debt accumulation.

In conclusion, Imperialism and the Political Economy of Global Souths Debt is a crucial contribution to the study of debt and its implications for the Global South. By examining the historical roots, political and economic consequences, and alternative approaches to debt restructuring, the book provides a comprehensive understanding of the complex dynamics that shape the Global South's debt crisis. It offers valuable insights for policymakers, scholars, and activists working to address the challenges faced by countries in the Global South and promote a more equitable and sustainable future.

Weight: 492g
Dimension: 239 x 159 x 21 (mm)
ISBN-13: 9781802624847