Debt, development and the third world: the issues and the choices
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Date
1990-05-30
Authors
Olaloku, F. A
Journal Title
Journal ISSN
Volume Title
Publisher
University of Lagos Press
Abstract
The subject matter of this book, that is; the External Debt Problem of Developing Countries, has been the target of continuous investigation by scholars for almost two decades now beginning at a time when it is least expected that it would turn out to be one of the most intractable economic problems. The vigour with which the challenge is pursued in order to find a lasting solution to the problem will, for all intents and purposes, determine the course of our economic development - for better or for worse - for the rest of this century and for many years beyond.
ONE of the most traumatic events of economic development experience is the problem of the external indebtedness of developing countries. This phenomenon, which is now of some great economic significance, has been a feature of the international economic scene for about two decades or so now. While it was first recognised as not too serious a problem until the early 70's the external indebtedness of developing countries reached an alarming scale by the close of the 70's through to the early 80's; and since the latter date the problem has assumed a crisis proportion
From the latest figures available, the external debt of the developing countries is now well over one trillion U.S. dollars. More precisely, as at the end of 1989, developing countries owed Western banks and governments $1,290.0 billion - an amount equal to about one-quarter of total world merchandise trade. Putting it more vividly, it has been estimated that this relatively huge amount approximates what is spent on armaments annually world-wide.
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Keywords
Developing countries , External debt , Economic problems , Economic development , International economy , Western banks
Citation
Olaloku, F. A. (1990). Debt, development and the third world: the issues and the choies. Inaugural lecture delivered at the University of Lagos, Akoka,Nigeria