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22 Cards in this Set
- Front
- Back
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what are the 2 main financial institutions in the world?
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World Bank and the International Monetary Fund
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what did the foreign debt of WWII do?
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kills poor people of the planet
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(GHANA)- what happened in Ghana in 1958?
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- gain independence from Great Britain
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what did the World Bank lend money to Ghana for?
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project to build a dam
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electricity was controlled by...?
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Kizer Ineternational
-also controlled wages of the workers there |
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What was Ghana's leading industry and why did it drop in the 1960's?
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Cocoa; price of cocoa drops bc in 1970's $ from oil goes into the World Bank
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what did Ghana do in response to this?
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- Ghana ask World Bank for a loan to help
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what did World Bank do?
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- made Ghana sign away (gov't basically run by the World Bank)
- got rid of subsidized medicine |
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what happened as a result of World Bank involvement?
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- debt more than doubled from 1990-2000
- (-)$6.8 billion |
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(Brazil) how much in debt?
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(-) 120 billion in debt
-largest debt in a 3rd world country |
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why is this occuring in Brazil?
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producing more export (soybeans) not for Brazil's use
-export more and get the same amount back |
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as an effect what is Brazil doing in attempt to compensate?
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- cut down more jungle to make more farms= $$$$
- man running for president wanted to sustain the foreign debt.... it won't work!!!! |
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(Phillipines) unemployment rising and how much are they in debt?
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- $52.4 billion
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what could have prevented their foreign debt?
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- should have had foreign investment earlier
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what happened as an effect of the foreign debt in Phillipines?
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revolution against the president and he fled to Hawaii
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what did the phillipinos claim (economists)?
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- that their debt was an UNJUST DEBT
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bc they claim that their debt was UNJUST what do they feel should occur?
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- they should not pay debt on faulty negotiation/ deal w/ World Bank
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where does more than 1/2 the economic revenue go each year?
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- to pay for the debt
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why do Phillipinos claim that this is bad?
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- if they focus on paying the debt, that takes away from own economic growth & growth in nation in general
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how much money does the world owe currently?
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- $2.4 trillion (developing countries)
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World Bank was created to...
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... uplift poor, war-torn countries out of poverty/ economic problems by loaning $$ for projects that would work for a better economy
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to change gov't World Bank says...(4)
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... 1) CUT GOV'T SPENDING(stop giving subsidies)
2)LAY-OFF gov't workers 3)PRIVATIZE- sell gov't industry to private corp. 4)Focus on EXPORTS |
