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22 Cards in this Set

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  • Back
what are the 2 main financial institutions in the world?
World Bank and the International Monetary Fund
what did the foreign debt of WWII do?
kills poor people of the planet
(GHANA)- what happened in Ghana in 1958?
- gain independence from Great Britain
what did the World Bank lend money to Ghana for?
project to build a dam
electricity was controlled by...?
Kizer Ineternational

-also controlled wages of the workers there
What was Ghana's leading industry and why did it drop in the 1960's?
Cocoa; price of cocoa drops bc in 1970's $ from oil goes into the World Bank
what did Ghana do in response to this?
- Ghana ask World Bank for a loan to help
what did World Bank do?
- made Ghana sign away (gov't basically run by the World Bank)

- got rid of subsidized medicine
what happened as a result of World Bank involvement?
- debt more than doubled from 1990-2000
- (-)$6.8 billion
(Brazil) how much in debt?
(-) 120 billion in debt

-largest debt in a 3rd world country
why is this occuring in Brazil?
producing more export (soybeans) not for Brazil's use

-export more and get the same amount back
as an effect what is Brazil doing in attempt to compensate?
- cut down more jungle to make more farms= $$$$

- man running for president wanted to sustain the foreign debt.... it won't work!!!!
(Phillipines) unemployment rising and how much are they in debt?
- $52.4 billion
what could have prevented their foreign debt?
- should have had foreign investment earlier
what happened as an effect of the foreign debt in Phillipines?
revolution against the president and he fled to Hawaii
what did the phillipinos claim (economists)?
- that their debt was an UNJUST DEBT
bc they claim that their debt was UNJUST what do they feel should occur?
- they should not pay debt on faulty negotiation/ deal w/ World Bank
where does more than 1/2 the economic revenue go each year?
- to pay for the debt
why do Phillipinos claim that this is bad?
- if they focus on paying the debt, that takes away from own economic growth & growth in nation in general
how much money does the world owe currently?
- $2.4 trillion (developing countries)
World Bank was created to...
... uplift poor, war-torn countries out of poverty/ economic problems by loaning $$ for projects that would work for a better economy
to change gov't World Bank says...(4)
... 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