HIST 11B Chapter Notes - Chapter N/A: Structural Adjustment, Gross Domestic Product, Pasteurization
Document Summary
A small country immiserates itself under orders of international lenders; unemployment and poverty rise, the debt burden increases and investment is starved in favor of paying interest on loans. That sounds like every third world country austerity:difficult economic conditions created by government measures to reduce a budget deficit, especially by reducing public expenditure. In just three years, from the end of 2011 to the end of 2014, real wages have fallen 17 percent and are expected to fall further in 2015, according to the country"s central bank, the bank of jamaica. But jamaica doesn"t even make enough money as it is. It would probably take a century until half of it is paid off. As a further sign of the times, the current pro-austerity government of. Jamaica is led by the national people"s party,president manley took office in. He also became an international figure advocating for progressive programs to be implemented elsewhere.
