GEOG 122 Lecture Notes - Lecture 6: 1973 Oil Crisis, International Monetary Fund, Debt Crisis
Document Summary
Lecture 7 - north-south: the map of global debt. One of the most pressing global crisis of the 1980s and 1990s and helped define global north and south. A second debt crisis returned viciously in 2008 to hammer the global north. But compare absolute and relative debt and the pattern disperses. Debt in the developing world (a) total debt 1988 9b) debt servicing as % of exports, 1984. Debt as a proportion how much it costs to pay the debt as a share of national exports: Latin america is joined by north africa, turkey - south east asia etc. Note historical development of developing world debt, and rapid growth after 1973 oil shock: 1971 debt before. But also northern debt, eg canada and esp. Us where 2017 federal debt alone at trillion. Compare savings growth in japan & china: china"s accumulated foreign exchange surplus trillion in 2017. Us has about 20% of total world debt.
