GEOG 122 Lecture Notes - Lecture 7: 1973 Oil Crisis, Debt Crisis, Recession
Document Summary
North-south: the map of global debt: one of the most pressing global crises of the 1980s and 1990s and helped deine global north and south, debt crisis returned viciously in 2008 to hammer the global north. Note historical development of developing world debt, and rapid growth ater 1973 oil shock: 1971 debt. Us has about 20% of total world debt. As of today (january 18, 2016) us naional public debt = . 9 trillion. Canada good place to park your money (secure, stable, thriving state) Other people are prepared to buy debt of more developed and stable naions. As debt gets larger in countries like canada and usa it is tolerable because there coninue to be buyers/investors of the debt. End of breton woods world economic order (1971) In 1970s several small countries had run into repayment problems. By 1981 thirteen countries were unable to make payments they were legally obligated to make and asked for a rescheduling of payment dates.
