GGRA02H3 Lecture Notes - Lecture 5: Militarism, Arab Culture, Free Trade
Document Summary
Lec 05: the endurance of colonialism and colonial imaginaries. Devaluing of us currency in the late 1960"s. Oil producing countries drastically raised the price of oil to compensate for the lower dollar. Money from high oil prices was deposited in western banks which then lent out the. Prices for export commodities from developing countries plummeted. In the 1980s the rise of oil prices and interest rates change global processes creating. Prices are not what they were worth before what is still known as the debt crisis". Money is devaluing if it"s not in use and just put into a bank. Interest rates were 2-3% then suddenly increased to for example 10% Extension of credit is used to gain access to resources. In response to indebtedness and debt payments the international monetary fund and. States are able to restructure their debts and payments if they agree to restructure their the world bank imposed structural adjustment programs economy and government.
