ID 125 Lecture Notes - Lecture 16: Corporate Welfare, Working Poor, Structural Adjustment

• School: Clark University
• Department: International Development and Social Change
• Course: ID 125
• Professor: Cynthia Caron

Document Summary

By the 1960s, 2/3 of new loans in latin america and africa were for debt servicing. Countries take new loans to entireley service previous loans because: First world recession reduced consumption of 3rd world products. Third world export revenues collapse as prices for primary export dropped. Attempt to create stability in national economies to pay back debt --> denationalization. Adjustment favors elites and investors from other countries. Shift debt payment costs to the working poor via austerity measures (cuts in social services) The act government to give subsidies, financial grants, and tax breaks to investors. Calling these breaks" as welfare --> investors do not need them. Transfer from the poor to the rich. Workers point out the contradictions of capitalism. Chun explores how nonstandard workers being attentionto their exploitation through public dramas. Not a standard 9 -5 office job. Appeal to a wider common morality what is considered just and fair .