Odious Debts

Odious Debts
Author: Patricia Adams
Publisher: London ; Toronto : Earthscan Canada
Total Pages: 264
Release: 1991
Genre: Business & Economics
ISBN:

An account of how Third World debt accumulated to its current staggering levels. It examines the role of the different participants responsible among both the lenders and the borrowers and looks at the consequences for the debtor countries.

Africa's Odious Debts

Africa's Odious Debts
Author: Léonce Ndikumana
Publisher: Bloomsbury Publishing
Total Pages: 152
Release: 2011-10-13
Genre: Social Science
ISBN: 1848134606

In Africa's Odious Debts, Boyce and Ndikumana reveal the shocking fact that, contrary to the popular perception of Africa being a drain on the financial resources of the West, the continent is actually a net creditor to the rest of the world. The extent of capital flight from sub-Saharan Africa is remarkable: more than $700 billion in the past four decades. But Africa's foreign assets remain private and hidden, while its foreign debts are public, owed by the people of Africa through their governments. Léonce Ndikumana and James K. Boyce reveal the intimate links between foreign loans and capital flight. Of the money borrowed by African governments in recent decades, more than half departed in the same year, with a significant portion of it winding up in private accounts at the very banks that provided the loans in the first place. Meanwhile, debt-service payments continue to drain scarce resources from Africa, cutting into funds available for public health and other needs. Controversially, the authors argue that African governments should repudiate these 'odious debts' from which their people derived no benefit, and that the international community should assist in this effort. A vital book for anyone interested in Africa, its future and its relationship with the West.

The Doctrine of Odious Debt in International Law

The Doctrine of Odious Debt in International Law
Author: Jeff King
Publisher: Cambridge University Press
Total Pages: 249
Release: 2016-05-26
Genre: Business & Economics
ISBN: 1107128013

This book outlines how odious debts are not legally binding under international or domestic law, contrary to widely held legal opinion.

Greece's 'odious' Debt

Greece's 'odious' Debt
Author: Jason Manolopoulos
Publisher: Anthem Press
Total Pages: 282
Release: 2011
Genre: Business & Economics
ISBN: 0857287710

"Critically examines the economic, historical and psychological dynamics that have combined to create an existential crisis for the European Union."--Publisher description.

The Debt System

The Debt System
Author: Éric Toussaint
Publisher: Haymarket Books
Total Pages: 243
Release: 2019-04-23
Genre: Business & Economics
ISBN: 1642590169

“A compelling explanation of the deep-seated mechanisms at work in the international credit system” from the coauthor of Debt, the IMF, and the World Bank (Counterfire). For as long as there have been rich nations and poor nations, debt has been a powerful force for maintaining the unequal relations between them. Treated as sacrosanct, immutable, and eternally binding, it has become the yoke of choice for imperial powers in the post-colonial world to enforce their subservience over the global south. In this ground-breaking history, renowned economist Éric Toussaint argues for a radical reversal of this balance of accounts through the repudiation of sovereign debt. “Since 2008 CADTM has campaigned for ‘a new doctrine of illegitimate, illegal, odious, and unsustainable debt’ cancellation. This doctrine includes considerations of whether the debtor state is democratic, whether it respects human rights, whether the debt is incurred within the framework of ‘structural adjustments’ (enforced austerity), and includes all debts incurred to pay back previous odious debts. On grounds of global social justice, The Debt System makes a strong case for this new doctrine.” —Against the Current “This work has much to commend it; it provides detailed analyses of the impact of indebtedness in several nations . . . The author shows that, contrary to orthodox arguments, debt repudiation can be both justified and successfully carried out. I recommend the book wholeheartedly.” —Counterfire

Rethinking Sovereign Debt

Rethinking Sovereign Debt
Author: Odette Lienau
Publisher: Harvard University Press
Total Pages: 342
Release: 2014-02-18
Genre: Business & Economics
ISBN: 0674726405

Conventional wisdom holds that all nations must repay debt. Regardless of the legitimacy of the regime that signs the contract, a country that fails to honor its obligations damages its reputation. Yet should today's South Africa be responsible for apartheid-era debt? Is it reasonable to tether postwar Iraq with Saddam Hussein's excesses? Rethinking Sovereign Debt is a probing analysis of how sovereign debt continuity--the rule that nations should repay loans even after a major regime change, or else expect consequences--became dominant. Odette Lienau contends that the practice is not essential for functioning capital markets, and demonstrates its reliance on absolutist ideas that have come under fire over the last century. Lienau traces debt continuity from World War I to the present, emphasizing the role of government officials, the World Bank, and private markets in shaping our existing framework. Challenging previous accounts, she argues that Soviet Russia's repudiation of Tsarist debt and Great Britain's 1923 arbitration with Costa Rica hint at the feasibility of selective debt cancellation. Rethinking Sovereign Debt calls on scholars and policymakers to recognize political choice and historical precedent in sovereign debt and reputation, in order to move beyond an impasse when a government is overthrown.

Odious Debt

Odious Debt
Author: Stephania Bonilla
Publisher: Springer Science & Business Media
Total Pages: 176
Release: 2011-07-07
Genre: Law
ISBN: 3834967637

Stephania Bonilla analyzes the dynamics of sovereign debt relations and looks at how the incentive structures of the parties involved can have implications on odious debt. She specifically looks at the role of international law in the reputation mechanism sustaining creditor-debtor relations.

Sovereign Debt Diplomacies

Sovereign Debt Diplomacies
Author: Pierre Penet
Publisher: Oxford University Press
Total Pages: 371
Release: 2021
Genre: Business & Economics
ISBN: 0198866356

This is an open access title available under the terms of a CC BY-NC-ND 4.0 International licence. It is free to read at Oxford Scholarship Online and offered as a free PDF download from OUP and selected open access locations. Sovereign Debt Diplomacies aims to revisit the meaning of sovereign debt in relation to colonial history and postcolonial developments. It offers three main contributions. The first contribution is historical. The volume historicises a research field that has so far focused primarily on the post-1980 years. A focus on colonial debt from the 19th century building of colonial empires to the decolonisation era in the 1960s-70s fills an important gap in recent debt historiographies. Economic historians have engaged with colonialism only reluctantly or en passant, giving credence to the idea that colonialism is not a development that deserves to be treated on its own. This has led to suboptimal developments in recent scholarship. The second contribution adds a 'law and society' dimension to studies of debt. The analytical payoff of the exercise is to capture the current developments and functional limits of debt contracting and adjudication in relation to the long-term political and sociological dynamics of sovereignty. Finally, Sovereign Debt Diplomacies imports insights from, and contributes to the body of research currently developed in the Humanities under the label 'colonial and postcolonial studies'. The emphasis on 'history from below' and focus on 'subaltern agency' usefully complement the traditional elite-perspective on financial imperialism favoured by the British school of empire history.

Debt as Power

Debt as Power
Author: Richard H. Robbins
Publisher: Manchester University Press
Total Pages: 217
Release: 2016-01-01
Genre: Political Science
ISBN: 1526104830

This electronic version has been made available under a Creative Commons (BY-NC-ND) open access license. Debt as power is a timely and innovative contribution to our understanding of one of the most prescient issues of our time: the explosion of debt across the global economy and related requirement of political leaders to pursue exponential growth to meet the demands of creditors and investors. The book is distinctive in offering a historically sensitive and comprehensive analysis of debt as an interconnected and global phenomenon.

Africa and the Global System of Capital Accumulation

Africa and the Global System of Capital Accumulation
Author: Emmanuel O Oritsejafor
Publisher: Routledge
Total Pages: 252
Release: 2021-04-17
Genre: Political Science
ISBN: 1000384586

Africa and the Global System of Capital Accumulation offers a groundbreaking analysis of the strategic role Africa plays in the global capitalist economy. The exploitation of Africa’s rich resources, as well as its labor, make it possible for major world powers to sustain their authority over their own middle-class populations while rewarding African collaborators in leadership positions for subjecting their populations into poverty and desperation. Middle-class obsessions such as computers, mobile phones, cars and the petroleum that fuels them, diamonds, chocolate – all of these products require African resources that are typically obtained by child or slave labor that helps to generate billionaires out of foreign investors while impoverishing most Africans. Oritsejafor and Cooper demonstrate that "primitive accumulation," believed by both Adam Smith and Karl Marx to be a process that precedes capitalism, is actually an integral part of capitalism. They also validate the thesis that capitalism incorporates racism as an organizing tool for the exploitation of labor in Africa and on a global scale. Case studies are presented on Nigeria, Cote d’Ivoire, Ghana, Liberia, Congo, Tanzania, Somalia, Angola, Namibia, Sao Tome and Principe, and South Sudan. There are also chapters analyzing the interests of Russia and China in Africa. This book will be of interest to students and scholars of African politics, development, and economics.