International Finance and Financial Policy

By Hans R. Stoll | Go to book overview

15
The LDC Debt Crisis: An Interpretation of History

RICHARD A. DEBS

From time to time, a look back at history can be helpful in trying to divine the future. This is particularly so in the case of the debt problem of the less developed countries (LDCs), which unfortunately has been with us so long now that it has accumulated a considerable history. My task today is to view the LDC debt problem--and its proposed solution, the Brady plan--from a historical perspective. To do so, of course, implies an interpretation of history, which in this case is almost as challenging as trying to interpret the future.

At any rate, let me give you my interpretation, and I will begin at the end and state my general conclusions first. To begin with, I would say that something like the Brady plan was inevitable in dealing with the debt crisis; that the Brady plan itself is a logical extension of the Baker plan; that it's one more phase in a continuum aiming toward a resolution of the problem; that the solution will take several more years to achieve; and that the Brady plan will not be the last plan we will be studying before the problem is resolved.

As I see history, the LDC debt crisis began in the early 1970s, years that marked the beginning of a new era--good or bad--in international financial system in general and in the methods of financing the development of LDCs in particular. It was a period of great upheaval and change in international financial institutions and conditions. For this audience, I need only note briefly that it was the time when we went off the gold standard; when currencies were let loose to float freely; when there was a question whether there was any role left for the Bretton Woods institutions, particularly the IMF; when there was a dramatic increase in the price of oil; and when we experienced a whole new pattern of funds flows that came to be known as "recycling." It was also a time when governments--particularly the U.S. government--chose not to play a leading role in dealing with recycling problems, and as a consequence left

-161-

Notes for this page

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items
Notes
Cite this page

Cited page

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Note: primary sources have slightly different requirements for citation. Please see these guidelines for more information.

Cited page

Bookmark this page
International Finance and Financial Policy
Table of contents

Table of contents

Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this book

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
Items saved from this book
  • Bookmarks
  • Highlights & Notes
  • Citations
/ 260

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Search by... Author
    Show... All Results Primary Sources Peer-reviewed

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.