1. Globalization and Development
However, in this paper, I shall not be focussing on the crisis of the Middle Income Heavily Indebted Countries, who borrowed from commercial banks from the industrialised world, mainly the United States who offered the countries concerned loans with short maturity periods and variable rates of interest so that they could rapidly earn profits on their newly acquired "petrodollars" which, they obtained as a result of the OPEC oil price increases of 1973-74 and 1978-79. ... Their argument is that, vast quantities of official loans that were provided in very favorable terms to these heavily ind...