Sources & It’s Annotations:
Secondary Sources:
1. Pilger, John. "The World Bank (WB) & The International Monetary Fund (IMF)." The New Rulers of The World. N.p., 6 Nov. 2007. Web. 9 May 2013. <https://www.youtube.com/watch?v=_xgxCf05Kmw>.
- "...later they began offering loans to poor countries but only if they privatize their economies and allow Western corporations free access to their raw materials and market."
"....The world bank says its aim to help poor people, promoting Global development, its an indigenous system, kind of socialism for the rich and capitalism for the poor. Rich get richer on running up debt, cheap labor and paying as little tax as possible, while the poor get poorer as their job in public services are cut back in order to pay just the interest on debt owed by the governments to the world bank. "
2. Norris, Floyd. "Stimulus Lets Developing Economies Recover More Quickly - NYTimes.com." The New York Times - Breaking News, World News & Multimedia. N.p., 19 Apr. 2013. Web. 8 May 2013. <http://www.nytimes.com/2013/04/20/business/economy/stimulus-lets-developing-economies-recover-more-quickly.html?ref=internationalmonetaryfund&_r=0>.
- This source talks about how developing countries show slower recoveries than wealthy's recoveries. The reason why it is slower is due to the lack of fiscal stimulus, which is public spending directed by the government in order to support economic growth. However, since they lack it, and government show no interest on supporting due to the large amount of debts, their recoveries are nearly impossible. It states that every year, the developed countries have lower growth.
3. "About the IMF: History: Societal Change for Eastern Europe and Asian Upheaval."IMF -- International Monetary Fund Home Page. N.p., n.d. Web. 10 May 2013. <http://www.imf.org/external/about/histcomm.htm>.
- This source is from the IMF’s website. It is an article about how the IMF has helped improve developing countries. It states that the fall of Berlin wall and the destruction of soviet union strengthened IMF because they had the perfect opportunity to help. They were able to strategize for dealing with developing country, which in this case, Berlin’s debt problem.
4. Global Exchange. "World Bank / IMF Fact Sheet | Global Exchange." Global Exchange | Building People-to-People Ties. N.p., n.d. Web. 10 May 2013. <http://www.globalexchange.org/resources/wbimf/facts>.
- This source talks more about the relationship between the World Bank and the IMF. It talks about SAPs, Structural Adjustment Programs, created by the IMF and the world bank in order to develop economic growth. Its effects on the developing countries etc.
5. Devas, Stefan , Shayaan Khan, Alex Lueng, and Karen Marwick. "International Monetary Fund." International Debt Crisis. N.p., n.d. Web. 8 May 2013. <internationaldebtcrisis.wikispaces.com/International+Monetary+Fund>.
- This source just breaks down what IMF is in general, how it started, what the positive and negative outcomes are, what its current challenges are, etc. It is very brief but gets the message across. I found this source very useful because I was able to dig in for more information after it. I also chose my youtube video stated in it for my website.
Primary Source:
4. Life and debt. Dir. Stephanie Black. Perf. Themselves. Distributed by New Yorker Video, 2003. DVD.
- Since the movie is a documentary and everyone spoke as it related to them, I chose this as my primary source. These were the notes that I took as the people were asked questions by the interviewer:
- In 1992, Loan contract between Jamaica and the Inter-American development bank (Agricultural Sector Adjustment Programme) was signed with $50 million dollars by Prime Minister Michael Manley in Jamaica.
- 37% milk powder/more expensive than actual milk
- Imports from America have ruined the island’s dairy industry.
- Island is now seven billion dollars in debt to IMF, with interest increasing
- “The Jamaican government will not accept anybody, anywhere in the world telling us what to do in our country, Above all, we’re not for sale.” - Prime minister Michael Manley (post independence speech)
- Brooks Brother, Us made materials are sent to Jamaica, the women sews and they have to work like a machine for five days straight to earn $30 per week and taxes are drawn
- Free Trade Zones are encouraged by the US Government.
