Preview

Life And Debt Summary

Good Essays
Open Document
Open Document
653 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Life And Debt Summary
This paper aims to explore the elements as shown in the documentary Life and Debt. The core theme of this documentary is to point out and highlight the impacts of globalization, international lending, and free trade, implication of different policies as doctored by various powerful institutions such as the international monetary fund together with superpower nations such as the USA, on minor and underdeveloped nations such as Jamaica. The documentary has been finely directed and in my perception is an excellent medium to depict how the strategies adopted by the Jamaican people for survival in their daily lives are actually influenced by the US and the other economic institutions.
Scenes from the documentary stated that the mechanism of debt was a
…show more content…
Increasing levels of imports and less dependency on self production of commodities had been responsible for fuelling the crisis further. Pressure from the IMF to opt for debt financing in order to bring the fiscal policy under stable condtions and instigate economic growth had been longing for a considerable time period. For instance, in a post-independence speech during 1996 the former prime minister actually condemned the IMF and stated that they will not seek anyone’s intervention and assistance. However, gradually due to a lack of other viable alternatives debt contacts had to be signed with the IMF. Such a trend can be rather said to be global trend for all the third world nations. Such developments had led to the need for generation of excess amounts of foreign exchange funds to meet the interest payments which was not very much feasible. And under such circumstances, the IMF prescribed the imposition of high interest rates, devaluation of the local currency and redefined wage guidelines. However,

You May Also Find These Documents Helpful

  • Good Essays

    Life and Debt, a documentary by Stephanie Black, with a commentary written by Jamaica Kincaid, looks at the effect of the International Monetary Fund on the economy of Jamaica, the third world country that was once colonized by the Great Britain. The film has offered the audiences different voices on this issue including the IMF officers, the Jamaican farmers and former Jamaican president as an overview to the issue The former president of Jamaica Michael Manley has been out of power for many years, yet his bitterness over his ouster and his country's subsequent decline remains palpable. His take on the primary cause of Jamaica's descent into hell is most interesting, considering the current conjuncture. The crisis of the early 1970s forced his government to take out loans to cover the rising expenses of fuel-based imports, from fertilizer to gasoline.…

    • 768 Words
    • 4 Pages
    Good Essays
  • Good Essays

    Moreover, given the common currency, the possibility of depreciation or devaluation in the periphery countries was eliminated as well. Low interest rates, however, spurred heavy foreign borrowing by both the public and private sectors in the countries now facing debt crises. The problem is that foreign capital was used to support domestic consumption or housing booms rather than productivity-enhancing investments. In sum, heavy foreign…

    • 537 Words
    • 3 Pages
    Good Essays
  • Powerful Essays

    The International Monetary Fund (IMF) and the World Bank Group are two global institutions created to assist nations in becoming and remaining economically viable. Each plays an imporant role in the environment of international trade by helping maintain stability in the financial markets and by assisting countries that are seeking economic development and restructuring. Inadequate monetary reserves and unstable currencies are particularly vexing problems in global trade. So long as these conditions exist, world markets cannot develop and function as effectively as they should. To overcome these particular market barriers that plagued international trading before World War II, the International Monetary Fund (IMF) was formed. Originally 29 countries signed the agreement; now 184 countries are members. Among the objectives of the IMF are the stabilization of foreign exchange rates and the establishment of freely convertible currencies to facilitate the expansion and balanced growth of international trade. Member countries have voluntarily joined to consult with one another to maintain a stable system of buying and selling their currencies so that payments in oreign money can take place between countries smoothly and without delay. The IMF also lends money to members having trouble meeting financial obligations to other members. Argentina, Turkey, and Greece have recently received such help from the IMF, but the results have been mixed.…

    • 1154 Words
    • 5 Pages
    Powerful Essays
  • Good Essays

    The documentary ‘Life and Debt’, directed by Stephanie Black, goes behind the facades displayed for tourists in order to highlight the financial struggles Jamaica is forced to face one after another—without the economic strength to resolve any crisis. Due to the methods Jamaica uses to confront its problems, they only ultimately repay enough to barely sustain a short-term lifestyle. Although the government-led interventions are restricting solutions that could bring opportunities for long-term development, Jamaica fundamentally has no other choice but to abide to constantly playing catch-up towards an unreachable equilibrium. I would like to argue that the complexities of economic globalization has allowed foreigners to trap Jamaica through the ‘mechanism of debt’, hence can only better the Jamaican economy via modifying the agreements of IMF lending.…

    • 1021 Words
    • 5 Pages
    Good Essays
  • Good Essays

    Life And Debt Summary

    • 1220 Words
    • 5 Pages

    Jamaica also had lots of debt to pay, however they didn’t have the capital to pay the debts so they turned to the International Monetary Fund (IMF) for support. International institutions, such as the IMF, World Bank and WTO, have all shaped globalization through their policies. The International Monetary Fund (IMF) was created in an effort to provide financial support on a short term basis to destabilized countries after the economic disaster of World War II. The IMF had a “one size fits all” remedy whenever a country‘s economy needed their help. They enacted Structural Adjustment Programs which consisted of economic policies put in place which had to be followed in order for a country to qualify for loans from the IMF and World Bank to pay off their debt.…

    • 1220 Words
    • 5 Pages
    Good Essays
  • Better Essays

    When Jamaica was granted its independence from Great Britain, the tiny nation lacked sufficient economic strength to survive on its own. Throughout the time Great Britain ruled over the island, she had taken Jamaica’s ample natural resources in the name of the Crown. Economically, when a nation does not have enough natural resources to survive, the situation turns very bitter in a short amount of time. Jamaica soon realized they were not able to finance what was needed to meet the needs of its citizens. Jamaica sought financial assistance through the private banking system, but was denied repeatedly. The country had no choice but to resort to the International Monetary Fund (IMF) to borrow money from. The IMF’s role is that of a “helping hand.” As per Jamaica and the IMF’s agreement, the IMF established a five-year plan with Jamaica. This included the placement of stringent restrictions on what the tiny nation could spend the money on. As the Jamaicans slowly realized, this deal would serve them no purpose, except indebting the nation even further. The island was forced to cut certain government programs and devalue their currency to meet IMF demands. Jamaica was…

    • 2053 Words
    • 9 Pages
    Better Essays
  • Best Essays

    International Monetary Fund (IMF). “Financial Stress and Deleveraging: Macrofinancial Implications and Policy.” Global Financial Stability Report. Washington, D.C.: October 2008.…

    • 2109 Words
    • 9 Pages
    Best Essays
  • Good Essays

    Summary Of Life And Debt

    • 718 Words
    • 3 Pages

    The documentary film by Stephine Black,”Life and Debt”, it portrayed the impact of international monetary fund (IMF) policies that forced on Jamaica as "conditionals" attached to the loans it gave in late 1970. It revealed how Jamaica's main agriculture sectors; milk, banana, potato, and onions were totally destroyed by opening them up to competition with heavily subsidized US products and the cheap labour markets of other countries. The film showed; evidence of the impact capitalist economic and globalization have on the least developed country in the world, control of the dominant American’s economic in Jamaica and also rich American tourists are enjoying beautiful beaches, and warm weather in Jamaica, while poor Jamaican people are suffering…

    • 718 Words
    • 3 Pages
    Good Essays
  • Satisfactory Essays

    Life and Debt analysis

    • 476 Words
    • 2 Pages

    Life and Debt is a very insightful and revealing documentary about the economy woes of Jamaica and the possible causes of its economic down turn. Watching this documentary, I was in shock because I have always known Jamaica had economic issues, but I never knew how bad they were. Jamaica suffers from poverty, a struggling economy, inflation and interference from outside investors like the United States of America and Latin America despite being richly blessed with natural resources and agriculture. Jamaica got their independence in 1962 from the United Kingdom, it has always struggled with its economy and even tried to use its agricultural resources to boost the economy, but to no avail. As the economy became more and more severely immersed in financial problems, the then Prime Minister Michael Manley struck a deal in 1977 with a group of economic institutions like World Bank and IMF to loan money to Jamaica in exchange for removal of trade restrictions and subsidized exports. Twenty five years down the line, it is sad to see that Jamaica is in debt to the tune of seven billion dollars to the IMF. The deal ruined Jamaica’s economy, and Stanley Fischer (second in command at IMF) is interviewed throughout the documentary and he defends the deal, with reasons why it was a good idea at the time and how beneficial the deal was to the Jamaican economy, even though we can see different in the documentary. The deal with the IMF disrupted the Islands agricultural and industrial economy, thereby causing the economy to nose-dive. Farming, agriculture, cultivation and dairy production has become almost non-existent. Markets have being seized and policies put in places which are extremely unfavorably to the locals. There is mass interference from growers and merchants in the US and Latin America over the growth of fruits and vegetables, which are now imported by the aforementioned. This makes imports more expensive than the local produce (if any), the country has become a…

    • 476 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    Life & Debt

    • 534 Words
    • 3 Pages

    The documentary Life and Debt portrays a true example of the impact economic globalization can have on a developing country. When most Americans think about Jamaica, we think about the beautiful beaches, warm weather, and friendly people that make it a fabulous vacation spot. This movie shows the place in a different light, by showing a pressuring problem of debt. The everyday survival of many Jamaicans is based on the economic decisions of the United States and other powerful foreign countries.…

    • 534 Words
    • 3 Pages
    Good Essays
  • Better Essays

    “If you go to Antigua as a tourist, this is what you will see. If you come by aeroplane, you will land at the V. C. Bird International Airport. Vere Cornwall (V.C.) Bird is the Prime Minister of Antigua. You may be the sort of tourist who would wonder why a Prime Minister would want an airport named after him – why not a school, why not a hospital, why not some great public monument?” (3)…

    • 3653 Words
    • 9 Pages
    Better Essays
  • Better Essays

    The world is constantly becoming smaller and smaller as time progresses. A process of globalization is rapidly turning the world as we know it into economic opportunity waiting to be exploited. A large factor in this process is due to the advent of technology which is becoming more and more readily available to lesser developed countries. Countries such as Jamaica and other LDC’s are primary targets of economic globalization. In the film Life and Debt by Stephanie Black, we see the effects globalization has on Jamaican culture, industry, and agriculture.…

    • 1527 Words
    • 7 Pages
    Better Essays
  • Good Essays

    Life And Debt Essay

    • 549 Words
    • 3 Pages

    The 2001 documentary Life and Debt examines the impact of IMF and World Bank’s ‘structural adjustment policies’ (also called ‘conditionalities’) on Jamaica. The IMF started lending to Jamaica in 1973, after years of extreme poverty were followed by the ‘oil shock’ that created a global economic catastrophe, eventually leaving the country about $4.6 million in debt. The loans were front-loaded with conditions, requiring Jamaica to “enact major economic reforms, including trade liberalization (The removal or reduction of restrictions or barriers on the free exchange of goods between nations.Investopedia online. Retrieved 9/13/16 from http://www.investopedia.com/terms/t/trade-liberalization.asp) and privatization (to transfer from public or government control or ownership to private enterprise. Dictionary.com, retrieved 9/13/16 from http://www.dictionary.com/browse/privatization?s=t), and regulation.…

    • 549 Words
    • 3 Pages
    Good Essays
  • Good Essays

    In Life and Debt the director, Stephanie Black, sets the scene with how you would visualize Jamaica as an American tourist and proceeds to explain the contrasting views of the Jamaican people. For example, the voice over explains how many American tourists feel rich when they exchange money because their American dollars go for many Jamaican dollars due to the high inflation rates causing their currency to be valued so little. Throughout the rest of the documentary, Black’s main goal is to show what post-colonial Jamaica is really like since the IMF has given them loans and what the Jamaican people have had to sacrifice in the process. Within the documentary, they explain who the IMF was set up by and how it was set up for short term loans after WWII with the idea of rebuilding a devastated Europe. Now the IMF hands out short term loans with immense restrictions that are mostly impossible to reach. The main storyline of the documentary is showing many examples of just how the IMF loans have impacted the Jamaican economy. It provides examples from different food producers, such as banana farmers, cabbage farmers, and dairy farmers, as well as the factories in the free zones.…

    • 859 Words
    • 4 Pages
    Good Essays
  • Good Essays

    Greece Crisis

    • 3257 Words
    • 14 Pages

    Debt levels reached the point where the country was no longer able to repay its loans, and was forced to ask for help from its European partners and the IMF in the form of massive loans.…

    • 3257 Words
    • 14 Pages
    Good Essays