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debt crisis, LEDCs encouraged to borrow for development and Overexpenditure by companies and government, 1973 Quadrupling of oil price caused by OPEC embargo on oil export to countries supporting Israel after the Yom Kappur War. Incre Increased production cost cost of goods rise caused inflation, Debt crisis led to Rescheduling of loans but usually at higher interest spread over longer period, High Interest rates charged by banks IMF and WB e.g. Poorest LEDCs paid 10-25% higher interest than MEDCs, Debt crisis led to Review on trade agreements, Structual adjustment Plan imposed on LEDCs requires Reduction in imports, High profit by OPEC, petrodollars reinvested in MEDC banks caused Banks encouraged investment in LEDCs, Structual adjustment Plan imposed on LEDCs requires Privatisation of public industries for income, Debt crisis initiated by Overexpenditure by US gov in 1960 /70's causing US$ to fall in value, amount owed due to expenditure being larger than income US USA 2005 = US$8.837 trillion