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Assess The View That Debt Has Become The Main Obstacle To The Development Of Less Developed Countries

1502 words - 7 pages

Assess the view that debt has become the main obstacle to the development of less developed countries
It can be argued that debt has become the main obstacle of less economically or in general terms less developed countries to actually develop. However, debt alone cannot be the reason why countries have not developed there many things that need to be taken into consideration such as aid being misspent by governments, war and natural disasters. These are just some of the reasons that are the cause of countries not being able to develop alongside debt.
It is apparent that debt is a reason for a nation not developing but not exactly the main reason as there are many factors to consider. ...view middle of the document...

An example of this happening in the modern world is Britain’s contribution to ties aid to developing countries, which accounts for 75% of the total aid given by the UK. This is mostly down to the private lending of banks to LEDCs. This borrowing leads to greater debt as the country has to pay back the loan but with interest causing more debt, this then leads to the country borrowing to pay back other loans ultimately leading to a debt ridden country that is in the state of a borrowing culture. A neo-Marxist would argue that although developing countries are receiving aid from the developed world, it is in fact the developed world benefit from this as they can exploit countries that are in debt because they are desperate and benefit in the long run. This was evident in the 1980s where debt for these developing countries; mainly due to private lending from the west, almost tripled over the decade to $420 billion. However, GNP for these countries increased slightly in comparison from $900 billion to $1.3 trillion, showing that the interest rates of the western loans were higher than GNP for LEDCs.
Natural disasters are another reason why there is a cause of country not being able to develop. These occurrences, which tend to take place in developing countries and so lack the resources to rebuild the country and the devastated lives of the citizens of whom have lost everything they own. It is down to aid, which helps countries to overcome natural disasters and so, the aid that is being received, which can be spent on infrastructure is not being redirected to help citizens to live a basic lifestyle. One study showed that between 1980 and 2004, two million people were killed and five billion lives have been affected by natural disasters so due to this there have been an estimated $1 trillion has been spent in aid relief for struggling countries and citizens. Despite, natural disasters being unpreventable, it’s the lack of resources which undermine the effectiveness of the LEDC’s response as they call upon help from developed countries. LEDC’s would find it impossible to come out of a disaster without aid and help from the more developed countries and charities.
Natural disasters are unpreventable occurrences however we cannot ignore the fact that aid can be just as damaging. Aid is perceived to be money or resources given to a LEDC to help make a country more developed and have the infrastructure in place to trigger this. A fundamental problem with aid is that it is being misspent or being pack pocketed by government of developing countries. An example of this is the former President of Zambia, Frederick Chiluba who was charged for embezzlement of state funds so this goes to show the problems of aid as corrupt governments are not making things better as they live luxurious lifestyles whilst the rest of the population suffers. It can misspent in other ways where governments may spend aid on military equipment and this is done to control citizens if...

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