Michael Hudson has written about this, that the international loan system exists so that the imperial core can put the screws on the “developing” world whenever it makes political economy decisions that threaten international capital’s bottom line.
Yup! I read Super-Imperialism and then shortly after read Debt: The First 5,000 years, and I think they compliment each other really well in being able to conceptualize how debt is wielded as a weapon.
Debt actually opens up with the example of how “incredulous” of an idea it is that a country would default on their IMF loan and then shreds it apart.
Michael Hudson has written about this, that the international loan system exists so that the imperial core can put the screws on the “developing” world whenever it makes political economy decisions that threaten international capital’s bottom line.
Yup! I read Super-Imperialism and then shortly after read Debt: The First 5,000 years, and I think they compliment each other really well in being able to conceptualize how debt is wielded as a weapon.
Debt actually opens up with the example of how “incredulous” of an idea it is that a country would default on their IMF loan and then shreds it apart.