GEOG 1000 - Lecture 4 - Sept. 21, 2011

GEOG 1000 - Lecture 4 - Sept. 21, 2011 - Contemporary...

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Contemporary Economic Challenges and Popular Stereotypes of Africa Economic Challenges in Contemporary Africa: the Debt Crisis - Begins in 1960s; unmanageable by 1970s and early 80s and it’s kept on growing - Interest rates across the world skyrocketed - Countries had to pay large interest rates - This sent Africa into further debt - Diverts resources - Many activists think that the debt should be relieved - People are in an endless cycle of poverty - Initial loans given in the 1960s were pocketed by leaders - Organizations giving those loans knew this was happening therefore countries cant ask them to back the loans - A lot of the debt has been relieved - International community is working on lowering debt International Trade - Influences key aspects of daily lives - Mechanism to work out of poverty - In parts of sub-Saharan Africa this isn’t happening - Unfair trade practices - Commodity pricing - Farmers cant work their way out of poverty - Subsidies – form of government assistance - Uneven playing field and dumping - The rich world is telling Africa that they have to get rid of their subsidies
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GEOG 1000 - Lecture 4 - Sept. 21, 2011 - Contemporary...

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