IMF JAMICA PAPER

IMF JAMICA PAPER - Jeremiah Davis Words: 3,481 Fight To the...

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Jeremiah Davis Fight To the Debt: Jamaica and the IMF April 28, 2010 Words: 3,481 Despite the long and continuous help of the IMF for Jamaica, can it be said that the IMF’s interest in financial globalization is actually having an adverse affect on truly developing Jamaica’s economy? The History After many years of being under colonial control and financially manipulated Jamaica became an Independent State on August 6, 1962. This day could not have been more celebrated throughout the country and was suppose to mark the turning point in the recognition of Jamaica as a respectable independent entity. What was not realized was how difficult it was going to be for such a small country like Jamaica to become able to financially support its own economy after being under foreign rule for so long. Within a little over a decade tourism and agriculture fell due to sanctions and negative media campaigns in the mid-1970s. Violence increased due to the economic downslide and illegal guns-for-ganja trades. The exports, foreign exchange and investments, along with employment were all at quickly decreasing lows. So, like any small developing country in a downturn within its economy, Jamaica reached out for a financial loan to help uplift its economy. In 1979 the IMF responded to Jamaica’s cry for financial help and gave them a loan to assist the country in the rebuilding of its economy. This loan was the last thing that Jamaica wanted. The countries Prime Minister at the time Michael Manley had turn down the option to accept IMF loan’s in the past. He felt that the terms were not going to well suit his country as an independent entity. The problem Jamaica would soon learn, and that Manley had an idea of, is that the IMF doesn’t create loans with the intentions of long term development.
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Jeremiah Davis Fight To the Debt: Jamaica and the IMF April 28, 2010 Words: 3,481 Under Michael Manley things seemed to be taking a turn for the best at first. He removed the ban on certain literature and made secondary education free and accessible along with a land reform policy. But the tough times that proceed under him caused a man named Edward Seaga to be elected as Prime Minister. Under Seage the first aid from the IMF was accepted. This IMF plan however, had poor affects on the economy and caused a negative growth economically for a few years. Within a few years of his leadership Jamaica once again held elections in which Manley was re-elected. In his second term as Prime Minister Jamaica’s economy still did not show any initial form of recovery. Now it is easy to point the finger at the government and the people for the countries misfortune, but to do so would cause one to not see the bigger picture. The first thing we must realize is that Jamaica was under imperial control for many years which meant cheap to free labor for the countries that held influence within its economy. Despite Jamaica gaining its independence, it only seems profitably sensible for these countries to try to find ways to keep a
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IMF JAMICA PAPER - Jeremiah Davis Words: 3,481 Fight To the...

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