How Does Life And Debt Affect Jamaica

POHI 333: Globalization

Stephanie Black’s documentary film, Life and Debt, was made in 2001 to show the effect economic globalization had on a developing country, but specifically Jamaica. The film examines the social and economic impact from the World Bank policies, and the International Monetary Fund. Throughout the film, there are several interviews with farmers, business owners, Rastafarians, activists, the former Jamaican Prime Minister, and many others. The former Prime Minister Michael Manley, criticizes how Jamaica is failing economically especially since the IMF and World bank were created without the approval or support of the developing countries. Manley in the 1970’s made a decision that changed Jamaica drastically when he signed the loan agreement by the IMF and the World Bank, where the country went over four billion dollars in debt. In 1976, “Former Prime Minister Michael Manley was elected on a non-IMF

Jamaica produced milk, spices, bananas, and other crops which increased the national income since they could export. Although the IMF offers financial support, it controls how to spend, how much and on what. The IMF was supposed to help Jamaica, but instead there were structural adjustments imposed, which is when the IMF made Jamaica a free market. An example is privatization, where the state does not like funding public institutions. Because of this, there are no new schools, a lack of public spending and minimalistic hospitals offered to the citizens. Since IMF controlled the finances, the United States brought in McDonalds forcefully. Locals were against this because it could demolish the jobs of the meat farmers. The bulk of meat constantly imported made the farmers lose since once again, it was cheaper to buy imported meats. Free zones were created to “boost” Jamaica’s economy, which could operate without laws, taxes, restrictions and was supposed to make working conditions better for the