Life And Debt Jamaica

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Life and Debt “The economy today is much more under the control of foreigners through debt and not ownership.” States a gentlemen from Jamacia in the film Life and Debt. The country of Jamacia is a prime example of globalaztion impacting international debt because Jamaica is unable to build a strong econmony. Through tourism, the International Monetary Fund (IMF), and native framers unable to sell their produce increases inequality in their national debt. When a foreigner visits Jamaica they view the beautfuil part of the island where the sun is always shining and the water is always clear. Tourist never get to see the real parts of the island and it’s native people. For example when tourist get off the airplane they are greeted with Jamaicans …show more content…

Jamaica didn’t have economic strength to make it on their own and needed time to build their economy before becoming independent country. As a result Jamaica began to start their nations debt and needed help paying it off so Jamacia could grow into a developed country. The IMF proposed a loan agreement with Jamaica, the problem was the interst rates made it unrealistic to pay off the loan and as a result caused more debt to the country of Jamaica. As of now Jamaica owes $4.5 billion to the IMF. Jamaica is paying out more than it receives in total financial resources. The IMF loans were supposed to benefit Jamaicas economy by integrating them into the global market. In reality Jamacia suffers because of banks interest rates. An example on how globalization has affected jamacias debt is the free work zone workers getting paid in jamacian currency instead of US dollars when working for US companies. This exchange rate was passed by the IMF in attempts to help global markets make a bigger profit. The free zone workers get paid equivalent to thirty US dollars per week. The IMF is one of the many reasons many jamaiacans are in proverty because it’s impossible to live on such a low …show more content…

Many international companies cause framers to go bankrupt because companies are importing their produce and selling their goods cheaper than the framers in Jamaica. Natives prefer to buy imported goods because it is cheaper and larger quantities. IMF believes they are creating a global market for Jamacia but in reality other countries are extracting than putting into the country of Jamaica. Many countries use Jamaica as a way to make a bigger profit rather than putting in their goods to help their economics grow. For example, the company Mcdonald’s said they would build their company in Jamaica to help grow their economy but they did not keep their word when they said they would buy meat and produce from the natives in the country, instead they use imported meats and produce. If no one is buying the framers produce the framers are forced to dump their produce as waste and make no profit. There is no market for the native framers In Jamaica. Framers contubute to national debt because there is no need for them in Jamaica resulting in the country buying imported goods from other countries. The nation is already in debt and are barrying themselves in more debt by purchasing outside of the

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