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What is third world debt?

Does the West have a moral obligation to cancel third world debt?

  • Over the past 50 years the west have invested in the third world with loans given at high rates. As a result many countries are struggling to repay these debts, thus hampering their development. Therefore should we cancel the debts and start over?

  • Answer:

    I'd like to see a world where people just help each other - when someone needs help - and forget all this monetary value placed on ... everything. That's the MORAL thing to do.

murahoch... at Yahoo! Answers Visit the source

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No, They could reduce the payments.

california1488

Sounds good. Maybe it will catch on and my debts can be cancelled as well!

Smart Kitty

yes they should, they have a moral obligation towards these countries.

mickey

I belive the West should cancel third world debt. However, the west have been exploiting smaller, less economically developed countries for years and years. Why will they stop now?

Arina

Let's take a broader view of this- It is not an obligation, it is how economics work, they call Distribution of Wealth. And for your information the West does not do it out of free will, it is politically manipulated move, when to help, they seek something in return...say..a free trade agreement or wider market access or exploitation of that country's resources.

The Guru®

I think so ..It is the time they should relief the depth..specially Africa.

Humble

Yes. And that financial debt often gets transformed to exploitment arrangements. Like insisting on military presency, set prices and rules to exports of valuable stuff.....etc

mahatma

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