Explain How a Country Can Get Involved in a Debt

question 16

Essay

Explain how a country can get involved in a debt to the World Bank, a readjustment program, cancel most of its social programs, and get into a race to the bottom with other countries and wind up making conditions worse for its own people.

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Definitions:

Deindustrialization

Term describing decline of manufacturing in old industrial areas in the late twentieth century as companies shifted production to low-wage centers in the South and West or in other countries.

U.S. Economy

The economic system of the United States, characterized by a mixed economy with significant levels of both private and public sector activity.

1970s

A decade known for significant cultural, political, and technological changes worldwide, including the end of the Vietnam War and the beginning of the environmental movement.

Manufacturers

Entities engaged in the industrial production of goods, transforming raw materials into finished products on a large scale.