Debt

Sixty years after the Tricontinental Conference, the right to development – the material basis of dignity – remains the horizon of socialist revolution and national liberation.

While industrialisation remains a top priority for Global South countries, debt-driven austerity, corporate dominance, wars, and sanctions keep many poorer nations locked into dependency and underdevelopment.

In countries like Senegal, the IMF has been complicit with irregular debt practices and fraudulent accounting in order to undermine sovereignty and favour multinational corporations.

Though still weighed down by debt and austerity, developing countries are beginning to chart alternative paths as a new mood takes hold in the Global South.

Once plundered of both its wealth and people by colonial powers, Africa now faces IMF-imposed austerity, obscene debt, and forced underdevelopment.

Since its 1804 revolution, Haiti has been punished for its freedom – crippled with debt, coups, and foreign meddling – but we must never forget that it was the first successful anti-imperialist revolution.

As progressive governments take office in the Global South, now more than ever there is a burning need for a new development theory that can fulfil the Promethean aspirations of the darker nations.

Every dollar that goes towards in debt servicing is a dollar that cannot go to buy a ventilator or fund emergency food support. During the CoronaShock crisis, this is both morally indefensible and economically irrational.…