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Pages 8 (2008 words)
The problem of world debt has been a major obstacle to the development of the world. Debt which the developing world owes to the rich nation has been one of the greatest obstacles that have made it difficult for the developed would to make good progress in addressing various issues that affect their development…
There have been claims that these debts have been a continuation of the legacy of colonialism in the way they are given out without looking at the way in which they will be repaid. 1
The jubilee campaign has been a debt calling for eth cancellation of more the $400 billion which the developing nations owe to the G8 countries. It is a campaign that has taken a moral direction on the way these debts have been issued and the legality of these debts in light of the world unequal distribution system of the world. The campaign has been calling for the cancelation of the debts in light of the fact that while the whole nation continue to be paying for the debts, most of them are not used to build the interest of the while nation but rather they are channel to build the interest of the few individuals who are in the leadership of these countries. These debts therefore have a lot of negative impact on women and children, education, climate change, heath sector and the general welfare of the society. The campaign has realized some progress as some debts totaling to $88 billion has been cancelled off but there is a lot that is to be done. The main assertion of the campaign is that most of the debts can be attributed to irresponsible lending decision.
Although the developing nations have also been blamed for the increased debt d ...
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