• Stephen P. Riley
Part of the International Political Economy Series book series (IPES)


In a recent assessment of world debt, Cheryl Payer argued that ‘It is probably as useless to try to ban credit as it is to try to ban alcohol or the other drugs which give unhappy humans a temporary high’ (Payer, 1991). The previous chapters have given a series of illustrations, and interpretations, of the use and abuse of this credit on a global scale including the ‘predatory’ corrupt presidential clique surrounding President Mobutu’s heavily indebted Zaire, mentioned in Charlton’s chapter, as well as the debt-distressed American farmers, whose circumstances are considered in the contribution by Freshwater. As we have seen, the use of credit by both American farmers and Third World political élites, amongst others, has had a series of damaging consequences. However, it is also important to remember that credit can bring advantages — in boosting economic growth and increasing production, in the United States in the mid-1980s for example — despite the long-term costs.


Debt Crisis Former Soviet Union External Debt Sovereign Debt Debt Relief 
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© Stephen P. Riley 1993

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  • Stephen P. Riley

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