Developing nations struggle under heavy debts from "summary" of The New Confessions of an Economic Hit Man by John Perkins
Many developing nations around the world find themselves in a dire predicament. They are burdened by heavy debts that they can never hope to fully repay. These debts have been strategically engineered by powerful corporations and governments, with the goal of exerting control and influence over these countries. The debt trap begins innocuously enough – with promises of economic development and prosperity. Loans are extended to these nations for infrastructure projects, such as roads, bridges, and power plants. However, these projects often come with exorbitant price tags and high interest rates, saddling the countries with unsustainable levels of debt. As the debt mounts, the developing nations become increasingly beholden to their creditors. These creditors, often representing the interests of wealthy nations and corporations, use the debt as leverage to extract concessions and favors from the debtor countries. These may include preferential trade deals, access to natural resources, or favorable terms for multinational c...
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