The Foreign Debt/National Development Conflict: External Adjustment and Internal Disorder in the Developing Nations

Professor Carvounis of St. John's University provides extensive data leading to the conclusion that, in dealing with debtor countries, the monetarism and other features of International Monetary Fund programs "are counterproductive." They have so damaged the internal structure of the countries, he says, that adequate additional private funds will not be forthcoming. Only the creditors can save the situation by scaling down the burden of the debts much more drastically than they have so far been willing to think seriously about doing.