Televising the revolutionary case against capitalism and promoting the socialist case for the establishment of a global social system in which the earth's natural and industrial resources are commonly owned and democratically controlled, and in which each person has free access to the benefits of civilisation
“Set to a beguiling reggae beat, Life and Debt takes as its subject Jamaica's economic decline in the 20th century. The story has reverberations in the plight of other third-world nations blindsided by globalization, like Ghana and Haiti. After England granted Jamaica independence in 1962, the World Bank and International Monetary Fund (IMF) stepped in with a series of loans.”
These loans were conditional on structural adjustment policies, which requiring Jamaica to enact economic reforms - trade liberalization, privatization, and deregulation. However, the reforms were unsuccessful and left the country with $4.6 billion dollars in debt. The film blames the IMF and the West for causing this situation.
The film features a number of interviews with former Jamaican Prime Minister Michael Manley in which he critiques the system of International Financial Institution loans. He is particularly critical of required structural adjustments as an attack on the sovereignty of many former colonial nations and suggests the system is akin to imperialism or neocolonialism. Similar claims have been made popular by former Chief Economist of the World Bank Joseph Stiglitz.
"We Live with Life and Debt, Freedom not yet" -- Jamaican reggae song
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