The current underdevelopment of most of the world is the historical consequence of Western expansion, even if the dysfunctional character of the Third World elites has played an important role internally. And this is so because, regardless of their dysfunction, the structural inequality of the terms of trade imposed by the pre-existing technological superiority of the central countries has created almost insurmountable barriers to the development of the Third World. And despite the understanding of the crucial role that foreign aid plays for the development of Third World countries, the democratic systems of the central countries do not provide conditions for long-term projects that do not lead to direct benefits. In this paper, we argue that the starting point for a new policy that corrects structural imbalances, to the benefit of both hemispheres, is a radical restructuring of the South’s debt.
Keywords:
North-South Relations, First World, Third World, Development and Underdevelopment, Indebtedness
Author Biography
Helio Jaguaribe, IEPES
Prestigioso analista internacional brasileño, Decano de IEPES.
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