Indebted Development: Strategic Bargaining and Economic Adjustment in the Third World PDF
Preview Indebted Development: Strategic Bargaining and Economic Adjustment in the Third World
INTERNATIONAL POLITICAL ECONOMY SERIES General Editor: Timothy M. Shaw, Professor of Political Science and International Development Studies and Director of the Centre for Foreign Policy Studies, Dalhousie University, Nova Scotia, Canada Recent titles include: Manuel R. Agosin and Diana Tussie (editors) TRADE AND GROWTH: NEW DILEMMAS IN TRADE POLICY Mahvash Alerassool FREEZING ASSETS: THE USA AND THE MOST EFFECTIVE ECONOMIC SANCTION Inga Brandell (editor) WORKERS IN THIRD-WORLD INDUSTRIALIZATION Richard P. C. Brown PUBLIC DEBT AND PRIVATE WEAL1 11 Bonnie K. Campbell (editor) POLITICAL DIMENSIONS OF 1liE INTERNATIONAL DEBT CRISIS Bonnie K. Campbell and John Loxley (editors) STRUCTURAL ADJUSTMENT IN AFRICA Jerker Carlsson and Timothy M. Shaw (editors) NEWLY INDUSTRIALIZING COUNTRIES AND THE POLITICAL ECONOMY OF SOU1li-SOUTH RELATIONS Steen Folke, Niels Fold and Thyge Enevoldsen SOU1li-SOUTH TRADE AND DEVELOPMENT David P. Forsythe (editor) HUMAN RIGHTS AND DEVELOPMENT 1liE UNITED NATIONS IN THE WORLD POLITICAL ECONOMY David Glover and Ken Kusterer SMALL FARMERS, BIG BUSINESS William D. Graf (editor) THE INTERNATIONALIZATION OF THE GERMAN POLITICAL ECONOMY Betty J. Harris 1liE POLITICAL ECONOMY OF THE SOUTHERN AFRICAN PERIPHERY Jacques Hersh THE USA AND THE RISE OF EAST ASIA SINCE 1945 Steven Kendall Holloway THE ALUMINIUM MULTINATIONALS AND THE BAUXITE CARTEL Bahgat Korany, Paul Noble and Rex Brynen (editors) THE MANY FACES OF NATIONAL SECURITY IN THE ARAB WORLD Matthew Martin THE CRUMBLING FA<;ADE OF AFRICAN DEBT NEGOTIATIONS James H. Mittelman OUT FROM UNDERDEVELOPMENT Paul Mosley (editor) DEVEWPMENT FINANCE AND POLICY REFORM Dennis C. Pirages and Christine Sylvester (editors) TRANSFORMATIONS IN THE GLOBAL POLIDCAL ECONOMY Tony Porter STATES, MARKETS AND REGIMES IN GLOBAL FINANCE Stephen P. Riley (editor) THE POLIDCS OF GLOBAL DEBT Jorge Rodriguez Beruff, J. Peter Figueroa and J. Edward Greene (editors) CONFLICT, PEACE AND DEVELOPMENT IN THE CARIBBEAN Frederick Stapenhurst POLIDCAL RISK ANALYSIS AROUND THE NORTH ATLANTIC Arno Tausch with Fred Prager TOWARDS A SOCIO-LIBERAL THEORY OF WORLD DEVELOPMENT Nancy Thede and Pierre Beaudet (editors) A POST-APARTHEID SOUTHERN AFRICA? Peter Utting ECONOMIC REFORM AND THIRD-WORLD SOCIALISM Fiona Wilson SWEATERS: GENDER, CLASS AND WORKSHOP-BASED INDUSTRY IN MEXICO David Wurfel and Bruce Burton (editors) THE POLIDCAL ECONOMY OF FOREIGN POLICY IN SOUTHEAST ASIA Indebted Development Strategic Bargaining and Economic Adjustment in the Third World Howard P. Lehman Department of Political Science University of Utah Palgrave Macmillan UK ISBN 978-1-349-22733-4 ISBN 978-1-349-22731-0 (eBook) DOI 10.1007/978-1-349-22731-0 ©Howard P. Lehman 1993 Softcover reprint of the hardcover 1st edition 1993 All rights reserved. For information, write: Scholarly and Reference Division, St. Martin's Press, Inc., 175 Fifth Avenue, New York, N.Y. 10010 Fust published in the United States of America in 1993 ISBN 978-0-312-09635-9 Ubrary of Congress Cataloging-in-Publication Data Lehman, Howard P. Indebted development : strategic bargaining and economic adjustment in the Third World I Howard P. Lehman. p. em.-(International political economy series) Includes index. ISBN 978-0-312-09635-9 I. Structural adjustment (Economic policy)-Developing countries. 2. Developing countries-Economic policy. 3. Debt relief -Developing countries. I. Title. ll. Series. HC59.7.L35165 1993 338.9'009172'4-dc20 92-47353 CIP To Jackie, Katherine and Julia Contents List of Tables viii List of Acronyms X Acknowledgements xii 1 Introduction: Strategic Bargaining and Economic Adjustment in the Third World 1 2 Strategic Priorities of the International Creditor Regime 30 3 The State and Economic Adjustment Strategies 64 4 The State and Debt Management Strategies 119 5 The State's Distributive Policies Under Indebted Development 167 Conclusions: The Process of Indebted Development 206 Index 217 vii List of Tables 1.1 Domestic Economic Indicators, 1974-93 18 1.2 Foreign Economic Indicators, 1974-93 19 1.3 External Debt Indicators, 1974-93 20 1.4 External Debt for Brazil, Kenya and Zimbabwe, 1985-92 23 1.5 External Debt for Brazil, Kenya, and Zimbabwe, 1985-92 23 1.6 Debt Service Payments for Brazil, Kenya and Zimbabwe, 1985-92 23 1.7 Source of Foreign Loans by Type of Creditors for Brazil, Kenya, and Zimbabwe, 1985-92 24 2.1 Debt Indicators for the Baker 15, 1985-88 38 2.2 Commercial Bank Provisioning 43 2.3 Net Resource Transfers, 1985-1988 48 3.1 Origins of Gross Domestic Product in Kenya, 1985, 1990 74 3.2 Kenya's Trade Balance, 1985-1992 76 3.3 Trend of Gross Domestic Product of Kenya, 1985-1992 77 3.4 Zimbabwe's Trade Balance, 1985-1992 91 3.5 Trend of Gross Domestic Product of Zimbabwe, 1985-1992 92 3.6 Brazil's Inflation Rate, 1985-1992 102 3.7 Trend of Gross Domestic Product of Brazil, 1985-1992 108 3.8 Brazil's Trade Balance, 1985-1992 108 4.1 Kenya's Total External Debt by Creditor, 1985-1992 122 4.2 Kenya's Debt Ratios, 1985-1992 122 4.3 Kenya's Debt Service Indicators, 1985-1992 123 4.4 Zimbabwe's Total External Debt by Creditor, 1985-1992 131 4.5 Zimbabwe's Debt Ratios, 1985-1992 132 viii List of Tables ix 4.6 Zimbabwe's Debt Service Indicators, 1985-1992 133 4.7 Brazil's Total External Debt by Creditor, 1985-1992 140 4.8 Brazil's Debt Ratios, 1985-1992 140 4.9 Brazil's Debt Service Indicators, 1985-1992 142 5.1 Sectoral Distribution of External Loans Guaranteed by Kenya, 1977-1983 175 5.2 Expenditure by Function of Kenya's Central Government, 1970-1989 178 5.3 Subsidies in the Zimbabwe Economy, 1980/81- 1984/85, 1989/90-1991/92 182 5.4 Public Sector Investment Program Expenditures, 1980-84, 1990 183 5.5 Expenditure by Function of Zimbabwe's Central Government, 1982-1989 188 5.6 Expenditure by Function of Brazil's Central Government, 1975-1989 200 List of Acronyms AMA Agricultural Marketing Authority ATRR Allocated Transfer Risk Reserve CGT General Workers' Central CUT Central Workers' Union CZI Confederation of Zimbabwe Industry DFCK Development Finance Company of Kenya ESAF Enhanced Structural Adjustment Facility FIC Foreign Investment Committee FORD Forum for the Restoration of Democracy ICDC Industrial and Commercial Development Corporation ICERC Inter-agency Country Exposure Risk Committee ICO International Coffee Organization IDA International Development Association IFI International Financial Institutions IMF International Monetary Fund IPC Investment Promotion Center lSI Import -Substituting Industrialization KANU Kenya African National Union LffiOR London Inter-Bank Offered Rate MIGA Multilateral Investment Guarantee Agency MYRA Multi-year Restructuring Agreement NIC Newly Industrializing Country OGIL Open General Import Licensing PFL Liberal Front Party PMDB Brazilian Democratic Movement Party PSIP Public Sector Investment Program PTA Preferential Trade Area OAU Organization of African Unity OPIC Overseas Private Investment Corporation SAF Structural Adjustment Facility X
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