Terms from the Text
The liberalization of imports, the privatization of state industries, the full privatization of land tenure, the abolition of restrictions on currency exchange and commodity prices all fall under what umbrella?
What are new enclosures?
The IMF's intervention in 1980, after several African countries defaulted on their interest payments, marked the beginning of this major economic issue.
What is the debt crisis?
The “99%” highlights the concentration of wealth in the hands of this small fraction.
What is the 1%?
This continent’s countries were heavily affected by SAPs.
Where is Africa?
Federici argues that debt in Africa reproduces this older system of domination and exploitation.
What is colonialism?
These organizations are the two “big players” in the debt crisis.
What are the IMF and WB?
Federici believes that the debt crisis impacts this group of people the most.
What are the non-debtors?
This U.S. issue is described as a “college debtocracy” by Di Muzio and Robbins where 40 million students graduate with loans.
What is student debt?
A term that stands for the arrangement where a girl’s labor repays a family debt, sometimes making it impossible to ever fully repay.
What is a debt trap?
These programs consisted of Growth Oriented Loans in exchange for government reforms.
What are Structural Adjustment Programs or SAPs?
As a possible solution to the debt problem, Di Muzio and Robbins propose this political strategy for economic justice.
What is the Party of the 99%?
This everyday financial tool ties individuals to debt and fuels consumer culture.
What is a credit card?
Polyani called the false belief in infinite debt based growth on a finite planet this.
What is a stark utopia?
Cheap access to this resource made massive global borrowing possible.
What are fossil fuels?
Federici argues that debt in Africa had weaken these groups of people to protect capitalist interests.
What are labor unions and the working class?
National debt expanded alongside these three state functions.
What is taxation, standing armies, and bureaucracy?
This economic theory was applied in Africa and modeled after Milton Friedman’s ideas for post-Allende Chile.
What is Reaganite laissez-faireism/neoliberalism?What is a stark utopia?
Anti-IMF riots broke out in Zambia when the government stated it was going to double the price of this product, as demanded by the IMF.
What is Maize?
Federici cites this diaspora as a gold-mine for European and American capital and an economic disaster for Africa.
What is the migration of skilled workers/migrant crisis?
Advertisements encourage people to tie their identity to these.
What are commodities/possessions?