Ziying Liang- Life and Debt

In the documentary, “Life and Debt” by Stephanie Black, Former Prime Minister Michael Manley signed the Jamaican first loan agreement with IMF. The loan made Jamaica owed billions of debt. It also made the poverty of the countries get worst because what they paid out was more than what they borrowed from the world bank. They needed to devalue their currency. They also needed to make their labor wage low, so that they could increase the opportunities of employment and production. So, more foreign companies set their factories there because of the low rent, tax-free, and low labor wage, and then the “Free Trade Zone” was formed. The issue of globalization affected the economy policies in Jamaica. Because of free tax for the foreign importers, the products from foreign countries is cheaper than their local products, which brought impacts to their local markets. This documentary showed how Jamaica is struggling the poverty and debt in their lives. It also exposed how the IMF loan affect the borrower countries’ lives. I also saw that people in those developing countries feel powerless and helpless when facing their lives.

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