Could the New Regime of Governance have been Avoided?
The movie Life and Debt is considered to be a documentary and is centered on the economic and social condition of Jamaica. The film aims to analyze the relation of the IMF to the process of globalization. Although the modern world is impossible to imagine without globalization, this movement causes imbalance and inequality, and thus, is multi-faceted. The movie raises issues regarding world trade and the global economy. Are these implications of globalization beneficial?
The International Monetary Fund influenced the economy of Jamaica in a significant way. According to documentary work, it destroyed the industry of the country. This thesis is seen as an indictment; however, the film provides strong arguments to support this statement. The milk and banana industry is also a threat. The only solution to overcome the difficulties suggested in the documentary film is the establishment of free zones. The IMF is not seen as a source of help. It is more focused on making the countries of the third world a territory with a cheap labor force and free of market competition.
The neoliberal conditionalities aimed to manage the economic crises, however, their efforts only contributed to the increasing gap between the developing countries and the rest of the world. The process of globalization and the cooperation of the countries with the IMF are affecting the countries of the third world significantly. The IMF is beneficial for the countries that develop rapidly and cause problems for the ones that are developing. In spite of the fact that the new regime did not reach success, I do not think that there was a chance to avoid it. The programs of the IMF are created to help the countries of the third world, and it was only a matter of time when Jamaica used this possibility.
Response
The post of my college presents relevant information regarding the IMF, World Bank, and their response to the failure of SAPs in countries like Jamaica. Inequality and imbalance in the world are even more evident in the process of globalization. I suppose that the failure in the developing countries, like Jamaica, influenced the way the IMF and World Bank perceive the world. First and foremost, it should be noted that in the majority of cases, programs of IMF cause suffering to the countries of the third world and consequently lead to the destruction of the economy system and society in general. However, it should be stressed that such approaches should not be used.
The IMF should take into consideration that changes in the educational system as well as in the system of health care are pivotal and should receive the primary concern while helping developing countries. Investments in education and the creation of more workplaces will positive influence the economy of Jamaica, and, in addition, would beneficially contribute to the participation of Jamaica in global competition.