The Role of Debt in Global Power Dynamics

This chapter explores the concept of bad loans and odious debts in post-colonial countries, highlighting the parallels between colonialism and the global financial system. It discusses how indebted countries are forced to prioritize debt repayment due to constitutionalism and how this benefits a comprador class. The chapter also examines the role of the IMF, World Bank, and shadow banking system in exerting pressure on countries and emphasizes the need for a bankruptcy-like process for countries in debt.