The Power of Debt

Debt has come to be the central issue of international politics, but nobody seems to know exactly what it is or how to think about it. Third world debtor nations are almost exclusively countries that have at one time been attacked and conquered by european countries - often the very countries to whom they now owe money. In 18 95, for example, france invaded madagascar, disbanded the government of then queen ranavalona the third and declared the country a french colony. One of the first things general galieni did after pacification was to impose heavy taxes on the malagasse population in part so they could reimburse the costs of having been invaded.