Life And Debt Summary

Life and Debt, a documentary directed by Stephanie Black in 2001, highlighted the alarmingly negative impacts of economic and political globalization on Jamaica. The film discussed the consequences of the structural adjustment policies imposed by the Bretton Woods Institutions on Jamaica. Such policies were tied to the international spread of embedded liberalism and neoliberalism; both of the concepts were referenced in the textbook. After the late 1970s, a theory that economic growth is the result reducing government spending, opening up markets to free trade, and privatization arose. This idea of neoliberalism is the basis of the conditions imposed in the SAP. In a world where barriers are decreasing to allow for the spread of ideas, we find our interconnected world increasingly spreading and prioritizing ideas of free trade and the unrestricted flow of capital. I present the perspective that this has lead to vast disparities between the rich and the poor, not just within a nation, but also between different countries of the globe. Some countries became increasingly privileged and benefitted

Upon closer examination and analysis of the social and economic conditions in the country, we were able to clearly grasp the consequences of the SAPs imposed by the Bretton Woods Institutions, specifically, the World Bank and the IMF. SAPs were explicitly designed for countries that are unable to meet debt obligations. In order for Jamaica to obtain loans to relieve their economic crises, they must implement certain policies in their country, as explained in the documentary. The policies set by the World Bank and IMF included a reduction on public sector spending, devaluation of currency, deregulation and privatization, and trade liberalization, all of which, as we will see in the following cases, made a harmful impact on the quality of life of Jamaican