Video Analysis : Life And Debt

1284 Words6 Pages
Video Analysis: Life and Debt A. Summarize: Life & Debt focuses on the stories of individuals residing in Jamaica whose survival is solely based and determined by United States and other European countries, IMF to be more specific. The movie Life and Debt discusses the effect of globalization on Jamaica. It elaborates and portrays to the viewer the Global Inequality Jamaica faces. The movie first explains the inequality of finance. International Monetary Fund sanctioned a loan in 1976 in order to aid Jamaica to flourish as a developed nation. The president at the time intended on having a long term plan that would embellish the Jamaican economy; however, rather than being an aid for Jamaicans the loan transformed into a curse. Since the loan was sanctioned, Jamaica had to devalue its currency devaluation, diminish imports, and lower wages. The goal of the International Monetary fund is to reduce inflation by loan repayments. By devaluing currency and the price of imports it caused the nation to go in debt and had a much more severe effect on the residents. Consider this, a twenty-dollar bill is equivalent to hundreds of Jamaican dollars. In order to pay the IMF, the nation had to cut back on spending. Hence why there are basic schools and no new hospital has been established. The loan took a toll on Jamaica’s healthcare and education system. Debt is constantly rising because the exports around the world are decreasing and imports are increasing. In Life and Debt it
Open Document