Originally published in Inequality.org.
Amidst a succession of financial shocks, the Middle East war being only the most recent, developing countries’ debt levels are alarmingly high and continuing to rise. These burdens make it even more difficult for governments in the Global South to meet the basic needs of their populations. And because the world is inter-connected through international trade and financial markets, these developing country debts boomerang back to harm ordinary people in the United States and other advanced economies as well.
To effectively address this growing crisis, we need to recognize that the debt landscape is very different today than it was in the late 1990s/early 2000s, when global…