List and discuss the benefits and harms of writing off debts owed by developing nations
What will be an ideal response?
Benefits of writing off debts: Money would not be transferred from the developing countries to the developed countries. There will be less of a focus on growing cash crops for export, the pressure to exploit natural resources will be reduced, and funds for schools, health care, police protection, and so on will no longer need to be eliminated to pay off the debts.
Harms of writing off debts: Those that diverted money from the original loans will have succeeded in keeping the money. (This money was stolen from the public coffers.)
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