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Notes on Life and Debt

Notes on Life and Debt.

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Notes on Life and Debt

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  1. Notes on Life and Debt • This film is a beautiful, lush and powerful documentary, but it has to be approached critically. In my view, the strength of the documentary is in setting the viewer on a path to wanting to know more. The outcome of a search for better truths about poverty in Jamaica will take the viewer far away from the documentary Class notes: Michael Kevane, Dept. of Economics, Santa Clara University,mkevane@scu.edu

  2. The (implicit) argument of the documentary • Jamaica was relatively self-sufficient after independence, and had a thriving small farm sector • Agreements with international financial institutions ‘forced’ the country to open up its markets to imports from the U.S. • These imports- of potatoes and onion and powdered milk destroyed local farming • What’s worse, prices will go back up once domestic industry is ‘destroyed’ Class notes: Michael Kevane, Dept. of Economics, Santa Clara University,mkevane@scu.edu

  3. The argument (continued) • Moreover, the IMF lent money at high interest rates, and demanded that the government lend to farmers at high interest rates instead of the previous low interest rates. • The United States destroyed the Jamaican banana industry by insisting that bananas from Central America enter the European market on the same terms as Caribbean and African bananas Class notes: Michael Kevane, Dept. of Economics, Santa Clara University,mkevane@scu.edu

  4. The argument (continued) • The government received a large loan for a free-trade zone, that is now empty • In this free trade zone, government regulations were completely absent (contradicted in very next scene showing woman complaining about high taxes on her paycheck) • Government does not respect right to organize • NAFTA hurts Jamaica, since low wage jobs are ‘taken’ to Mexico Class notes: Michael Kevane, Dept. of Economics, Santa Clara University,mkevane@scu.edu

  5. Questions raised…. • Is Jamaica getting poorer because of IMF programs? • Are Jamaica’s poor getting poorer because of IMF programs? • Did Jamaica not have any adjustment plan for farmers following liberalization? • Did consumers benefit from liberalization? • Are prices rising after liberalization? Class notes: Michael Kevane, Dept. of Economics, Santa Clara University,mkevane@scu.edu

  6. Questions not raised... • Role of drug trade and marijuana production in escalating violence on the island • Role of Jamaican migrants to the U.S. and remittance income • Policies and corruption of Jamaican governments • Tourism industry expansion, wages, and ownership, and policy regarding tourism (esp. environment) Class notes: Michael Kevane, Dept. of Economics, Santa Clara University,mkevane@scu.edu

  7. Class notes: Michael Kevane, Dept. of Economics, Santa Clara University,mkevane@scu.edu

  8. Class notes: Michael Kevane, Dept. of Economics, Santa Clara University,mkevane@scu.edu

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