Review of Life and Debt (2001) by Nitin S — 08 May 2011

On watching an award winning documentary â~Life and Debtâ(TM), I am quite shocked by how IMF and World Bank has arm twisted small nations (Jamaica) for decades as they are doing to India now. It appears like no one has learnt lessons from past failures upon sudden financial deregulation and currency devaluation on 3rd world countries.

As many of you know, I have been crying foul over rampant corporatization, unregulated market centric growth which has widened the income gap to a rift and left Indiaâ(TM)s 750 million poor floundering in the shining India of the top 100 million.

Life and Debt is a very important documentary for every world citizen but especially to my Indian friends because the structural adjustment policies at the roots of this ignominy in Jamaica (as captured in Life and Debt) have striking resemblance to what has happened in India over last decade.

Just like small farmer in Jamaica is encouraged/forced by policies and international agreements to grow pepper, Indian farmer is advised to grow cash crops like cotton both unsuitable for individual circumstances.

European and American farm produce is highly subsidized while Jamaican and Indian governments are forced to remove all subsidies to their farmers and then they have to compete with European products in the open market.

There is also a parallel between exorbitant interest rates for small farm loans in India and the interest rates enforced by IMF for loans to Jamaican farmers.

In more ways than one, Jamaican farms serve as a laboratory for policies in a large country like India. Why will the policies that left Jamaica in utter poverty leave majority of Indians any different. Is it worth it? Is it worthy fattening the top 100 million at the cost flattening the bottom 750 million?

- Nitin Sonawane.