Examining reasons for poverty entrapment of the poor countries, Ms Sadeque says: "Over the past half century, thousands of billions of dollars of foreign aid and investment have been poured into over a hundred countries supposedly for development. It has only resulted in greater impoverishment among poor people."
She then discusses how the perpetual cycle of debt strangles the economies of the poor countries. Highlighting the consequences and effects of debt entrapment, she said after over 50 years of loan taking the South was more debt-ridden and poorer than ever before.
"The visible affluence in our cities only reflects elite monopoly and power."
Many countries were incapable of repaying their loans and neither were the masses uplifted nor had they become self-reliant, the author said. In a comparative analysis of the might of military industrial complex with the developmental priorities, she said while the official aid given directly by one country to another can sometimes be generous, developed countries on an average devote less than one per cent of their budgets to development aid.
"It is minuscule compared to what is spent on arms and luxuries as the former Soviet Union and the USA together spent over $500 billion annually or $1.54 billion daily on their militaries and arms."
She then discusses how the perpetual cycle of debt strangles the economies of the poor countries. Highlighting the consequences and effects of debt entrapment, she said after over 50 years of loan taking the South was more debt-ridden and poorer than ever before.
"The visible affluence in our cities only reflects elite monopoly and power."
Many countries were incapable of repaying their loans and neither were the masses uplifted nor had they become self-reliant, the author said. In a comparative analysis of the might of military industrial complex with the developmental priorities, she said while the official aid given directly by one country to another can sometimes be generous, developed countries on an average devote less than one per cent of their budgets to development aid.
"It is minuscule compared to what is spent on arms and luxuries as the former Soviet Union and the USA together spent over $500 billion annually or $1.54 billion daily on their militaries and arms."