ECON 214 Christian Ethics Problem 3

Topics: Debt, World Bank, Debt relief Pages: 1 (312 words) Published: February 16, 2015
1. What is the biblical basis for the jubilee 2000’s call for the immediate canceling of the debts of all HIPCs? The biblical basis for the jubilee 2000 call for immediate cancellation of all HIPC debts is located in Leviticus 25:14 and it states, you shall not oppress one another. Debit crisis seems to be applied disproportionately on the poorest in the developing counties and the basic principles of justice and righteousness prevent us from being that oppressor. There are principles in Leviticus and throughout the bible that teach us how to handle situations if a poor person must sell their possessions and when those possessions can be return to them as well as the need to take care of those less fortunate around those. (Stapleford, 2009) 2. What conditions do you believe should accompany debt relief to developing countries? The conditions that should accompany debt relief to a developing country are that the six officials should have knowledge of what needs to be done to turn this country into a thriving country. If they lack the financial knowledge to get the country out of debt then they need to outsource a financial institution that is better suit to deal with the debt issues the country faces. Since this will be a long on-going process, they may be to institute this organization permanently. 3. Why has the application of the World Banks standard Structural Adjustment Policies been counter-productive in many developing countries?  “The timing of the policies count not been been worse because the reduction in government spending had a recessionary effect, decreasing demand and increasing unemployment rates.” This lead to raising of interest rates, the raise of imports making it more expensive for domestic producers to obtain the materials they needed. (Stapleford, 2009)

Stapleford, J. E. (2009). Bulls, Bears and Golden Calves (2nd ed.). Zondervan Publishing.

References: Stapleford, J. E. (2009). Bulls, Bears and Golden Calves (2nd ed.). Zondervan Publishing.
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