Life and debt is a documentary that looks at the effects of globalization on Jamaican industry and agriculture; it examines the ways IMF and other global economic organizations like World Bank and WTO policies have changed their economy over a span of 25 years starting from 1976 (TheVideo.me). As we review the film, allegations against these organizations will be specified and the following questions will be answered; what was done? Why it was done? Who did it? And what were the consequences? 1976 is when the Jamaican economy took a down turn in their economy and money was scares.
Jamaica was forced to turn to the IMF for financial support (TheVideo.me). As we go through the contract policies that were imposed on Jamaica we will see how negatively those policies have affected them. These allegations include tremendous/unfair restrictions on what Jamaica can spend on their programs; reducing their expenses in areas such as education and health care (TheVideo.me). This restriction is no doubt detrimental to Jamaicans quality of life and social welfare. Another imposition by the IMF is the de-valuation of things mainly their currency and reduction of trade barriers; IMF claims to increase Jamaica’s exports and reduce imports they need to abide by those impositions.
Jamaica being a small country IMF claims it could not thrive by producing for itself (TheVideo.me). Unfortunately that was not the case, with agricultural imports along with powdered milk, coming in from the US at cheaper prices has negatively affected the local industry/farmers. Any food product you eat there has come off a ship from Miami. Major local markets in food that have been eliminated are carrots, potatoes, peanuts, milk and bananas.
The fact that they’re not able to produce and sell in their own country is not only an insult to Jamaican farmer’s dignity but a diminishing factor to Jamaican culture (TheVideo.me). You start to discover the true motive behind the IMF’s implemented policies; to benefit the more developed vs. underdeveloped countries.