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The Debt Crisis: The Baker Plan Revisited

Published online by Cambridge University Press:  02 January 2018

Christine A. Bogdanowicz-Bindert
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Extract

When James Baker, US Secretary of the Treasury, took the rostrum at the IMF-World Bank annual meeting in Seoul, in October 1985, and told 9,000 delegates from 149 countries that the debt crisis could only be solved by an even closer cooperation of all parties concerned, more money from commercial banks, an enhanced role for the World Bank, and more growth in the developing world, everybody sighed with relief.

The Baker declaration was significant as it had taken three years of muddling through crises for the Reagan Administration to recognize the debt crisis for what it is: a long term economic and political barrier to development that is slowly strangling world economic growth.

Type
Research Article
Information
Journal of Interamerican Studies and World Affairs , Volume 28 , Issue 3 , Fall 1986 , pp. 33 - 46
Copyright
Copyright © University of Miami 1986

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References

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