The debt and austerity cycle. UK unemployment 1922- 1960.
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Transcript of The debt and austerity cycle. UK unemployment 1922- 1960.
![Page 1: The debt and austerity cycle. UK unemployment 1922- 1960.](https://reader035.fdocuments.us/reader035/viewer/2022062716/56649dc45503460f94ab7559/html5/thumbnails/1.jpg)
The debt and austerity cycle
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UK unemployment 1922-1960
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Economic growth per person, per year, 1980-
2000
-2
-1
0
1
2
3
4
5
Africa Latin America Asia
Per
cen
t
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Bailouts and austerityExternal debt in the global South
05
1015202530354045
1970
1972
1974
1976
1978
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
Year
Ext
ern
al d
ebt
as a
per
cen
t o
f G
DP
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Impacts: In 1980s
Latin America
Population living in poverty increased from 144 million to 211 million
Africa
Population living in extreme poverty increased from 205 million to 330 million
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Zambia
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Zambia
0
2
4
6
8
10
12
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
$ b
illi
on
External debt
GDP
“Zambia has implemented government expenditure reduction which as been virtually unmatched in Africa.”IMF and World Bank, 1990s
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Zambia
In the 1990s, for every £1 spent on healthcare, £2 was spent on paying debts.
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Zambia
In the 1990s, for every £1 spent on healthcare, £2 was spent on paying debts.
In 1980, 8 out of 10 children were enrolled in primary school. By 2000 it was 7 out of 10.
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Zambia
In the 1990s, for every £1 spent on healthcare, £2 was spent on paying debts.
In 1980, 8 out of 10 children were enrolled in primary school. By 2000 it was 7 out of 10.
In 1980, 3 out of 10 people did not get enough to eat everyday. By 2000 it was 4 out of 10.
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Argentina
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Argentina
Argentina size of economy, 1990-2011 (1990=100). Source: World Bank database
0
50
100
150
200
250
300
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
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Argentina
Percentage of population living on less than $2 a day (1991-2010). Source: World Bank database
0
5
10
15
20
25
1991
1993
1995
1997
1999
2001
2003
2005
2007
2009
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First world debt crisis
-4.00
-3.00
-2.00
-1.00
0.00
1.00
2.00
3.00
4.0019
80
1983
1986
1989
1992
1995
1998
2001
2004
2007
2010
Per
cen
t o
f w
orl
d G
DP
Current accountsurpluses
Current accountdeficits
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What caused debt crisis?
-10
-8
-6
-4
-2
0
2
4
6
8
2004 2005 2006 2007
Year
Go
vern
men
t d
efic
it,
per
cen
t o
f G
DP
Germany
Greece
Iceland
Ireland
Japan
Spain
UK
Crisis countries: Greece, Japan, UK, Germany
Safe countries: Iceland, Spain, Ireland
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What caused debt crisis?
Crisis countries: Iceland, Greece, Spain, Ireland, UK
Safe countries: Germany, Japan
-30
-25
-20
-15
-10
-5
0
5
10
2004 2005 2006 2007
Year
Cu
rren
t ac
cou
nt
def
icit
, p
er
cen
t o
f G
DP
Germany
Greece
Iceland
Ireland
Japan
Spain
UK
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Unemployment
0
5
10
15
20
25
30
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Per
cen
t
Spain
Greece
Ireland
UK
Iceland
Germany
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1948 - 1972 1972 - 2008
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1948 - 1972 1972 - 2008
Banking crises
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1948 - 1972 1972 - 2008
Banking crises
0.1 a year 2.6 a year
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1948 - 1972 1972 - 2008
Banking crises
0.1 a year 2.6 a year
Government defaults
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1948 - 1972 1972 - 2008
Banking crises
0.1 a year 2.6 a year
Government defaults
0.2 a year 4 a year
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1948 - 1972 1972 - 2008
Banking crises
0.1 a year 2.6 a year
Government defaults
0.2 a year 4 a year
Economic growth per person
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1948 - 1972 1972 - 2008
Banking crises
0.1 a year 2.6 a year
Government defaults
0.2 a year 4 a year
Economic growth per person
2.8 per cent 1.8 per cent