Abstract

Observations from the Point of View of the Relationship between Economy and EthicsThe main goal of this review is not to discuss the different lectures one by one in order of appearance. In my opinion, it will be much more interesting to analyze the symposium thematically. First, I will discuss the way in which the problem of external debt as such has been presented. Secondly, I will focus on the different points of view from which the problem has been discussed. Finally, I will reflect on the different arguments that have been formulated.The problem of external debt as such was presented by Prof. Garcia . He provided a detailed factual analysis of the problem, well illustrated and presented in its different aspects. Via official figures he showed the implications of external debt for the Third World countries as well as for the First World countries. What are the economic implications for both parties? For HIPC countries, the amount of total debt is situated between 200 and 300 percent of their annual export value and between 3 and 6 times their total annual GNP. For First World countries on the other hand, the cost of debt cancellation is equal to 1/6 of the UK military budget, to one-year's expenditure on cinema in the USA, or to one-year's expenditure on chocolate in the UK.On the social level he points to the following: nowadays, payments by the southern countries, corresponding to the external debt, are four times the official development aid sent by the northern countries. As a result of these payments, public expenditure on basic goods and services for the poorest population of the world is dramatically reduced. From a political point of view this means that the poorest and most excluded people of the world are paying the price for contracted loans about which they did not have anything to say. These were decisions made by the elites and most of the time guided by bad management or even by corruption. The poorest people have never benefited from these decisions, but at present they are undergoing the consequences of the debt. Garcia also shows that the problem of external debt in the South is not a matter of private, commercial affairs, but a matter of the public sector and of social justice. This means that debts are an issue of international politics and debt reduction a matter of international political willingness