7 ms·
It's no surprise that many former colonies are on this list. Many were subjected to economic retribution from attempting to establish their sovereignty in a hos
by omegaworks 4y ago
It's no surprise that many former colonies are on this list. Many were subjected to economic retribution from attempting to establish their sovereignty in a hostile global trade environment. Many colonizers imposed enormous debts on colonies in exchange for their freedom[1]. Runaway inflation is one of the many indiscriminate tolls sanctions impose on the people of a country.
Why sell the products you produce on your farm to locals when you can ship them overseas and get dollars to exchange for medicine? Medicine that is illegal to produce in your country if your country hopes to operate in the good graces of the WTO[2].
All of this history is condensed by the author into mere "haphazard fiscal policies and civil struggles." This gallery of currencies is a stunning visceral departure point for understanding macroeconomic policy, my only wish is that it went deeper.
1. https://www.nytimes.com/2022/05/20/world/americas/haiti-history-colonized-france.html https://www.nytimes.com/2022/05/20/world/americas/haiti-hist...
2. https://www.wto.org/english/tratop_e/trips_e/pharma_ato186_e.htm https://www.wto.org/english/tratop_e/trips_e/pharma_ato186_e...
- sofixa 4y ago> Many colonizers imposed enormous debts on colonies in exchange for their freedom Which others apart from Haiti had to pay for their freedom?
- mr_toad 4y agoThe US incurred massive debts fighting the war of independence. They didn’t have to pay for their freedom in reparations, but the cost of the war did lead to massive inflation.