How the IMF, World Bank, etc. impoverish the Third 
World

"Life and Debt"
Stephanie Black, Director
Tuff Gong Pictures (2001)

Based on the Jamaica Kincaid book "A Small Place", 
Life and Debt traces the history of neo-
colonialism in Jamaica, placing the blame for the 
country's poverty and dependence squarely on the 
shoulders of the international finance 
capitalists. MIM recommends this film for it's 
uncompromising portrayal of the effects of IMF, 
Inter-American Development Bank and World Bank 
"aid" on the majority of the world's people. 

Jamaica gained independence from England in 1962, 
but was left with an unsustainable economy and a 
global political climate that offered few 
alternatives to economic "aid" from international 
finance capitalists. Faced with the oil crisis of 
the 1970s and an inability to finance even basic 
needs in the country, Jamaica's government turned 
to the IMF for loans. But these loans come with 
conditions which strictly control the economy of 
the recipient country. They include economic 
regulations as well as restrictions on spending 
for social services. Consistently, the result of 
this "aid" is further impoverishment and 
dependence on foreign capital for the recipient 
countries. One important IMF condition is the 
requirement that countries receiving "aid" remove 
"artificial" trade barriers. This means they have 
to let in other countries exports without 
restriction. Meanwhile, countries like the United 
$tates subsidize exports, making it cheaper to buy 
imported food than it is to buy native grown 
crops. These policies have destroyed much of the 
agricultural economy in countries like Jamaica. 

The movie describes in detail the huge subsidies 
the United $tates gives to its milk farmers. In 
1992, Jamaica was forced to remove its import 
taxes on milk solids and stop subsidizing local 
milk industries. This meant that importing milk 
became cheaper than buying it locally. By 1993 
millions of gallons of unpasteurized local milk 
had to be dumped many local dairy farmers were put 
entirely out of business. Another example of 
international finance capitalists working together 
to destroy the economies of developing countries 
is the banana industry. Chiquita and Dole 
currently control the vast majority of the banana 
market in the world. But as a former colony, 
Jamaica was given preferential import treatment 
from the British allowing for tax-free imports to 
England. This allows Jamaica to continue a 
profitable banana industry. The U.$. (working for 
the interests of the Amerikan owned corporations) 
is lobbying the World Trade Organization to 
destroy this guaranteed market and force Jamaica 
to compete with the U.$. companies which produce 
bananas on a larger (and cheaper) scale in Latin 
America (where labor conditions are so bad that 
striking workers are forced back to work at gun 
point). MIM's platform includes demands we think 
possible under capitalism that will eliminate the 
ability of international finance capitalists to 
destroy the economy of oppressed nations. This 
includes the elimination of international currency 
speculation by tying exchange rates to a standard 
basket of goods. Life and Debt also described the 
"Free Trade Zones" in Jamaica where workers sew 
six days a week for about $30/week, producing 
clothing for Amerikan companies like Tommy 
Hilfiger and Haines. The factories there are 
entirely tax-free, so the Jamaican economy does 
not benefit from their existence. An important 
point to take from this film is the existence of 
the national bourgeoisie in oppressed nations. 

Many of the people interviewed in "Life and Debt" 
are farm or factory owners. They talk very clearly 
of the imperialists who have destroyed their 
business. Even former Jamaican Prime Minister 
Michael Manley speaks for the national 
bourgeoisie, describing the devastating effects of 
IMF loans. The national bourgeoisie is a potential 
ally of the international proletariat. This 
alliance has successfully been used in revolutions 
in China and elsewhere to overthrow the 
imperialists and gain independence. To proceed 
from there to a truly self-sufficient economy it 
is essential that the communists lead the united 
front, otherwise the national bourgeoisie will be 
all too happy to take power for themselves and 
take up exploiting the workers where the 
imperialists left off. And this brings up MIM's 
main criticism of Life and Debt. While it does 
show footage of the Jamaican people rising up in 
violent protests against the effects of IMF 
austerity measures, it offers no alternative to 
the national bourgeoisie. The leadership of the 
national bourgeoisie, all that was represented in 
the film, is not enough to overthrow imperialism 
and provide the people with true self-
determination. And so the film leaves the viewer 
with a sense of the hopelessness of fighting the 
international finance capitalists. The national 
bourgeoisie has already failed in Jamaica and the 
unorganized protests in the streets have only lead 
to deaths among the people. This is why MIM 
organizes in support of Maoist revolutions 
throughout the world, which will release the 
people from of the deathgrip of debt.