The documentary Life and Debt represents a concrete example of the impact that economic globalization can have on a developing country. Whenever I thought about Jamaica, I just thought of it as a tropical, beachy vibe and tourist destination. I've never taken the time to think about what life might be like for those who live there year-round, and especially those who aren't involved in the tourism industry. The documentary shows Jamaica in a different light, showing a pressing debt problem. The daily survival of many Jamaicans relies on the economic decisions of the United States and other powerful foreign countries. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original Essay In the 1970s, the country's former prime minister signed a loan agreement that ultimately put Jamaica in more than four billion dollars of debt to the World Bank and IMF. Key to its success was a long-term development plan that could prioritize native infrastructure and resources. But the IMF was not interested in the long term. Calling for short-term debt repayment, they insisted that costs be cut in exactly those sectors that could support long-term development: education, healthcare and indigenous production, largely based on agriculture, for the export market. Not only should Jamaica tighten its belt, but it should also open its doors to foreign imports by eliminating all protectionist regulations that favored local industry and agriculture. agriculture. In the documentary, workers working gruesome hours six days a week receive the legal minimum wage of just $30 in US money for the entire week. Many women protested against poor compensation and were fired from their jobs; being placed on a blacklist that prevents them from getting work again. The country's ports are lined with factories of high-profile companies, such as McDonalds and Burger King. With these economic and political foundations in place, the documentary then proceeds to examine various sectors of the economy that have fallen victim to “globalization.” It begins with a trip to the countryside where local farmers explain how imports of potatoes, onions and carrots from the United States have put them out of business. In the agricultural villages that once provided a livelihood for virtually every family, today there is nothing but unplowed fields and abandoned houses. We also learn that the local dairy industry has been destroyed by the import of milk powder from the United States. Jamaican dairymen, who lived prosperous lives and provided work for their countrymen, show us the abandoned stables that cows once occupied. Most of these animals were sold to slaughterhouses at a loss years ago. They also explain that it would be virtually impossible to restart the dairy industry if the price of milk powder were to skyrocket. What is promoted by the neoliberal regime is not development but dependency. Remember: this is just an example. Get a custom paper from our expert writers now. Get a custom essay The International Monetary Fund assumes that the combination of rising interest rates and cuts in government spending will shift resources from domestic consumption to private investment. It is also assumed that keeping the price of labor low will provide an incentive to increase employment and production. Increase in unemployment, widespread corruption, increase in illiteracy, increase in violence, costs.