Description: What would happen if the world's debt disappeared? It’s often said that money makes the world go round – so what would happen if there was no money left? Would
video (50872) headlines (21498) world news (21468) worldnews (20541) sign up and share your playlists (20518) videos and editable pages for news (20515) world debt (2) world debt breaking news (2)
The debt of developing countries refers to the external debt incurred by governments of developing countries , generally in quantities beyond the governments' ability to repay. "Unpayable debt" is external debt with interest that exceeds what the country's politicians think they can collect from taxpayers, based on the nation's gross domestic product , thus preventing it from ever being repaid. The causes of debt are a result of many factors.
Some of the current levels of debt were amassed following the 1973 oil crisis . Increases in oil prices forced many poorer nations' governments to borrow heavily to purchase politically essential supplies. At the same time, OPEC funds deposited in western banks provided a ready source of funds for loans. While a proportion of borrowed funds went towards infrastructure and economic development financed by central governments, a proportion was lost to corruption and about one-fifth was spent on arms.
This video was made possible by our Patreon community! ❤️ See new videos early, participate in exclusive Q&As, and more! ➡️ https://www.patreon.com/EconomicsExplained Is the global debt of over $300 trillion really a problem? And does debt for the global economy work in a different way from debt on an individual level? In this video we'll explain who holds all the debt that countries and businesses owe, and whether this will be a big problem in the near future. ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ The Economic Explain