Life and Debt by Stephanie Black

Life and Debt by Stephanie Black

Film Background

Life and Debt by Stephanie Black is a documentary that describes the current impacts of IMF on Jamaica’s economy. The International Monetary Fund is an International organization developed in 1945 to purposely help in stabilizing nations’ currencies and help in monitoring the balance of payments, however, currently their creation purposes are acting as a mediator between developed countries and developing and undeveloped nations to help in solving debt issues; primarily the organization works to fight cases of inflation in less developed nations and correcting many supply-side policies such as eliminating minimum wage as a way of boosting employment. The film clearly provides a true narrative of what globalization has done to other nations in terms of economic levels. While to some, the contribution of IMF would be perceived to be helpful to the less developed country it has turned to affect worse. The film which relies on the interviews from Jamaica’s previous Prime Minister and other radical economists Michael Witter, the film’s major star is the country’s farmers and the nation’s working population.

Different economic factors of the country can further illustrate the economic impact of globalization. This would all examined from farmers who explained how potato, carrots, and onions imports from the United States had put them out of business. The country’s farming villagers that were formerly provided livelihoods to virtually every family, there is nothing but unplowed fields and abandoned houses nowadays. The significance of the film is an illustration meant not only to educate or be of education to the whole world but also intended to present various historical grounds of the development of the IMF. History forms the purpose of future decisions. It would be defined that IMF policies, the World Bank, and other aid firms have managed to change Jamaica’s economy over the past 25 years. On the economist, this would also help understand the nature of lending provided by IMF and how it contributed to the falloff Jamaica’s economy. This is because the organization offered Jamaica short term loans, which attracted high-interest rates and restricted the usage of funds. This highly limited possible expansion and the possible growth of the country’s key sectors.

Economy

Life and Debt by Stephanie Black is a documentary that describes the current impacts of IMF on Jamaica’s economy. The International Monetary Fund is an International organization developed in 1945 to purposely help in stabilizing nations’ currencies and help in monitoring the balance of payments, however, currently their creation purposes are acting as a mediator between developed countries and developing and undeveloped nations to help in solving debt issues; primarily the organization works to fight cases of inflation in less developed nations and correcting many supply-side policies such as eliminating minimum wage as a way of boosting employment. The film Life and Debt is definite portration of a true scenario of the effect economic globalization can have on the developing nations. When of most of the Americans think of Jamaica, the audience thinks of the beautiful beaches, warm environment, and friendly individuals that make the country an excellent place to be. The movie clearly shows Jamaica as a location of a different light, having shown a pressuring problem of debt. The everyday survival of most Jamaicans is grounded on the economic decisions of the USA and other powerful foreign nations.

A story running to the 1970s, the present time’s prime minster signed a loan agreement a loan that ultimately led Jamaica to more than four billion dollars in debt to the World Bank and International Money Funds. According to the IMF’s policies, the entity wasn’t interested in the long term. This led to a demand for short term period of repaying their debt which attracted high interest rates. Further , in inefficiency of such loans was experienced from the fact that they limited the laons ot the key sectors of education health and devellopemnt. Not only Jamaica would have to strengthen their belt , but also had to open up its doors to foreign imports primary by removing all protectionists rules which had previous favored its local industrial sector and farming. The film is a clear illustration of how economy affected the Jamaicans. In the wider perspective the film did express that the nature of the country to removes its import restrictions , lead to the sinking of its economy having enabled importation of low valued imports and sweatshops which destroyed the local businesses and the country’s agriculture.

As much as the film teds to illustrate the harsh indictment, it further provides a persuasive environment. The economic grounds affecting Jamaica as from the fi would as well be evident from how powdered milk from America has negatively contributed to the fall of Jamaica’s dairy sector. It would demonstrate that the importation of powdered milk which was bought from subsidized American air farmers would all be dumbed at a loss a factor that affected the Jamaica’s fresh milk industry , further the film would express how the Chiquita-Dole-Del Monte forces negatively affected Jamaica’s bananas . The effects brought by the importation of powered milk led to most of the Jamaican animals being sold to slaughterhouses at a loss for years. It would be further be explained that it was virtually impossible for the country to restart the dairy sector in case price of powdered milk would ever plan to shot up.

Further the falloff Jamaica’s economy would be contributed by IMF’s lending policies. This would be reflected from the then prime Minister Michael Mnaley who observed that as much as the organization contributed much by ending money , that was used in helping the country’s local businesses, there charges were twice to those of world rate based on their interests and forbids the nations form charging its own lenders less. From the film the fall of the country’s small business was highly contributed by the IMFs interest rate which charged small business an interest rate of 25%.

Definitely the effect of charging such high interest is determine by the already developed nation a factor which negatively effects the small or undeveloped or developing nations It would be evident from the film that the major shareholders of the voting ground of the interest were Germany , Canada, United States, Italy , Japan and England a factor that affects the nature of interest charged by IMF. This is because the nations cover almost 80% of the voters. Primarily the developing nations and economies of the 3^rd world have been deliberately suffering and destroyed and have been solemnly turned into captive markets for the rich countries. Having provided a wider view on the effects of IMF policies in Jamaica, the film has further provided key approaches that can be adopted to restrain the economy. The film suggests that Jamaica should establish “free ones” fenced in manufacturing regions in which workers would be paid $30 weekly to assemble goods.

Film Illustration on globalization

The film provides a true narrative of what globalization has done to other nations in terms of economic levels. While to some the contribution of IMF would be perceived to be helpful to less developed nation it has turned to affect worse. The film which relies on the interviews from Jamaica’s previous Prime Minister and other radical economists Michael Witter , the film’s major star are the country’s farmers and the nation’s working population. Th economic impact of globalization can be further illustrated from different economic factors of the country. This would all examined from farers who explained how potato , carrots and onions imports from the United States have put the out of business.

mode of production and

Life and debt are a large-scale form of production having being developed form a large studio. The nature of production would also be considered to be a large one having been covered a broad aspect which is not only affecting the world as a whole. The life and debt primary set a scene on how the audience would visualize Jamaica as an American and goes ahead to illustrate the contrasting views of the Jamaica’s population. For instance, the voice over illustrates how most of the Americans tourists feel rich on exchanging money on the fact their American dollars go for many Jamaican dollars due to high inflation rates factor which causes their currency be valued so little. On the entire documentary, the film’s directors objective is showing what post-colonial Jamaica I has turned to be since the IMF give them loans and what the country’s citizens have had to sacrifice in the process.

importance of this cinema

The film is economically meant to be educative and provide an historical ground on the use and the significance of IMF. From the historical perspective, it would be presented that IMF was intentionally used to be supportive to the less developed nation. However, I think the film provides wider perspective way IMF is yet to fulfill its expected objectives. Other than helping he less developed nation it has been negatively used to exploit them.

It’s my believe and understanding that learning is a process and it’s important for the film to be of immediacy and be archived on the basis of information and significant it has on the less developed nations. While it would be argued that economic prosperity of less developed nations can be enhanced by having a close connection and enhancing trade among other nations mostly with the developed nation , this has not portrayed to be of positive impact to the Jamaicans. The need to help the country as demonstrated by the IMF was ill designed. From its prior periods, the present Prime Minister was forced to signed a contract which was ament to help the country’s small businesses with the objective of helping them but the reality was different. With a percent interests’ rate of 25% on the small business sectors was not primary meant to help the small sectors but to exploit them.

The significance of the film is n illustration meant not only to educate or be of education to the whole world but also meant to present various historical grounds of the development of IMF. History forms the purpose of future decisions. It would be defined that IMF policies , the World Bank and other aid firms have managed to change the Jamaica’s economy over the past 25 years. On the economist this would also be helpful in understanding the nature of lending provided by IMF and how it contributed to the falloff Jamaica’s economy. This is considering the fact that the organization offered Jamaica short term loans which attracted high interest rates and restricted the usage of funds. This highly limited possible expansion and possible growth of the country’s key sectors.

As much as the film tends to largely rely on the negative impact IMF and other funding organization brought to the Jamaicans, it further lays the possible ways through which Jamaica has managed to recover from its economic down fall. It’s base of understanding various economic changes of different nations an affected by the International funding’s.

For the purpose of understanding the economic history of Jamaicans, understanding the historical backgrounds of IMF in the contribution to the economic grounds of Jamaicans and the contribution of Europe and the United States’ contribution to Jamaica its crucial to archive the film. This should not only be effective to the affected countries but also a future reference.

Conclusion

Life and debt are a large-scale form of production having being developed form a large studio. The nature of production would also be considered to be a large one having been covered a broad aspect which is not only affecting the world as a whole. The life and debt primary set a scene on how the audience would visualize Jamaica as an American and goes ahead to illustrate the contrasting views of the Jamaica’s population. For instance, the voice over illustrates how most of the Americans tourists feel rich on exchanging money on the fact their American dollars go for many Jamaican dollars due to high inflation rates factor which causes their currency be valued so little.

On the entire documentary, the film’s directors objective is showing what post-colonial Jamaica I has turned to be since the IMF give them loans and what the country’s citizens have had to sacrifice in the process. The significance of the film is an illustration meant not only to educate or be of education to the whole world but also meant to present various historical grounds of the development of IMF. History forms the purpose of future decisions. It would be defined that IMF policies , the World Bank and other aid firms have managed to change the Jamaica’s economy over the past 25 years. On the economist this would also be helpful in understanding the nature of lending provided by IMF and how it contributed to the falloff Jamaica’s economy. This is considering the fact that the organization offered Jamaica short term loans which attracted high interest rates and restricted the usage of funds. This highly limited possible expansion and possible growth of the country’s key sectors.

Reflection

Life and debt as a documentary it widely focus on the impact of the IMF on the Jamaica’s economy. From its basis it is believed that IMf has caused more harm that benefits to the Jamaican states . the film tries to feature various views from the country’s previous prime minsters and fully portraying the effect of economic globalization on a developing nation. When everybody thinks of Jamaica as a state, what can be reflected of the country is a place of beautiful sceneries and a place of good beaches and attractions. The film tends to show he place in a different way , having showed a pressuring issue of debt. From the film it would be evident that the day to day survival of the Jamaicans relies on the economic decisions of the United States and other powerful foreign nations . the film as well tends to show the ignorance of tourists travelling to Jamaica for their own enjoyment and satisfaction. The film is just a justification of trying you provide that the tourist through Jamaica Kincaid’s description, only would recognize the country’s beauty as it develops a harsher reality of the natives. Defiantly it can be argued that the natives are not really interested to the tourists who have only been in the country for enjoyment. The Europe and The United States only took advantage of the Jamaicans by developing a trade system as channels of extracting money for their own benefits. Mostly, the audience tends to neglect the negative impacts America and Europe have had on the country and only focus on what we are interested on.

Without the visual of mispresenting the value of IMF, it can be demonstrated that the organizations caused more problems. A weakness expressed from the documentary is based on the fact that it tries to only focus on one view point of struggling labor worker. The film has not evident showed the background scenes of gang problems and drug trafficking.