It looks like the UK is going to forgive all Third World debt! This is an enormous step forward in relieving suffering in the Third World. Most of those nations have plentiful natural resources that can be used to build wealth and health, if only they could achieve a baseline of economic stability. Right now, for example:
Aside from other nations being persuaded to do the same as the UK, the ongoing problem is going to be the ownership of the natural resources that will allow the Third World to create its own solutions to their current problems. Due to historic colonialism and empire-building, the resources of many of these countries are owned or are exclusively licensed by foreign companies, with the lion's share of the profits generated from them flowing to foreign coffers.
Seen in this light, the UK's debt relief may be as much prudent domestic economics as it is a humanitarian thing to do. If BP et al can now operate in a more stable environment, isn't that good for the UK?
Regardless of this cynicism, Gordon Brown's actions on this issue should be a guiding light to Japan, Germany, Italy, and -- in particular, the US. It's time for all of them to step up.
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