Equal or even exceed the amount of annual interest owed on the external debt. Some observers

question why the IACs should be concerned with the developing countries’ external debts so long

As those countries continue to arm themselves excessively and often extravagantly and to expend

Major domestic resources on defense.

Vocabulary Notes to Text 11.7.1.3

Prevent... from developing — препятствовать развитию

Debt-burdened countries — страны, отягощенные долгами

Have had to write off — пришлось списывать долги по кредитам

11.7.1.4. Read the text “Property Rights and Economic Development.” Explain how you understand

The highlighted phrase.

Property Rights and Economic Development

If you were in a country where bank accounts and business were periodically expropriated by

The government, how willing would you be to leave your money in a savings account or to invest in

a business? Periodic expropriation of private property rarely occurs in developed countries. It has

Occurred in numerous developing countries, however. For example, private property was once nationalized

In Chile and still is in Cuba. In some cases, former owners are compensated, but rarely

For the full value of the property taken over by the state.

Empirically we have seen that, other things being equal, the more certain private property rights