Reception
Patricia Adams, executive director of Probe International (an environmental and public policy advocacy organisation in Canada), and author of Odious Debts: Loose Lending, Corruption, and the Third World's Environmental Legacy, has stated that:
by giving creditors an incentive to lend only for purposes that are transparent and of public benefit, future tyrants will lose their ability to finance their armies, and thus the war on terror and the cause of world peace will be better served.In a Policy Analysis for the Cato Institute, Patricia Adams suggested that the debts incurred by the Iraqi state during the rule of Saddam Hussein are odious, as the money borrowed was spent on weapons, instruments of repression and palaces.
A recent article by economists Seema Jayachandran and Michael Kremer has renewed interest in this topic. They propose that the idea can be used to create a new type of economic sanction to block further borrowing by dictators. (dead link) Jayachandran proposed her new recommendations November 2010 at the 10th anniversary of the Jubilee movement held at the Center for Global Development in Washington, D.C..
Read more about this topic: Odious Debt
Famous quotes containing the word reception:
“Aesthetic emotion puts man in a state favorable to the reception of erotic emotion.... Art is the accomplice of love. Take love away and there is no longer art.”
—Rémy De Gourmont (1858–1915)
“To aim to convert a man by miracles is a profanation of the soul. A true conversion, a true Christ, is now, as always, to be made by the reception of beautiful sentiments.”
—Ralph Waldo Emerson (1803–1882)
“But in the reception of metaphysical formula, all depends, as regards their actual and ulterior result, on the pre-existent qualities of that soil of human nature into which they fall—the company they find already present there, on their admission into the house of thought.”
—Walter Pater (1839–1894)