TY - JOUR AU - Bendesky, León PY - 1998/10/01 Y2 - 2024/03/28 TI - External debt: market and conflict JF - Brazilian Journal of Political Economy JA - BJPE VL - 8 IS - 4 SE - DO - 10.1590/0101-31571988-4039 UR - https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/1112 SP - 526-534 AB - <p>This essay suggests that the external debt of the Latin-American countries should<br />be considered as a form of conflict. This means that the confrontation of relative powers<br />has to be acknowledged. As a conflict, it turns into a process in which the relations of creditors<br />and debtors develop through the establishment of different strategies. Conventional<br />treatment · of external indebtedness takes it as a problem and searches for its solution. As<br />such, its nature tends ultimately to be considered as a market phenomenon. Technical and<br />administrative measures are then proposed to cope with the “debt crisis •. But in fact, negotiation<br />becomes the main characteristic of the conflict. A situation of financial deterrence is<br />then created to prevent a rupture in international financial flows. The unequal power of the<br />participants fixes the limits of the confrontation as well as the incentives for cooperation.</p><p><strong>JEL Classification:</strong> H63; F34.</p> ER -