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Odious debt, odious credit, economic development, and democratization.(Odious Debts and State Corruption Conference)

I

INTRODUCTION

Consider an all-too-common story. A dictator of a poor country borrows liberally from international donors, nominally to fund development projects. Some fraction goes to development projects, but a larger share ends up in the hands of the elites who are part of the dictator's governing coalition or in the dictator's Swiss bank account. At the same time, the dictator is misgoverning the country, not undertaking health and educational expenditures that could enhance the well-being of the citizens of the country, further enriching himself and his supporters from domestic sources. As the foreign debt and the dictator's personal riches add up, it ...

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