"In many poor countries over half the manufacturing assets are owned or controlled by foreign companies. Even in instances when the multinationals have only a minority interest, they often retain a veto control. Even when the host nation owns the enterprise in its entirety, the multinationals will enjoy benefits through their near-monopoly of technology and international marketing. Such is the case with oil, an industry in which the giant companies own only about 38 percent of the world's crude petroleum production but control almost all the refining capacity and distribution.

Given these disadvantageous trade and investment relations, Third World nations have found it expedient to borrow heavily from Western banks and from the International Monetary Fund (IMF), which is controlled by the United States and other Western member-nations. By the 1990s, the Third World debt was approaching $2 trillion, and unpayable sum. The greater a nation's debt, the greater the pressure to borrow still more to meet deficits – often at still higher interest rates and on tighter payment terms.

An increasingly large portion of the earnings of indebted nations goes to servicing the debt, leaving still less for domestic consumption. The debts of some nations have grown so enormous that the interest accumulates faster than payments can be met. The debt develops a self-feeding momentum of its own, consuming more and more of the debtor nation's wealth."

• Michael Parenti, Against Empire

"the landlords, like all other men, love to reap where they never sowed and demand a rent even for its natural produce.” - Adam Smith, The Wealth of Nations