Eurocentric Fables of International Debt and China

Abstract

The article outlines different trajectories of the international debt trap diplomacy, which uses debt as a tool to control resources and to undermine state and governments in countries outside the Westphalian outlook. The debt is not only an economic tool but also a weapon of political leverage. Developed countries use debt as tool of their economic and political agenda to dominate world economy and politics in order to pursue the project of debt led capitalist dependency as a dominant global system. The article argues that it is time to democratise rules, regulations and institutions that govern international debt to ensure egalitarian political economy of development focusing on people and the planet. It engages with alternative Chinese debt based engagement with Africa.