External borrowing is one of the major tendencies in the world economy as from the eighteenth century to present time. The regime and the models of capital accumulation both in the core and the peripheral econonies are the decisive factors in the analysis of the external borrowing. In this paper at first the external borrowing during the period of colonialism and imperialism is emphasized by making reference to Lenins theory of imperialism. Second emphasis is on the period following the Second World War during which the foreign loan is considered as an international aid contributing to the economic development and the concerned theoretical models. This period as well as the policies bringing a heavy debt burden on the peripheral economies are ended by the Latin American foreign debt crisis that occured in the early 1980s. Finally the role played by the foreign finance/borrowing as well as the fragilities due to the -external- financial liberalization in the era neo-liberal globalization and/or global financial capitalism is the last theme of this paper.
Key words: Imperialism, Development, Globalization, Capitalism, Foreign Borrowing, Finacial Liberalization Article Language: EnglishTurkish
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