Articles by John Cavanagh

Third World Debt The Approaching Holocaust Frederick F Clairmonte John Cavanagh It is impossible that the outstanding principal of Third World debt will ever be repaid. Simply deferring interest payments and principal to the transnational banking circuit and seeking, like an obsequious mendicant, rescheduling agreements will perhaps mitigate the bleeding and the pain; it can by no means stop the haemorrhage. Nor is it desirable that the debt should be repaid. Debt repudiation stands out as the only ethically feasible and rational solution for the Third World.

November 5-12, 1983 The foregoing brief review of the different sectors of the rayon industry leaves little room for doubt that the unfair competition offered by massive imports at almost throw-away prices, much below cost of production, has resulted in large under utilisation of domestic capacities, accumulation of inventories and financial losses. The policy of liberal imports under OGL, aimed at increasing exports through improving raw material availabilty to the weaving industry, has done incalculable harm without helping in any way NICARAGUA the cause of exports. Exports of viscose filament yarn fabrics have, in fact, showed a declining trend over the past three years. If the government wishes well of the rayon industry and wants it to play its legitimate role in meeting the textile industry's expanding fibre needs, the policy in regard to imports as well as fiscal levies will have to be suitably modified at the earliest. Liberal imports in face of large idle capacities at home accord ill with the government's increasing emphasis an exports to shore up foreign exchange reserves.

WORLD ECONOMY Contracting Poverty John Cavanagh Joy Hackel OVER the past fifteen years, corporations have diversified their strategies, for multinational expansion. Through what has become known as international sub-contracting, manufacturers based in developed countries contract out the mast labour intensive phases of production to lower wage developing countries. There it is primarily the Third World women's lot to perform the sewing, piecing together and other marginal forms of1 tedious assembly work. Once assembled, the goods tire re-imported under generous tariff exemptions by the multinational to be marketed in the developed country. The developing country subcontractor is either a multinational subsidary, a non-affiliated firm, an agent who further subcontracts the assembly work to sweatshops. or women who work in their homes.

surface India's political and economic life. The fear has been that by recognising the Nepalese presence, India would bolster the legitimacy of the kingdom of Nepal, or play into the hands of a 'Greater Nepal'. A contrary view might however suggest somewhat different implications. By recognising and legitimising the Nepalese presence in India, the kingdom of Nepal would be destabilised and Nepalese brought further into the Indian system, with a means to voice their grievances. By following such a course India would be returning to British imperial policy: but such a prospect is remote at present.

The Law of the Sea Corporate Substance and Legal Shadows Frederick Clairmonte John Cavanagh The United Nations Law of the Sea Conference has now agreed upon a Treaty which specifies that the ocean resources beyond national boundaries be considered "the common heritage of mankind'. The Treaty has already been attacked by transnational corporate interests