Most of the Third World/Fourth World debt was incurred in ?
Correct answer: C. most debt was incurred during the oil shocks of the 1970s
- A. The colonial period
- B. The early 1950s
- C. most debt was incurred during the oil shocks of the 1970s
- D. the early 1960s
Explanation
A large share of developing-country debt accumulated during and after the oil shocks of the 1970s, when oil exporters deposited surplus revenues in international banks and those funds were lent to developing countries. This borrowing later contributed to the 1980s debt crisis.
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