North Africa and the Middle-East: A new wave of debt.
In the first three parts we have observed the evolution of the DCs’ external debt over the last twenty years. The first part shows a dramatic increase of indebtedness, which multiplied by 2.5 with a steep acceleration from 2008 onward. The second part highlights the main threats on the DCs’ external debt, among which the growing significance of bonds, the evolution of interest rates and the depreciation of their currencies against the U.S. dollar. The third part examines the various factors that lure DCs into the debt trap: dependence on commodities, drop in foreign exchange reserves, inflating repayments, conjuncture of a multi-dimensional crisis aggravated by the COVID-19 pandemic, etc.
We deepen our analysis by focusing on various regions. After Latin America and the Caribbean and Sub-Saharan Africa, we continue with the Middle-East and North Africa (MENA).
8 Events that Led to World War I
World War I, which lasted from 1914 until 1918, introduced the world to the horrors of trench warfare and lethal new technologies such as poison gas and tanks. The result was some of the most horrific carnage the world had ever seen, with more than 16 million military personnel and civilians losing their lives.
It also radically altered the map, leading to the collapse of the sprawling Austro-Hungarian, Ottoman and Russian empires that had existed for centuries, and the formation of new nations to take their place. Long after the last shot had been fired, the political turmoil and social upheaval continued, and ultimately led to another, even bigger and bloodier global conflict two decades later.
Islam Observed: Religious Development in Morocco and Indonesia (Phoenix Books)
“In four brief chapters,” writes Clifford Geertz in his preface, “I have attempted both to lay out a general framework for the comparative analysis of religion and to apply it to a study of the development of a supposedly single creed, Islam, in two quite contrasting civilizations, the Indonesian and the Moroccan.”
Mr. Geertz begins his argument by outlining the problem conceptually and providing an overview of the two countries. He then traces the evolution of their classical religious styles which, with disparate settings and unique histories, produced strikingly different spiritual climates. So in Morocco, the Islamic conception of life came to mean activism, moralism, and intense individuality, while in Indonesia the same concept emphasized aestheticism, inwardness, and the radical dissolution of personality. In order to assess the significance of these interesting developments, Mr. Geertz sets forth a series of theoretical observations concerning the social role of religion.