ABSTRACT
In the 1970s developed countries moved basic industries to developing countries (which were then called the ‘Third World’). Washington institutions promoted trade liberalization and industrialization for export. Developing countries had borrowed extensively in the 1970s when the world was awash in oil dollars, then interest rates rose and when the debt crisis came, the IMF stepped in with loans and conditionalities and the World Bank with structural adjustment programs, SAP (‘Suck African People’, according to Fela Kuti). During this period, the Asian Tigers rose along with China and Indianot affected by the Washington institutions because they had hardly been exposed to foreign borrowing. In the late nineties and the noughties, relations between Asia and Africa and Latin America took off with demand for commodities, as inputs for Asian industrialization and urbanization, a surge of growth in developing countries, loans, investments, and cheap manufactured goods from Asia, especially from China. High-growth developing countries were renamed emerging markets and emerging economies. This period also spawned the BRICS.
