Sri Lanka Died in a Western Debt Trap, and Others Will Follow

As a Sri Lankan, watching international news coverage of my country’s economic and political implosion is like showing up at your own funeral, with everybody speculating on how you died.

The Western media accuse China of luring us into a debt trap. Tucker Carlson says environmental, social and corporate governance programs killed us. Everybody blames the Rajapaksas, the corrupt political dynasty that ruled us until massive protests by angry Sri Lankans chased them out last month.

But from where I’m standing, ultimate blame lies with the Western-dominated neoliberal system that keeps developing countries in a form of debt-fueled colonization. The system is in crisis, its shaky foundations exposed by the tumbling dominoes of the Ukraine war, resulting in food and fuel scarcity, the pandemic, and looming insolvency and hunger rippling across the world.

Sri Lanka is Exhibit A. We were once an economic hope, with an educated population and a median income among the highest in South…

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This article was written by Indrajit Samarajiva and originally published on www.nytimes.com