"Were I a Third World Leader in the dock, accused of getting my country hopelessly ensnared in debt, my defence would be that money was too cheap in the 1970s not to take advantage of the windfall...How was I, a debtor government, to foresee - much less control - the unprecedented upward swing of interest rates, due largely to demented military spending by the capitalist world super-power? I would further tell the jury: 'Every single Western expert who ever came to our country, especially those from the development banks, told us that to develop we had to industrialise. Was our country to remain for ever in peonage, exporting raw materials North so that others could transform them into finished goods and make all the money? Where were we supposed to get the capital for energy and for industrialisation if not by borrowing?" 
"...a large part of the cost of controlling inflation and introducing structural change in the North was borne by the South. Developing countries had to pay out more and more to service their debt whild receiving less and less for their exports. As these contrasting movements aggravated their financial difficulties, commercial banks decided to stop lending them new money, and the result was the international debt crisis of the 1980s." 
"Underdevelopment, far from constituting a state of backwardness prior to capitalism, is rather a consequence and a particular form of capitalist development known as dependent capitalism." 
 Susan George (1988) 'A Fate Worse than Debt', Pelican.
 The South Commission, The Challenge to the South, Oxford University Press
 Political Scientist Theotonio Dos Santos, 1969