A Patron of Democracy at Work asks: "My question is regarding global south countries that are (1) highly indebted to foreign institutions like the IMF, and World, other countries and are stuck in a debt trap, and (2) are highly dependent on remittances from expat workers, as well as exports to meet their balance of payments problems. Just to meet their debt servicing commitments they end up having to borrow more. How can these countries escape their balance of payments problem? Does either increasing local taxation of working classes or the local elite help? If not, then what would?"
This is Professor Richard Wolff's video response.
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