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The Cartagena Consensus: Redefining Repayment Capacity as a Political Economy Issue, Not a Technocratic One

Author

Listed:
  • Juan Pablo Bohoslavsky

    (Argentina’s National Scientific and Technical Research Council of Argentina (CONICET) - Universidad Nacional de Río Negro)

  • Francisco Cantamutto

    (IIESS (UNS-CONICET))

  • Christina Laskaridis

    (London School of Economics and Political Science City)

Abstract

This article uses a historical case study – the so-called Cartagena Consensus during the eighties in Latin America and the Caribbean – to document the historical experience of coordination among debtor countries. Using primary and secondary sources, this piece shows how historical attempts to fight the creditors have also focused on re-defining debt repayment capacity. In doing so, the article shows how much of a political project the definition of repayment capacity is, rather than a technical one. This bears relevance for the urgent need to redefine current practice of and consensus building strategies around debt sustainability analysis.

Suggested Citation

  • Juan Pablo Bohoslavsky & Francisco Cantamutto & Christina Laskaridis, 2024. "The Cartagena Consensus: Redefining Repayment Capacity as a Political Economy Issue, Not a Technocratic One," Development, Palgrave Macmillan;Society for International Deveopment, vol. 67(3), pages 131-138, December.
    • Handle: RePEc:pal:develp:v:67:y:2024:i:3:d:10.1057_s41301-025-00441-x
    DOI: 10.1057/s41301-025-00441-x
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    References listed on IDEAS

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    1. Alexander E. Kentikelenis & Thomas H. Stubbs & Lawrence P. King, 2016. "IMF conditionality and development policy space, 1985–2014," Review of International Political Economy, Taylor & Francis Journals, vol. 23(4), pages 543-582, July.
    2. Martin Guzman & Maia Colodenco & Anahí Wiedenbrug, 2024. "Power in sovereign debt markets: debtors’ coordination for more competitive outcomes," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 33(2), pages 507-518.
    3. Jason Hickel & Dylan Sullivan & Huzaifa Zoomkawala, 2021. "Plunder in the Post-Colonial Era: Quantifying Drain from the Global South Through Unequal Exchange, 1960–2018," New Political Economy, Taylor & Francis Journals, vol. 26(6), pages 1030-1047, November.
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