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Sociologist Michael Harrington (1977) argued that colonialism was replaced by neocolonialism. When World War II changed public sentiment about sending soldiers and colonists to exploit weaker countries, the Most Industrialized Nations turned to the international markets as a way of controlling the Least Industrialized Nations.

By selling their governments goods on credit—especially weapons the most industrialized nations entrap the poor nations with a circle of debt. The policy of selling weapons and other manufactured goods to the Least Industrialized Nations on credit turns those countries into eternal debtors.

The capital they need to develop their own industries goes instead as payments toward the debt, which keeps on increasing with mounting interest. Keeping these nations in debt forces them to submit to trading terms dictated by the neo- colonialists