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Liberia's External Debts and their Servicing

A recent article in this Journal, X, I, May 1972, by Robert E. Miller and Peter R. Carter on ‘A Cost-Benefit Analysis of Liberia’, examined the general cost pattern inherent in concession agreements based upon her ‘Open-Door Policy’, and noted that ‘officials of the Government of Liberia who are responsible for negotiating foreign concessionaire agreements… now recognise this pattern and hopefully plan better bargains in the future’. I wish to focus attention on Liberia's external debts, a particular cost largely resulting from that policy.