Finance
Fact-checked

At SmartCapitalMind, we're committed to delivering accurate, trustworthy information. Our expert-authored content is rigorously fact-checked and sourced from credible authorities. Discover how we uphold the highest standards in providing you with reliable knowledge.

Learn more...

What is Jubilee 2000?

Jubilee 2000 was a global movement advocating for the cancellation of debt in the world's poorest nations by the year 2000. It united people across continents in a call for financial justice, aiming to alleviate poverty by erasing crippling debts. How did this campaign impact international policies and what is its legacy today? Join the conversation and uncover the ripple effects of this pivotal initiative.
Jessica Ellis
Jessica Ellis
Jessica Ellis
Jessica Ellis

Jubilee 2000 is an international coalition of churches and activist groups that sought to have Third World foreign debt eliminated by the year 2000. Based on a biblical concept, Jubilee 2000 had some success but did not achieve its lofty goal of 100% debt elimination. Several continuing organizations remain dedicated the the cause of the original movement and continue working for debt reduction, relief, and forgiveness throughout the world.

The Jubilee is a biblical concept drawn from the Old Testament book Leviticus. The text suggests that every 50th year, debts should be forgiven and slaves freed from bondage. Whether the Jubilee was ever actually a practiced tradition is unknown, but the concept was borrowed to coincide with the Catholic Church's celebration of the year 2000, known as the Great Jubilee. During this time, the Catholic Church celebrated the forgiveness of sin through special celebrations, an apt metaphor for the forgiveness of Third World debt by powerful nations.

Jubilee 2000 aimed to eliminate foreign debt owed by Third World countries.
Jubilee 2000 aimed to eliminate foreign debt owed by Third World countries.

The concept of Jubilee 2000 originated with Professor Martin Dent, a retired teacher asked to give a talk on global poverty by the British University of Keele. Professor Dent tied the concept of the jubilee year to debt reduction initiatives. Inspired, some of his students began the organization that would grow to become Jubilee 2000. Quickly embraced by influential religious leaders, the group soon began gaining worldwide attention, gaining support of refugee groups, trade organizations, highly visible celebrities, and various activist associations.

The Jubilee 2000 coalition sought to help poor countries indebted to foreign aid by forgiving the loans.
The Jubilee 2000 coalition sought to help poor countries indebted to foreign aid by forgiving the loans.

During the G-8 summit in Birmingham on 16 May 1998, between 50,000-70,000 campaigners for the movement demonstrated near the meeting of the most powerful leaders in the world. Despite a meeting with Prime Minister Tony Blair, the group made little headway and decided to try again the following year. Thanks to the concerted efforts of the group, the 1999 summit included an announcement of about $100 billion US Dollars (USD) for developing nations. Though this did not meet the demands for total debt forgiveness, many saw it as a triumph and sign of a hopeful future. Other changes attributed to the efforts of Jubilee 2000 include relief and forgiveness agreements in the United States and United Kingdom.

The concept of Jubilee and relief from debt bondage is discussed in the Old Testament book of Leviticus.
The concept of Jubilee and relief from debt bondage is discussed in the Old Testament book of Leviticus.

Following the turn of the millennium, Jubilee 2000 disbanded and reformed into several nation-based action committees. Some of the larger groups include the Jubilee USA Network and Jubilee South. These groups continue to lobby nation leaders for increased and improved forgiveness of debts throughout the world.

Jessica Ellis
Jessica Ellis

With a B.A. in theater from UCLA and a graduate degree in screenwriting from the American Film Institute, Jessica is passionate about drama and film. She has many other interests, and enjoys learning and writing about a wide range of topics in her role as a SmartCapitalMind writer.

Learn more...
Jessica Ellis
Jessica Ellis

With a B.A. in theater from UCLA and a graduate degree in screenwriting from the American Film Institute, Jessica is passionate about drama and film. She has many other interests, and enjoys learning and writing about a wide range of topics in her role as a SmartCapitalMind writer.

Learn more...

You might also Like

Discuss this Article

Post your comments
Login:
Forgot password?
Register:
    • Jubilee 2000 aimed to eliminate foreign debt owed by Third World countries.
      By: lilia_kopyeva
      Jubilee 2000 aimed to eliminate foreign debt owed by Third World countries.
    • The Jubilee 2000 coalition sought to help poor countries indebted to foreign aid by forgiving the loans.
      By: TheFinalMiracle
      The Jubilee 2000 coalition sought to help poor countries indebted to foreign aid by forgiving the loans.
    • The concept of Jubilee and relief from debt bondage is discussed in the Old Testament book of Leviticus.
      By: poco_bw
      The concept of Jubilee and relief from debt bondage is discussed in the Old Testament book of Leviticus.