Ultimately, the voting system at the WB/IMF contributes to the perpetuation of global inequality. The system ensures that the very countries that became rich by plundering the global South during the colonial period are now, by dint of their plunder, empowered to determine the rules of the global economy in their own interests, indefinitely. Inequality begets inequality.
This book is excellent in its forthright account of the way the global economy has been structured by and for Western elites and consumers. It deals with the history of brutal colonial grabbing, the creation of global inequality and the way Neoliberal doctrine enables continued polite plunder today. It disputes the conventional faith that Third World poverty is being eliminated. However I think Hickle’s discussion of alternatives is disappointing, and I want to suggest more effective options.
The annual governors’ meeting of the International Monetary Fund and the World Bank opened on October 5 in Peru’s capital city.
Will the future crises that climate change, peak resources and ecological destruction be just other useful crises for the powerful to make the rest pay?
On Tuesday, March 19, the national legislature of Cyprus overwhelmingly rejected a proposed levy on bank deposits as a condition for a European bailout. Reuters called it “a stunning setback for the 17-nation currency bloc,” but it was a stunning victory for democracy. As Reuters quoted one 65-year-old pensioner, “The voice of the people was heard.”
During the past week the future of the world economy has been discussed in Davos, Switzerland. Below, I think it is appropriate to quote Christine Lagarde, the Managing Director of the International Monetary Fund (IMF). In her speech of 23 January she presented the following viewpoint: "The burning question is this: how we can make sure that all regions grow strongly, converge rapidly, and succeed in meeting the aspirations of their people? To answer this question, we need to reflect upon some of the megatrends shaping the future."
The latest twists and turns in the saga of the Greek debt crisis are signs that the brief honeymoon the Fund enjoyed in the wake of the “Great Recession” has ended.