Courtesy of Share the Worlds Resources:
This report analyses the negative impacts of the IMF, World Bank and WTO on sustainable development and suggests an alternative mechanism for regulating the international economy which can allow these institutions to be progressively decommissioned.
Dec 05 – Rajesh Makwana ~ STWR
The WTO, IMF and World Bank have been major counterparts in the creation and management of the modern world economy. Their activities are endorsed by economically dominant governments and corporations who favor neoliberal policies and free-market solutions of debt-based finance and international trade as the route to poverty reduction.
Together these institutions encourage economic structural adjustment, privatization and market liberalization in emerging markets. Within the competitive global framework, developing countries are left with little choice other than to comply with the neoliberal agenda. As a result these countries are often left with crippling debt and a fragile economy. Meanwhile, foreign investors and multinational corporations gain control of a significant portion of the world’s resources, finance, services, technology and knowledge. Whilst these multinationals report record profits, around 50,000 people die each day from poverty. Continue reading