CADTM | After the Second World War, in a growing number of Third World countries, policies diverged from those of the former colonial powers. This trend encountered firm opposition from the governments of the major industrialised capitalist countries whose influence held sway with the World Bank (WB) and the IMF. WB projects have a strong political content: to curtail the development of movements challenging the domination/rule of major capitalist powers. The prohibition against taking “political” and “non-economic” considerations into account in WB operations, one of the most important provisions of its charter, is systematically circumvented. The political bias of the Bretton Woods institutions is shown by their financial support to dictatorships ruling in Chile, Brazil, Nicaragua, Congo-Kinshasa and Romania.

CADTM | In July 2024, the World Bank and the IMF will be 80 years old. 80 years of financial neo-colonialism and the imposition of austerity policies in the name of debt repayment. 80 years is enough! The Bretton Woods institutions must be abolished and replaced by democratic institutions serving an ecological, feminist and anti-racist bifurcation. To mark these 80 years, we are republishing a series of articles every Wednesday until July, looking in detail at the history and damage caused by these two institutions.

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