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CADTM | The World Bank’s strategy in Turkey clearly recalls its policy towards Ferdinand Marcos’ dictatorship in the Philippines from 1972, Augusto Pinochet’s in Chile from 1973, and the economic model they promoted. Geopolitical reasons are once again a determining factor: a hinge between Europe and Asia, Turkey is an essential pawn on the Middle East chessboard. Consequently it is necessary to subordinate this country to Washington’s interests by giving full support to an authoritarian regime. The World Bank works in this direction when, in perfect agreement with the military leaders, it develops neoliberal economic policies that open the door wide to investments by transnational corporations and suppresses both trade unions and far-left parties.
Michael Hudson | CounterPunch | When interest-bearing commercial and agrarian debt came to be incorporated into civilization’s economic structure in the third millennium BC, it was accompanied by clean slates that liberated bondservants and restored to debtors the rights to the crops and land that creditors had taken.
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 | China has been demonized by several commentators: it is said to be the main creditor of many countries of the South and to get the most of them through ruthless exploitation whereas the World Bank, the IMF, the Paris Club, that bring together traditional creditor powers, are supposed to do their best to help those countries burdened by too much debt.
China also uses propaganda. It parades as an ally of countries of the South, regularly announces debt cancellation and debt relief, and claims that it does not enforce neoliberal conditionalities as do the IMF and the World Bank. It also stresses its efficiency.
CADTM | Series: 1944-2024, 80 years of interference from the World Bank and the IMF, that’s enough!
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.
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.
CADTM | In the first 17 years of its existence, the projects supported by the World Bank focussed on improvement of communication infrastructures and the production of power. The money lent by the World Bank was to be spent essentially in industrialized countries. Projects approved by the Bank were designed to improve the South’s export capacities to the North, thereby meeting the needs of Northern countries and enriching a handful of transnational companies in the relevant sectors. During this period, no projects were undertaken in the areas of education, health, drinking water supply and waste water treatment.
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.
Éric Toussaint and CADTM | This is a major crisis of the globalized capitalist system, the worst crisis since those of the years 1914-1945.
States, faced today with the international economic crisis articulated with the consequences of the climate and health crises, should invoke the “fundamental change of circumstances” to stop reimbursing their creditors in order to come to the aid of their populations. Because, ultimately, human rights must effectively prevail over creditors’ rights.