Thursday, August 13, 2009
The policies of International Monetary Fund, World Bank and World Trade Organization hostage the world economy, aggravating the poverty situation across the globe. All three have poor countries enter one-sided transnational investment deals that instead of lessening unemployment, intensifying production technology and globalizing exports, only enrich transnational corporations whose investment in poor countries siphon off public money.
Left with no alternative but ask for credit to be used for development, the Third World countries are indebted more and more to these three institutions, which make these poor nations believe that only free market-regulated economic happenings among intervening states will captivate credit access and foreign investors’ notice. Ironically, it is these Developing countries that are captivated by a recurring cycle of incurring debt, growing interests and an imminent cutoff of credits and economic penalty if they ignore these institutions’ instructions. The Third World’s prosperity remains unseen because in the global market, they are up against the industrialized nations.