The IMF and World Bank: Partners In Backwardness

Image result for the imf and world bank

Michael Hudson discusses his seminal work of 1972, Super Imperialism: The Economic Strategy of American Empire, a critique of how the US exploits foreign economies through IMF and World bank debt. In it we learn:  difference between the IMF and World Bank; how the World Bank was dysfunctional from the outset; loans made in foreign currency only; policy to provide loans for countries to devote their land to export plantation crops; US food and monetary imperialism; U.S. agricultural protectionism built into the postwar global system; promotion of dependency on the US as food supplier; food blackmail; perpetration of world poverty preferred; no encouragement of land reform; privatization of the public domain; America aided, not foreign economies; exploitation of mineral deposits; bribery; foreign nations politically controlled at the top; veto power for US only.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s