Mainstream economists tell us that developing countries will
replicate the economic achievements of the rich countries if they
implement the correct "free-market"policies. But scholars and
activists Toussaint and Millet demonstrate that this is patently
false. Drawing on a wealth of detailed evidence, they explain how
developed economies have systematically and deliberately exploited
the less-developed economies by forcing them into unequal trade and
political relationships. Integral to this arrangement are the
international economic institutions ostensibly created to safeguard
the stability of the global economy--the International Monetary
Fund (IMF) and the World Bank--and the imposition of massive
foreign debt on poor countries. The authors explain in simple
language, and ample use of graphics, the multiple contours of this
exploitative system, its history, and how it continues to function
in the present day.
Ultimately, Toussaint and Millet advocate cancellation of all
foreign debt for developing countries and provide arguments from a
number of perspectives--legal, economic, moral. Presented in an
accessible and easily-referenced question and answer format, Debt,
the IMF, and the World Bank is an essential tool for the global
justice movement.
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