The World Bank is a controversial organisation. It is widely viewed
with suspicion, as the international economic arm of the US, in
thrall to the President who is responsible for appointing the head
of the Bank. Eric Toussaint gives a highly readable account of just
why the World Bank has become so powerful. In short, clear chapters
he shows how the bank operates, who funds it, and what it sets out
to promote. The Bank's main purpose is to grant loans to all the
newly independent states of the developing world, to help them on
their journey to recovery after colonial occupation. In reality,
the conditions imposed on these states - including enforced
privatisation of all public services, and enforced neo-liberal
rules on trade - mean that the Bank has become the new colonial
authority in everything but name.
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