The IMF and the WORLD BANK
The Thistle
Volume 13, no. 2, Sept 2000
This article is a bit dated, but the crisis in third world environments has only gotten much, much worst. Those nations who were or are unable to service loans to the World Bank are selling off their natural resources to the multi-nationals who control the funding in both cases.
Today, September 26, (2000) thousands of activists are protesting in Prague, in the Czech Republic, against the policies and institutional structures of the International Monetary Fund (IMF) and the World Bank. These protests are the latest action in a growing movement that is highly critical of the neoliberal economic policies being imposed on people all over the world, including those in western countries. As Robert McChesney concisely describes it, neoliberalism “refers to the policies and processes whereby a relative handful of private interests are permitted to control as much as possible of social life in order to maximize their personal profit.” The major beneficiaries of neoliberalism are large trans-national corporations and wealthy investors. The implementation of neoliberal policies came into full force during the eighties under Thatcher and Reagan. Today, the principles of neoliberalism are widely held with near-religious fervor by most major political parties in the US and Britain and are gaining acceptance by those holding power elsewhere.