The Globalization of Poverty and the N W Order / Edition 2by Michel Chossudovsky
Pub. Date: 01/28/2004
Publisher: Global Research Publishers
In this new and expanded edition of Chossudovsky's international best-seller, the author outlines the contours of a New World Order which feeds on human poverty and the destruction of the environment, generates social apartheid, encourages racism and ethnic strife and undermines the rights of women. The result as his detailed examples from all parts of the world show so convincingly, is a globalization of poverty.This book is a skilful combination of lucid explanation and cogently argued critique of the fundamental directions in which our world is moving financially and economically. In this new enlarged edition -which includes ten new chapters and a new introduction-- the author reviews the causes and consequences of famine in Sub-Saharan Africa, the dramatic meltdown of financial markets, the demise of State social programs and the devastation resulting from corporate downsizing and trade liberalisation. Published in 11 languages. More than 100,000 copies sold Worldwide.
- Global Research Publishers
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- New Edition
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- Product dimensions:
- 5.30(w) x 8.20(h) x 1.00(d)
Table of ContentsIntroduction
PART 1 Global Poverty and Macro-Economic Reform
The Globalization of Poverty, Global Falsehoods, Policing Countries through Loan "Conditionalities", The World Bank and Women's Rights, The Global Cheap Labor Economy.
PART II Sub-Saharan Africa
The Real Causes of Famine, Economic Genocide in Rwanda: The IMF and the World Bank set the Stage, Installing a US protectorate in Central Africa, "Exporting Apartheid" to Sub-saharan Africa, Wreaking Ethiopia's Peasant Economy, Destroying Biodiversity,
PART III South and Southeast Asia
India: The IMF's "Indirect Rule", Bangladesh: under the Tutelage of the "Aid" Consortium, The Post-war Economic Destruction of Vietnam.
PART IV Latin America
Debt and "Democracy" in Brazil, IMF Shock Treatment in Peru, Debt and the Illegal Drug Economy, the Case of Bolivia
PART V The Former Soviet Union and the Balkans
The "Thirdworldization" of the Russian Federation, Dismantling Former Yougoslavia, Recolonizing Bosnia-Herzegovina, Albania's IMF Sponsored Economic Disaster,
PART VI The New world order
Structural Adjustment in Developed Countries, Global Financial Meltdown, Economic Warfare, The Recolonization of Korea, The Brazilian Financial Scam.
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Michel Chossudovsky, Professor of Economics at the University of Ottawa, has written a brilliant book on globalisation's effects. He shows how the International Monetary Fund used the debt crisis of early 1980s to impose deadly policies, causing the present global depression. What are these policies? They devalue the currency and 'dollarise' prices, making all basic goods dearer. They deregulate banks and liberalise flows of capital, labour and goods. Capital flight then cuts tax revenues, drives up budget deficits, paralyses social programmes, and spurs ever-increasing public debts. They attack wages, working conditions and trade unions. The free movement of labour aids this attack, as Chossudovsky notes, "Manpower exports, . from both Mexico and the Caribbean, serve the purpose of depressing the wages paid to American and Canadian workers, as well as undermining the role of trade unions." They destroy health, education and welfare services. They privatise public services and utilities. They dump US and EU food surpluses on poor countries, wrecking local farmers. They make central banks independent of their countries and peoples, and dependent on the IMF. The IMF stops these banks funding public spending and providing credit through money creation, which stifles development. Chossudovsky writes, "Incapable of using domestic monetary policy to mobilize its internal resources, the country becomes increasingly dependent on international sources of funding which has the added consequence of increasing the level of external indebtedness." They cut public spending and wages, and raise taxes, to release money to service external and internal debts. Development loans, Structural Adjustment Programs and bailouts divert revenue from social programmes to the military and the banks. IMF bailouts don't rescue countries; they aid speculators, ensuring that they can collect their debts. A senior IMF official admitted, "On the basis of existing studies, one certainly cannot say whether the adoption of programs supported by the Fund led to an improvement in inflation and growth performance. In fact it is often found that programs are associated with a rise in inflation and a fall in the growth rate." It failed to hit these claimed goals of lower inflation and more growth, but hit its real goal, increasing US company profits. As Chossudovsky says, the IMF's policies amount to economic genocide. Worldwide there are one billion people unemployed, nearly a third of the world's workers. In Latin America and the Caribbean 60 per cent go hungry. Chossudovsky sums up, "we must democratize the economic system and its management and ownership structures, resolutely challenge the blatant concentration of ownership and private wealth, disarm financial markets, freeze speculative trade, arrest the laundering of dirty money, dismantle the system of offshore banking, redistribute income and wealth, restore the rights of direct producers and rebuild the Welfare State." We need to dismantle "the military-industrial complex, NATO and the defense establishment including its intelligence, security and police apparatus. . We must restore the truth, disarm the controlled corporate media, reinstate sovereignty to our countries and the people of our countries and disarm and abolish global capitalism."