M. Chossudovsky attacks head on the New World Order imposed by the World Bank (WB0), the IMF and the WTO, calling their economic 'reforms' enforced on countries in distress not less than genocides.
Their 'free market' system is rigged. The WTO agreements grant entrenched rights to the world's largest financial and industrial conglomerates, derogating the ability of national governments to regulate their economies. The IMF programs enforce governments to privatize big chunks of their national economy, liberalize their markets and downsize social provisions (education, health, social security).
Their 'free' market system is synonym of human poverty, destruction of the natural environment, social apartheid, racism and ethnic strife, undermining of women's rights, economic dislocations, forced displacements, landless farmers, shuttered factories and jobless workers.
More, he accuses the IMF of supporting the appropriation of global wealth by speculators through manipulation of currency and commodity markets. It even manipulates itself its economic statistics in order to show that its policies work. Finally, it cooperates with warmongerers and 'peace keepers'.
He illustrates his verdicts with a host of examples.
Somalia: the entire social fabric of the pastoralist economy was undone through duty-free beef and dairy products from the EU.
Rwanda: the restructuring of the agricultural system precipitated the population into destitution, leading to a genocide.
Ethiopia: the Structural Adjustment Programme caused starvation.
Bangladesh: a devaluation and price liberalization exacerbated famine. Deregulation of the grain market meant dumping of US grain surpluses.
Brazil: enhancement of social polarization by supporting the land-owning class.
Peru: after liberalization, the price of bread increased more than 12 times.
Russia: helping the oligarchs.
India (Andhra Pradesh): repeal of minimum wages and support of caste exploitation
Yugoslavia: serving the strategic interests of Germany and the US by cutting the financial arteries between Belgrade and the republics.
Korea, Thailand, Indonesia: the vaults of the central banks (100 billion $) were pillaged by international speculators. The bail-outs of those countries were underwritten and guaranteed by the same Wall Street banks involved in the speculative assaults.
The author proposes a solution which will be extremely difficult to implement in our actual world, where media and governments are controlled by the powerful: democratization of the economic system and ownership structures, disarming of speculation, redistribution of income and wealth and rebuilding the Welfare State.
Michel Chossudovsky's book constitutes a devastating denunciation of an inhuman system sold by economic strangulating wolves clad in sheepskins.
It confirms the forceful analysis of globalization by Joseph Stiglitz.
A must read.
I also recommend a voice from the South: Walden Bello.
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- Reviewed in the United States on March 30, 2006
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Top reviews from other countries
- AmazonCustomerReviewed in the United Kingdom on February 13, 2024
Highly intelligent analysis
- VladReviewed in Canada on November 16, 2016
Great book to read for those interested in globalization, a lot of detailed facts are discussed
