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It's Time to Decommission the IMF, World Bank and WTO |
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By Rajesh Makwana Together, the IMF, World Bank and WTO form the backbone of the modern world economy. However, these institutions are not democratic or representative of the global community, particularly the majority world which still lives in poverty. As a result, international trade, finance and development policies are skewed to benefit the economically dominant countries that represent a small minority of the global population. These institutions enable neoliberal policies that favour corporations and rich nations to be forced upon developing countries. The resulting privatization and market liberalization in these countries drains resources away from them and leaves debt and financial instability in their place. Together, the IMF, World Bank and WTO have made the world a more unequal place. They have done little to reduce extreme poverty and deprivation. In this article, STWR present an alternative strategy for economic governance. By sharing essential resources instead of allowing them to be controlled and traded by multinational corporations, poverty can be reduced, human rights secured and the privatization of resources can give way to global common ownership. By restoring regulatory control over the global economy to a democratic and representative UN body, the IMF, World Bank and WTO can be progressively dismantled. Read more...
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