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Perpetuating Poverty: The World Bank, the IMF, and the Developing World
An expose of the scandalous record of the World Bank and IMF.
371 pages, Paperback
First published January 25, 1993
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August 8, 2024
AN EXAMINATION OF THE EFFECTS OF FOREIGN AID AND THE WORLD BANKING SYSTEM,
This 1994 Cato Institute book contains sixteen essays on the International Monetary Fund (IMF), the World Bank, "Development Without Aid," and some specific cases.
One essayist suggests that "pouring funds into the Russian government---the recipient of almost all foreign assistance---is likely to strengthen the position of the still-powerful economic bureaucrats, who would prefer to subsidize than privatize money-losing state enterprises, and nationalist politicians, who want to return to authoritarianism rather than move toward freedom." (Pg. 28)
Another notes that "World Bank officials know that preservation of the bank's critical AAA credit rating requires that none of the mega-debtors (e.g., Mexico, Brazil, Argentina) fall into arrears with the World Bank. To head off any such possibility, the World Bank is annually extending ever-larger levels of new loans to the 17 most heavily indebted developing countries, which are primarily in Latin America, in an effort to keep them servicing their old World Bank loans." (Pg. 121)
A different essayist observes that "Another significant component of American aid to India was food aid... One major result was to lower domestic prices of wheat and other commodities, causing farmers to reduce the acreage planted in both wheat and competing cereals. In fact, large and escalating shipments ... bankrupted large numbers of Indian farmers." (Pg. 232) He concludes, "foreign aid to India has been an unmitigated disaster." (Pg. 236)
Although many of the "facts and figures" in this book are obviously "dated," many of the principles and arguments are still valid.
This 1994 Cato Institute book contains sixteen essays on the International Monetary Fund (IMF), the World Bank, "Development Without Aid," and some specific cases.
One essayist suggests that "pouring funds into the Russian government---the recipient of almost all foreign assistance---is likely to strengthen the position of the still-powerful economic bureaucrats, who would prefer to subsidize than privatize money-losing state enterprises, and nationalist politicians, who want to return to authoritarianism rather than move toward freedom." (Pg. 28)
Another notes that "World Bank officials know that preservation of the bank's critical AAA credit rating requires that none of the mega-debtors (e.g., Mexico, Brazil, Argentina) fall into arrears with the World Bank. To head off any such possibility, the World Bank is annually extending ever-larger levels of new loans to the 17 most heavily indebted developing countries, which are primarily in Latin America, in an effort to keep them servicing their old World Bank loans." (Pg. 121)
A different essayist observes that "Another significant component of American aid to India was food aid... One major result was to lower domestic prices of wheat and other commodities, causing farmers to reduce the acreage planted in both wheat and competing cereals. In fact, large and escalating shipments ... bankrupted large numbers of Indian farmers." (Pg. 232) He concludes, "foreign aid to India has been an unmitigated disaster." (Pg. 236)
Although many of the "facts and figures" in this book are obviously "dated," many of the principles and arguments are still valid.
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