Abu Juwairiya
Junior Member
"Under IMF jurisdiction....devaluation, trade liberalization and privatization is applied simultaneously in more than 150 indebted countries. Debtor nations forego economic sovereignty and control over fiscal and monetary policy, the Central Bank and the Ministry of Finance are reorganized (often with the complicity of the local bureaucracies), state institutions are undone and an "economic tutelage" is installed.
A "parallel government", which bypasses civil society, is established by the international financial institutions (IFIs). Countries which do not conform to the IMF's "performance targets" are blacklisted.
While adopted in the name of "democracy" and so-called "good governance", the structural adjustment program (SAP) requires the strengthening of the internal security apparatus and the military intelligence apparatus: political repression - with the collusion of the Third World elites - supports a parallel process of "economic repression".
"Good governance" and the holding of multi-party elections are added
conditions imposed by donors and creditors, yet the very nature of the economic reforms precludes a genuine democratization - i.e. their implementation invariably requires (contrary to the "spirit of Anglo-Saxon liberalism") the backing of the military and the authoritarian state.
Structural adjustment promotes bogus institutions and a fake parliamentary democracy which, in turn, supports the process of economic restructuring.
Throughout the Third World, the situation is one of social desperation and the hopelessness of a population impoverished by the interplay of market forces." (Source 'The Globalisation of Poverty and the New World Order' By Michel Chossudovsky, P 19, 2003)
'Economic Genocide' is dealt with later on in the following words-
"Structural adjustment is conducive to a form of "economic genocide"which is carried out through the conscious and deliberate manipulation of market forces. When compared to previous periods of colonial history (e.g. forced labor and slavery), its social impact is devastating.
Structural adjustment programs affect directly the livelihood of more than four billion people.
The application of the structural adjustment program in a large number of individual debtor countries favors the internationalization of macroeconomic policy under the direct control of the IMF and the World Bank acting on behalf of powerful financial and political interests (e.g. the Paris and London Clubs, the G7). This new form of economic and political domination - a form of "market colonialism" - subordinates people and governments through the seemingly "neutral" interplay of market forces.
The Washington-based international bureaucracy has been entrusted by international creditors and multinational corporations with the execution of a global economic design, which affects the livelihood of more than 80 per cent of the world's population.
At no time in history has the "free" market - operating in the world through the instruments of macro-economics - played such an important role in shaping the destiny of sovereign nations." (ibid P 20)
'Structural Adjustment Programs' (SAP) refer to rules and conditions set by the IMF to re-structure a given developing world country as it sees fit. There is no bargaining or compromise. All countries that seek to obtain long term loans and need it immediately do not have a choice. Each country that asks for the loans have their own reasons; it could be due to war, natural disasters, famine relief, population displacement, an influx of refugees arriving into the country or even greed from dictators.
Additional conditions of SAP include 'free market' interplay; in short this means privileged access to local industry by Western multinational companies, eventual monopolisation by them and the almost annihilation of indigenous enterprise.
A "parallel government", which bypasses civil society, is established by the international financial institutions (IFIs). Countries which do not conform to the IMF's "performance targets" are blacklisted.
While adopted in the name of "democracy" and so-called "good governance", the structural adjustment program (SAP) requires the strengthening of the internal security apparatus and the military intelligence apparatus: political repression - with the collusion of the Third World elites - supports a parallel process of "economic repression".
"Good governance" and the holding of multi-party elections are added
conditions imposed by donors and creditors, yet the very nature of the economic reforms precludes a genuine democratization - i.e. their implementation invariably requires (contrary to the "spirit of Anglo-Saxon liberalism") the backing of the military and the authoritarian state.
Structural adjustment promotes bogus institutions and a fake parliamentary democracy which, in turn, supports the process of economic restructuring.
Throughout the Third World, the situation is one of social desperation and the hopelessness of a population impoverished by the interplay of market forces." (Source 'The Globalisation of Poverty and the New World Order' By Michel Chossudovsky, P 19, 2003)
'Economic Genocide' is dealt with later on in the following words-
"Structural adjustment is conducive to a form of "economic genocide"which is carried out through the conscious and deliberate manipulation of market forces. When compared to previous periods of colonial history (e.g. forced labor and slavery), its social impact is devastating.
Structural adjustment programs affect directly the livelihood of more than four billion people.
The application of the structural adjustment program in a large number of individual debtor countries favors the internationalization of macroeconomic policy under the direct control of the IMF and the World Bank acting on behalf of powerful financial and political interests (e.g. the Paris and London Clubs, the G7). This new form of economic and political domination - a form of "market colonialism" - subordinates people and governments through the seemingly "neutral" interplay of market forces.
The Washington-based international bureaucracy has been entrusted by international creditors and multinational corporations with the execution of a global economic design, which affects the livelihood of more than 80 per cent of the world's population.
At no time in history has the "free" market - operating in the world through the instruments of macro-economics - played such an important role in shaping the destiny of sovereign nations." (ibid P 20)
'Structural Adjustment Programs' (SAP) refer to rules and conditions set by the IMF to re-structure a given developing world country as it sees fit. There is no bargaining or compromise. All countries that seek to obtain long term loans and need it immediately do not have a choice. Each country that asks for the loans have their own reasons; it could be due to war, natural disasters, famine relief, population displacement, an influx of refugees arriving into the country or even greed from dictators.
Additional conditions of SAP include 'free market' interplay; in short this means privileged access to local industry by Western multinational companies, eventual monopolisation by them and the almost annihilation of indigenous enterprise.
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