JEC on BWIs

Dennis Robert Redmond dredmond at efn.org
Thu Feb 14 15:22:55 PST 2002


On Thu, 14 Feb 2002, Vikash Yadav wrote:


> Simply starving the BW institutions only increases the power of the US

The EU/East Asia are the primary sources of loans to the South, and have been for some time.


> accountable to democratic regimes. At the same time the quota regime within
> the IMF needs to be reformed to reflect the importance of the developing
> world in the world economy. It's a two-pronged strategy, and it is the only
> way for the poor in developing countries to truly gain from the struggle.

Nonsense. No country has ever gotten rich by borrowing madly from the IMF. Plenty have gotten rich by expropriating their ruling elites and building developmental states. If the South wants to borrow anything at all, it should borrow from the EIB and JBIC.

-- Dennis



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