structural adjustment programs

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pages: 232

Planet of Slums by Mike Davis

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barriers to entry, Branko Milanovic, Bretton Woods, British Empire, Brownian motion, centre right, clean water, conceptual framework, crony capitalism, declining real wages, deindustrialization, Deng Xiaoping, edge city, European colonialism, failed state, Gini coefficient, Hernando de Soto, housing crisis, illegal immigration, income inequality, informal economy, Internet Archive, jitney, Kibera, labor-force participation, land reform, land tenure, low-wage service sector, mandelbrot fractal, market bubble, megacity, microcredit, New Urbanism, Ponzi scheme, RAND corporation, rent control, structural adjustment programs, surplus humans, upwardly mobile, urban planning, urban renewal, War on Poverty, Washington Consensus, working poor

45 Part of the secret, of course, was that policies of agricultural deregulation and financial discipline enforced by the IMF and World Bank continued to generate an exodus of surplus rural labor to urban slums even as cities ceased to be job machines. As Deborah Bryceson, a leading European Africanist, emphasizes in her summary of recent agrarian research, the 1980s and 1990s were a generation of unprecedented upheaval in the global countryside: One by one national governments, gripped in debt, became subject to structural adjustment programmes (SAPs) and International Monetary Fund (IMF) conditionality. Subsidized, improved agricultural input packages and rural infrastructural building were drastically reduced. As the peasant "modernization" effort in Latin American and African nations was abandoned, peasant farmers were subjected to the international financial institutions' "sink-or-swim" economic strategy.

Similarly, in the Philippines in the early 1980s, per capita health expenditures fell by half.104 In oil-rich but thoroughly "SAPed" Nigeria, a fifth of the country's children now die before age five.105 Economist Michel Chossudovsky blames the notorious outbreak of plague in Surat in 1994 upon "a worsening urban sanitation and public health infrastructure which accompanied the compression of national and municipal budgets under the 1991 IMF/World Bank-sponsored structural adjustment programme."106 The examples can easily be multiplied: everywhere obedience to international creditors has dictated cutbacks in medical care, the emigration of doctors and nurses, the end of food subsidies, and the switch of agricultural production from subsistence to export crops. As Fantu Cheru, a leading UN expert on debt, emphasizes, the coerced tribute that the Third World pays to the First World has been the literal difference between life and death for millions of poor people. 102 Women's Global Network for Reproductive Rights, A Decade After Cairo: Women's Health in a Free Market Economy, Corner House Briefing 30, Sturminister Newton 2004, p. 8. 103 Shi, " How Access to Urban Portable Water and Sewerage Connections Affects Child Mortality," pp. 4-5. 104 Frances Stewart, Adjustment and Poverty: Options and Choices, London 1995, pp. 196, 203,205. 105 World Bank statistic quoted in Financial Times, 10 September 2004. 106 Quoted in A Decade After Cairo, p. 12.

Indeed, the journalist found out that residents bought water from private dealers and relied on vigilante groups for security — the police visited only to collect bribes.37 The minimalist role of national governments in housing supply has been reinforced by current neo-liberal economic orthodoxy as defined by the IMF and the World Bank. The Structural Adjustment Programs (SAPs) imposed upon debtor nations in the late 1970s and 1980s required a shrinkage of government programs and, often, the 36 Richard Kirkby, "China," in Kosta Mathey (ed.), Beyond Self-Help Housing, London 1992, pp. 298-99. 37 Andrew Harding, "Nairobi Slum Life," (series), Guardian, 4, 8, 10 and 15, October 2002.

 

pages: 369 words: 94,588

The Enigma of Capital: And the Crises of Capitalism by David Harvey

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accounting loophole / creative accounting, anti-communist, Asian financial crisis, bank run, banking crisis, Bernie Madoff, Big bang: deregulation of the City of London, Bretton Woods, British Empire, business climate, call centre, capital controls, credit crunch, Credit Default Swap, David Ricardo: comparative advantage, deindustrialization, Deng Xiaoping, deskilling, equal pay for equal work, European colonialism, failed state, financial innovation, Frank Gehry, full employment, global reserve currency, Google Earth, Guggenheim Bilbao, illegal immigration, indoor plumbing, interest rate swap, invention of the steam engine, Jane Jacobs, joint-stock company, Joseph Schumpeter, Just-in-time delivery, land reform, liquidity trap, Long Term Capital Management, market bubble, means of production, megacity, microcredit, moral hazard, mortgage debt, new economy, New Urbanism, Northern Rock, oil shale / tar sands, peak oil, place-making, Ponzi scheme, precariat, reserve currency, Ronald Reagan, sharing economy, Silicon Valley, special drawing rights, special economic zone, statistical arbitrage, structural adjustment programs, the built environment, the market place, The Wealth of Nations by Adam Smith, Thomas L Friedman, Thomas Malthus, Thorstein Veblen, too big to fail, trickle-down economics, urban renewal, urban sprawl, white flight, women in the workforce

In trying to deal with serious tremors in the heart of the body politic, our economists, business leaders and political policy makers have, in the absence of any conception of the systemic nature of capital flow, either revived ancient practices or applied postmodern conceptions. On the one hand the international institutions and pedlars of credit continue to suck, leech-like, as much of the lifeblood as they can out of all the peoples of the world – no matter how impoverished – through so-called ‘structural adjustment’ programmes and all manner of other stratagems (such as suddenly doubling fees on our credit cards). On the other, the central bankers are flooding their economies and inflating the global body politic with excess liquidity in the hope that such emergency transfusions will cure a malady that calls for far more radical diagnosis and interventions.

Appendix 1: Major Debt Crises and Bail-outs, 1973–2009 1973–75 Property market crash in US and UK, fiscal crises of federal, state and local governments in the US (New York City’s near bankruptcy), oil price hike and recession 1979–82 Inflationary surge and Volcker interest rate shock forces Reagan Recession, with unemployment rising above 10 per cent in the US and knock-on effects elsewhere 1982–90 Developing Countries Debt Crisis (Mexico, Brazil, Chile, Argentina, Poland, etc.) sparked by ‘Volcker shock’ of high interest rates. US investment bankers rescued by aid to indebted countries organised by the US Treasury and a revitalised IMF (purged of Keynesians and armed with ‘structural adjustment’ programmes) 1984 Continental Illinois Bank rescued by Fed, Treasury and FDIC 1984–92 Failures of US savings and loan institutions investing in real estate. Closure and FDIC rescue of 3,260 financial institutions. Recession in UK property market after 1987 1987 Hurricane in stock markets, October 1987, met with massive liquidity injections by the Fed and Bank of England 1990–92 Property market-led Nordic and Japanese bank crises.

.: Limits to Growth 72 meat-based diets 73, 74 Medicare 28–9, 224 Mellon, Andrew 11, 98 mercantilism 206 merchant capitalists 40 mergers 49, 50 forced 261 Merrill Lynch 12 Merton, Robert 100 methane gas 73 Mexico debt crisis (1982) 10, 19 northern Miexico’s proximity to the US market 36 peso rescue 261 privatisation of telecommunications 29 and remittances 38 standard of living 10 Mexico City 243 microcredit schemes 145–6 microeconomics 237 microenterprises 145–6 microfinance schemes 145–6 Middle East, and oil issue 77, 170, 210 militarisation 170 ‘military-industrial complex’ 91 minorities: colonisation of urban neighbourhoods 247, 248 Mitterrand, François 198 modelling of markets 262 modernism 171 monarchy 249 monetarism 237 monetisation 244 money centralised money power 49–50, 52 a form of social power 43, 44 limitlessness of 43, 47 loss of confidence in the symbols/quality of money 114 universality of 106 monoculture 186 Monopolies Commission 52 monopolisation 43, 68, 95, 113, 116, 221 Monsanto 186 Montreal Protocol (1989) 76, 187 Morgan Stanley 19 Morishima, Michio 70 Morris, William 160 mortgages annual rate of change in US mortgage debt 7 mortgage finance for housing 170 mortgage-backed bonds futures 262 mortgage-backed securities 4, 262 secondary mortgage market 173, 174 securitisation of local 42 securitisation of mortgage debt 85 subprime 49, 174 Moses, Robert 169, 171, 177 MST (Brazil) 257 multiculturalism 131, 176, 231, 238, 258 Mumbai, India anti-Muslim riots (early 1990s) 247 redevelopment 178–9 municipal budgets 5 Museum of Modern Art, New York 21 Myrdal, Gunnar 196 N Nandigram, West Bengal 180 Napoleon III, Emperor 167, 168 national debt 48 National Economic Council (US) 11, 236 national-origin quotas 14 nationalisation 2, 4, 8, 224 nationalism 55–6, 143, 194, 204 NATO 203 natural gas 188 ‘natural limits’ 47 natural resources 30, 71 natural scarcity 72, 73, 78, 80, 83, 84, 121 nature and capital 88 ‘first nature’ 184 relation to 121, 122 ‘the revenge of nature’ 185 ‘second nature’ 184, 185, 187 as a social product 188 neocolonialism 208, 212 neoliberal counter-revolution 113 neoliberalism 10, 11, 19, 66, 131, 132, 141, 172, 175, 197, 208, 218, 224, 225, 233, 237, 243, 255 Nepal: communist rule in 226 Nevada, foreclosure wave in 1 New Deal 71 ‘new economy’ (1990s) 97 New Labour 45, 255 ‘new urbanism’ movement 175 New York City 11 September 2001 attacks 41 fiscal crisis (1975) 10, 172, 261 investment banks 19, 28 New York metropolitan region 169, 196 Nicaragua 189 Niger delta 251 non-governmental organisations (NGOs) 35, 253–4 non-interventionism 10 North Africa, French import of labour from 14 North America, settlement in 145 North American Free Trade Association (NAFTA) 200 Northern Ireland emergency 247 Northern Rock 2 Norway: Nordic cris (1992) 8 nuclear power 188 O Obama, Barack 11, 27, 34, 210 Obama administration 78, 121 O’Connor, Jim 77, 78 offshoring 131 Ogoni people 251 oil cheap 76–7 differential rent on oil wells 83 futures 83, 84 a non-renewable resource 82 ‘peak oil’ 38, 73, 78, 79, 80 prices 77–8, 80, 82–3, 261 and raw materials prices 6 rents 83 United States and 76–7, 79, 121, 170, 210, 261 OPEC (Organisation of Oil-Producing Countries) 83, 84 options markets currency 262 equity values 262 unregulated 99, 100 Orange County, California bankruptcy 100, 261 Organisation for Economic Cooperation and Development (OECD) 51 organisational change 98, 101 organisational forms 47, 101, 121, 127, 134, 238 Ottoman Empire 194 ‘over the counter’ trading 24, 25 overaccumulation crises 45 ozone hole 74 ozone layer 187 P Pakistan: US involvement 210 Palley, Thomas 236 Paris ‘the city of light’ 168 epicentre of 1968 confrontations 177, 243 Haussmann’s rebuilding of 49, 167–8, 169, 171, 176 municipal budget crashes (1868) 54 Paris Commune (1871) 168, 171, 176, 225, 243, 244 Partnoy, Frank: Ubfectious Greed 25 patents 221 patent laws 95 patriarchy 104 pensions pension funds 4, 5, 245 reneging on obligations 49 Péreire brothers 49, 54, 98, 174 pesticides 185, 186, 187 petty bourgeois 56 pharmaceutical sector 129, 245 philanthropy 44 Philippines: excessive urban development 8 Phillips, Kevin 206 Pinochet, General Augusto 15, 64 plant 58 Poland, lending to 19 political parties, radical 255–6 politics capitalist 76 class 62 co-revolutionary 241 commodified 219 depoliticised 219 energy 77 identity 131 labour organizing 255 left 255 transformative 207 pollution air 77 oceanic 74 rights 21 ‘Ponts et Chaussées’ organisation 92 Ponzi schemes 21, 114, 245, 246 pop music 245–6 Pope, Alexander 156 population growth 59, 72, 74, 121, 167 and capital accumulation 144–7 populism 55–6 portfolio insurance 262 poverty and capitalism 72 criminalisation and incarceration of the poor 15 feminisation of 15, 258 ‘Great Society’ anti-poverty programmes 32 Prague 243 prices commodity 37, 73 energy 78 food grain 79–80 land 8, 9, 182–3 oil 8, 28, 37–8, 77–8, 80, 82–3, 261 property 4, 182–3 raw material 37 reserve price 81–2 rising 73 share 7 primitive accumulation 58, 63–4, 108, 249 private consortia 50 private equity groups 50 private property and radical egalitarianism 233, 234 see also property markets; property rights; property values privatisation 10, 28, 29, 49, 251, 256, 257 pro-natal policies 59 production expansion of 112, 113 inadequate means of 47 investment in 114 liberating the concept 87 low-profit 29 offshore 16 production of urbanisation 87 reorganisation and relocation of 33 revolutionising of 89 surplus 45 technologies 101 productivity agreements 14, 60, 96 agricultural 119 cotton industry 67 gains 88, 89 Japan and West Germany 33 rising 96, 186 products development 95 innovation 95 new lines 94, 95 niches 94 profit squeeze 65, 66, 116 profitability constrains 30 falling 94, 131 of the financial sector 51 and wages 60 profits easy 15 excess 81, 90 falling 29, 72, 94, 116, 117 privatising 10 rates 70, 94, 101 realisation of 108 proletarianisation 60, 62 property markets crash in US and UK (1973–75) 8, 171–2, 261 overextension in 85 property market-led Nordic and Japanese bank crises 261 property-led crises (2007–10) 10, 261 real estate bubble 261 recession in UK (after 1987) 261 property rights 69, 81–2, 90, 122, 179, 198, 233, 244, 245 Property Share Price Index (UK) 7 property values 171, 181, 197, 248 prostitution 15 protectionism 31, 33, 43, 211 punctuated equilibrium theory of natural evolution 130 Putin, Vladimir 29, 80 Q Q’ing dynasty 194 quotas 16 R R&D (research and development) 92, 95–6 race issues 104 racism 61, 258 radical egalitarianism 230–34 railroads 42, 49, 191 Railwan, rise of (1970s) 35 rare earth metals 188 raw materials 6, 16, 37, 58, 77, 101, 113, 140, 144, 234 RBS 20 Reagan, Ronald 15, 64, 131, 141 Reagan-Thatcher counter revolution (early 1980s) 71 Reagan administration 1, 19 Reagan recession (1980–82) 60, 261 Real Estate Investment Trusts (US) 7 recession 1970s 171–2 language of 27 Reagan (1980–82) 60, 261 Red Brigade 254 reforestation 184 refrigeration 74 reinvestment 43, 45, 66–7, 110–12, 116 religious fundamentalism 203 religious issues 104 remittances 38, 140, 147 rentiers 40 rents differential rent 81, 82, 83 on intellectual property rights 221 land 182 monetisation of 48, 109 monopoly 51, 81–2, 83 oil 83 on patents 221 rising 181 reproduction schemas 70 Republican Party (US) 11, 141 reserve price 81 resource values 234 Ricardo, David 72, 94 risks, socialising 10 robbery 44 Robinson, Joan 238 robotisation 14, 136 Rockefeller, John D. 98 Rockefeller brothers 131 Rockefeller foundation 44, 186 Roman Empire 194 Roosevelt, Franklin D. 71 Rothschild family 98, 163 Royal Society 91, 156 royalties 40 Rubin, Robert 98 ‘rule of experts’ 99, 100–101 Russia bankruptcy (1998) 246, 261 capital flight crisis 261 defaults on its debt (1998) 6 oil and natural gas flow to Ukraine 68 oil production 6 oligarchs 29 see also Soviet Union S Saddam Hussein 210 Saint-Simon, Claude Henri de Rouvroy, Comte de 49 Saint-Simonians 87, 168 Salomon Brothers 24 Samuelson, Robert 235, 239 Sandino, Augusto 189 Sanford, Charles 98 satellites 156 savings 140 Scholes, Myron 100 Schumer, Charles 11 Schumpeter, Joseph 46 Seattle battle of (1999) 38, 227 general strike (1918) 243 software development in 195 Second World War 32, 168–70, 214 sectarianism 252 securitisation 17, 36, 42 Sejong, South Korea 124–6 service industries 41 sexism 61 sexual preferences issues 104, 131, 176 Shanghai Commune (1967) 243 shark hunting 73, 76 Shell Oil 79, 251 Shenzhen, China 36 shop floor organisers (shop stewards) 103 Silicon Valley 162, 195, 216 Singapore follows Japanese model 92 industrialisation 68 rise of (1970s) 35 slavery 144 domestic 15 slums 16, 151–2, 176, 178–9 small operators, dispossession of 50 Smith, Adam 90, 164 The Wealth of Nations 35 social democracy 255 ‘social democratic’ consensus (1960s) 64 social inequality 224 social relations 101, 102, 104, 105, 119, 121, 122, 123, 126, 127, 135–9, 152, 240 loss of 246 social security 224 social services 256 social struggles 193 social welfarism 255 socialism 136, 223, 228, 242, 249 compared with communism 224 solidarity economy 151, 254 Soros, George 44, 98, 221 Soros foundation 44 South Korea Asian Currency Crisis 261 excessive urban development 8 falling exports 6 follows Japanese model 92 rise of (1970s) 35 south-east Asia: crash of 1997–8 6, 8, 49, 246 Soviet Union in alliance with US against fascism 169 break-up of 208, 217, 227 collapse of communism 16 collectivisation of agriculture 250 ‘space race’ (1960s and 1970s) 156 see also Russia space domination of 156–8, 207 fixed spaces 190 ‘space race’ (1960s and 1970s) 156 Spain property-led crisis (2007–10) 5–6, 261 unemployment 6 spatial monopoly 164–5 special drawing rights 32, 34 special economic zones 36 special investment vehicles 36, 262 special purpose entities 262 speculation 52–3 speculative binges 52 speed-up 41, 42 stagflation 113 stagnation 116 Stalin, Joseph 136, 250 Standard Oil 98 state formation 196, 197, 202 state-corporate nexus 204 ‘space race’ (1960s and 1970s) 156 state-finance nexus 204, 205, 237, 256 blind belief in its corrective powers 55 ‘central nervous system’ for capital accumulation 54 characteristics of a feudal institution 55 and the current crisis 118 defined 48 failure of 56–7 forms of 55 fusion of state and financial powers 115 innovation in 85 international version of 51 overwhelmed by centralised credit power 52 pressure on 54 radical reconstruction of 131 role of 51 and state-corporate research nexus 97 suburbanisation 171 tilts to favour particular interests 56 statistical arbitrage strategies 262 steam engine, invention of 78, 89 Stiglitz, Joseph 45 stimulus packages 261 stock markets crash (1929) 211, 217 crashes (2001–02) 261 massive liquidity injections (1987) 236, 261 Stockton, California 2 ’structural adjustment’ programmes vii, 19, 261 subcontracting 131 subprime loans 1 subprime mortgage crisis 2 substance abuse 151 suburbanisation 73, 74, 76–7, 106–7, 169, 170, 171, 181 Summers, Larry 11, 44–5, 236 supermarket chains 50 supply-side theory 237 surveillance 92, 204 swaps credit 21 Credit Default 24, 262 currency 262 equity index 262 interest rate 24, 262 Sweden banking system crash (1992) 8, 45 Nordic crisis 8 Yugoslav immigrants 14 Sweezey, Paul 52, 113 ‘switching crises’ 93 systematic ‘moral hazard’ 10 systemic risks vii T Taipei: computer chips and household technologies in 195 Taiwan falling exports 6 follows Japanese model 92 takeovers 49 Taliban 226 tariffs 16 taxation 244 favouring the rich 45 inheritance 44 progressive 44 and the state 48, 145 strong tax base 149 tax rebates 107 tax revenues 40 weak tax base 150 ‘Teamsters for Turtles’ logo 55 technological dynamism 134 technologies change/innovation/new 33, 34, 63, 67, 70, 96–7, 98, 101, 103, 121, 127, 134, 188, 193, 221, 249 electronic 131–2 ‘green’ 188, 221 inappropriate 47 labour fights new technologies 60 labour-saving 14–15, 60, 116 ‘rule of experts’ 99, 100–101 technological comparative edge 95 transport 62 tectonic movements 75 territorial associations 193–4, 195, 196 territorial logic 204–5 Thailand Asian Currency Crisis 261 excessive urban development 8 Thatcher, Margaret, Baroness 15, 38, 64, 131, 197, 255 Thatcherites 224 ‘Third Italy’, Bologna 162, 195 time-space compression 158 time-space configurations 190 Toys ‘R’ Us 17 trade barriers to 16 collapses in foreign trade (2007–10) 261 fall in global international trade 6 increase in volume of trading 262 trade wars 211 trade unions 63 productivity agreements 60 and US auto industry 56 trafficking human 44 illegal 43 training 59 transport costs 164 innovations 42, 93 systems 16, 67 technology 62 Treasury Bill futures 262 Treasury bond futures 262 Treasury instruments 262 TRIPS agreement 245 Tronti, Mario 102 Trotskyists 253, 255 Tucuman uprising (1969) 243 Turin: communal ‘houses of the people’ 243 Turin Workers Councils 243 U UBS 20 Ukraine, Russian oil and natural gas flow to 68 ultraviolet radiation 187 UN Declaration of Human Rights 234 UN development report (1996) 110 Un-American Activities Committee hearings 169 underconsumptionist traditions 116 unemployment 131, 150 benefits 60 creation of 15 in the European Union 140 job losses 93 lay-offs 60 mass 6, 66, 261 rising 15, 37, 113 and technological change 14, 60, 93 in US 5, 6, 60, 168, 215, 261 unionisation 103, 107 United Fruit Company 189 United Kingdom economy in serious difficulty 5 forced to nationalise Northern Rock 2 property market crash 261 real average earnings 13 train network 28 United Nations 31, 208 United States agricultural subsidies 79 in alliance with Soviet Union against fascism 169 anti-trust legislation 52 auto industry 56 blockbusting neighbourhoods 248 booming but debt-filled consumer markets 141 and capital surplus absorption 31–2 competition in labour markets 61 constraints to excessive concentration of money power 44–5 consumerism 109 conumer debt service ratio 18 cross-border leasing with Germany 142–3 debt 158, 206 debt bubble 18 fiscal crises of federal, state and local governments 261 health care 28–9 heavy losses in derivatives 261 home ownership 3 housing foreclosure crises 1–2, 4, 38, 166 industries dependent on trade seriously hit 141 interventionism in Iraq and Afghanistan 210 investment bankers rescued 261 investment failures in real estate 261 lack of belief in theory of evolution 129 land speculation scheme 187–8 oil issue 76–7, 79, 80, 121, 170, 210, 261 population growth 146 proletarianisation 60 property-led crisis (2007–10) 261 pursuit of science and technology 129 radical anti-authoritarianism 199 Reagan Recession 261 rescue of financial institutions 261 research universities 95 the reversing origins of US corporate profits (1950–2004) 22 the right to the city movement 257 ‘right to work’ states 65 savings and loan crisis (1984–92) 8 secondary mortgage market 173 ‘space race’ (1960s and 1970s) 156 suburbs 106–7, 149–50, 170 train network 28 unemployment 5, 6, 60, 168, 215, 261 unrestricted capitalist development 113 value of US stocks and homes, as a percentage of GDP 22 and Vietnam War 171 wages 13, 62 welfare provision 141 ‘urban crisis’ (1960s) 170 urban ‘heat islands’ 77 urban imagineering 193 urban social movements 180 urbanisation 74, 85, 87, 119, 131, 137, 166, 167, 172–3, 174, 240, 243 US Congress 5, 169, 187–8 US Declaration of Independence 199 US National Intelligence Council 34–5 US Senate 79 US Supreme Court 179 US Treasury and Goldman Sachs 11 rescue of Continental Illinois Bank 261 V Vanderbilt family 98 Vatican 44 Veblen, Thorstein 181–2 Venezuela 256 oil production 6 Vietnam War 32, 171 Volcker, Paul 2, 236 Volcker interest rate shock 261 W wage goods 70, 107, 112, 162 wages and living standards 89 a living wage 63 national minimum wage 63 rates 13, 14, 59–64, 66, 109 real 107 repression 12, 16, 21, 107, 110, 118, 131, 172 stagnation 15 wage bargaining 63 Wal-Mart 17, 29, 64, 89 Wall Street, New York 35, 162, 200, 219, 220 banking institutions 11 bonuses 2 ‘Party of Wall Street’ 11, 20, 200 ‘War on Terror’ 34, 92 warfare 202, 204 Wasserstein, Bruce 98 waste disposal 143 Watt, James 89 wealth accumulation by capitalist class interests 12 centralisation of 10 declining 131 flow of 35 wealth transfer 109–10 weather systems 153–4 Weather Underground 254 Weill, Sandy 98 Welch, Jack 98 Westphalia, Treaty of (1648) 91 Whitehead, Alfred North 75 Wilson, Harold 56 wind turbines 188 women domestic slavery 15 mobilisation of 59, 60 prostitution 15 rights 176, 251, 258 wages 62 workers’ collectives 234 working hours 59 World Bank 36, 51, 69, 192, 200, 251 ‘Fifty Years is Enough’ campaign 55 predicts negative growth in the global economy 6 World Bank Development Report (2009) 26 World Trade Organisation (WTO) 200, 227 agreements 69 street protests against (Seattle, 1999) 55 TRIPS agreement 245 and US agricultural subsidies 79 WorldCom 8, 100, 261 worldwide web 42 Wriston, Walter 19 X X-rays 99 Y Yugoslavia dissolution of 208 ethnic cleansings 247 Z Zapatista revolutionary movement 207, 226, 252 Zola, Émile 53 The Belly of Paris 168 The Ladies’ Paradise 168

 

Global Financial Crisis by Noah Berlatsky

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accounting loophole / creative accounting, asset-backed security, banking crisis, Bretton Woods, capital controls, Celtic Tiger, centre right, collapse of Lehman Brothers, collateralized debt obligation, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, deindustrialization, Doha Development Round, energy security, eurozone crisis, financial innovation, Food sovereignty, George Akerlof, Gordon Gekko, housing crisis, illegal immigration, income inequality, market bubble, market fundamentalism, moral hazard, new economy, Northern Rock, purchasing power parity, quantitative easing, race to the bottom, regulatory arbitrage, reserve currency, Robert Shiller, Robert Shiller, Ronald Reagan, shareholder value, South China Sea, structural adjustment programs, too big to fail, trade liberalization, transfer pricing, working poor

Even the most zealous market fundamentalists must have lost their illusions about the ability of markets to discipline themselves and correct their own mistakes. 2) Further discredit of the IMF and World Bank. The collapse of the neoliberal dogma is a major blow to the international financial institutions. What is even more devastating to them is the reversal of most of the policies they had advocated for decades in Africa and in other ‘poor’ countries under the now discredited SAPs (structural adjustment programmes). The IMF and the World Bank are supporting 188 Solutions to the Global Financial Crisis fiscal stimulus—expansionary fiscal policies—in the United States, Europe, and Asia. They are supporting rescue plans, including nationalization of private banks and other financial institutions. The priority of the day is no longer inflation but jobs and economic recovery.

., 63 Rosenberg, Daniel, 121–126 Roubini, Nouriel, 202, 219–224 Ruble (Russian currency), 118, 119 Russia, 22–26, 108–120 bad debt woes, 25 blames U.S. policies for crisis, 22–26 BRIC meetings, 146–147 migrant workers, 132 state of the nation opinions, 115, 119 unrest, 108–120 S Sacramento, California, 75, 76–77 Sanborn, Kathy, 74–79 SAPs. See Structural adjustment programs (SAPs) Sarbanes-Oxley Act (2002), 30 Sarkozy, Nicolas, 108, 109, 111– 113, 183 Saudi Arabia, 164–165, 168, 169 Savings rates, 67, 69–70, 173–174 Scandinavia, 45, 95–96, 219–224, 225–230 Schepp, Matthias, 108–120 Seattle, Washington, 77 Securitization, illiquid assets, 54, 55–56, 67, 82, 87 Securum Bank, 228 Shareholders, banks, 43, 44, 45, 46, 228 Sharia law, 164, 165, 166, 168, 169 Shiller, Robert J., 32–41 Shirakawa, Masaaki, 207–218 Sigfússon, Steingrímur, 106–107 Simons, Stefan, 108–120 Singapore, 155 Size issues, banks, 42, 43, 46–47, 63, 223, 226 Slivinski, Stephen, 202–203, 205 Slovakia, 95 Slovenia, 95 Smoot-Hawley Tariff Act (1930), 182 Social contagion, 32, 35–36, 36–38 Social instability.

See Bubbles Standard of living rates, 101–102, 106 State, economic role, 189–191, 193, 194–195, 197 Steinbrück, Peer, 96 259 The Global Financial Crisis Stimulus packages Australia, 91 China, 116, 135, 140, 141–142, 144–145 France, 112 India, 135, 141–142 international efforts, 19, 186, 188–189 Japan, 215 United States, 19, 180, 181, 183 See also Protectionism Stock bonuses, 49 Stock market 1929 crash, 57, 61 bubble, 1990s, 41, 87, 215 drops, 18, 122 Iceland entrance, 104, 106 improvements, 19 Strikes. See Political instability/ unrest Structural adjustment programs (SAPs), 188, 189, 190, 196 Subprime mortgages Australia, 88 Canada, 81–82 U.S., 17, 32–33, 34, 82, 88 See also Mortgage crisis, U.S. Subsidies, U.S. policy, 201, 202– 206 Suharto, 115 Suicides, 118 Sukuk, 167–168, 169 Summit of the Americas, 2009, 159, 163 Swede, Hairy, 228 Sweden, 219–224, 225–230 bank nationalization example for U.S., 219–224, 225–226 bank nationalization myth, 225–230 recession, 95–96, 228 260 Switzerland Swiss National Bank, 97 World Economic Forum, Davos, 2009, 22–26, 113 Synovitz, Ron, 129–134 T Tatarinov, Andrei, 132 Tax evasion and revenues, 197, 199 Tax rates corporate income, 155 inequalities in paying, 203– 204, 206 penal, 44, 48 Tennessee, homelessness, 75, 77–78 Tent cities, U.S., 74–79 The Theory of Money and Credit (Mises), 61 Tourism, 131, 155, 160–161 “Toxic assets,” 45–46, 176, 177, 178, 179 remedies, 221, 222, 223 See also Derivatives Trade African challenges, 191, 192– 193 African-Chinese, 195, 198 Asian surpluses, 68–69, 70–71, 139, 144 China’s growing role, 144, 180, 184 Eastern-Western Europe, 98, 99 export slowdowns, 95, 96, 99, 140, 147–148, 154 free trade agreements, 180, 181, 182–185, 192–193 German recession cause, 96 South-South (developing countries), 195, 198 Index Millennium Development Goals, 136, 191 World Food Programme, 137 United Russia party, 118, 132 United States, 22–26, 65–71, 74– 79, 85–91, 201–206, 219–224 Australian economy ties, 85–91 U bailouts are corporate welfare will not solve crisis, 201–206 UK Financial Investments Ltd.

 

pages: 413 words: 119,379

The Looting Machine: Warlords, Oligarchs, Corporations, Smugglers, and the Theft of Africa's Wealth by Tom Burgis

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Berlin Wall, blood diamonds, BRICs, British Empire, central bank independence, clean water, colonial rule, corporate social responsibility, crony capitalism, Deng Xiaoping, Donald Trump, F. W. de Klerk, Gini coefficient, Livingstone, I presume, McMansion, megacity, offshore financial centre, oil shock, open economy, purchasing power parity, rolodex, Ronald Reagan, Silicon Valley, South China Sea, sovereign wealth fund, structural adjustment programs, trade route, transfer pricing, upwardly mobile, urban planning, Washington Consensus, WikiLeaks

Ghana comes close to the top of the UN index that ranks countries by their success in turning GDP per head into improved living standards (scoring 22, compared with97 for Equatorial Guinea), but Ghanaians’ average income is a tenth of Lithuanians’ and one in three Ghanaians cannot read or write, the same level of illiteracy as in Congo. Inherent in the praise that is heaped on Ghana is a troubling undertone that mitigated penury is the best that Africans can aim for. Like the rest of Africa’s resource states, Ghana bowed to the orthodoxy that the World Bank and the IMF imposed from the early 1980s in the form of ‘structural adjustment programmes’. Based on a set of neoliberal economic policies known as the Washington Consensus, these programmes made loans to poor countries dependent on their adherence to strict conditions, including deep cuts to public spending, privatizing state-owned assets, and lifting controls on trade. Foreign investment was deemed essential to economic growth.

Emil Salim’s review of the World Bank’s record in the oil and mining industries reported that, in the cases it had studied, ‘the IMF’s approach to the extractive sectors was mainly one that promoted aggressive privatization of significant mining and hydrocarbon assets for short-term financing of the [government’s budget] deficit. This did nothing to ensure the creation of competition, efficiency gains, development of a domestic private sector, or environmentally and socially sound development strategies for the extractive sectors.’ The backlash to the stringent conditions it imposed under its structural adjustment programmes has chastened the IMF, but there were also reasons to be concerned about its increasing readiness to lend money to African governments with fewer stipulations. Using loans as leverage is easily caricatured as a neocolonial bludgeoning of sovereign African states, but it has its uses.

., 153–154 Gbadebo-Smith, Folarin, 232–233 GDP as measurement, 211–212 Gécamines, Democratic Republic of Congo, 35, 36, 50–51, 52 Geller, Uri, 49 George, Edward, 26–27 Gertler, Dan background/description, 47–48, 59 Democratic Republic of Congo/power and, 47–49, 53, 59, 96, 144, 171 diamonds/minerals and, 48, 50, 51–52, 53, 59, 106, 227 oil and, 59–60 Ghana description/peace, 150, 161 dogs poisoned (Skimpy/Don’t Forget), 151, 153, 156, 174 IFC and, 151–152, 153, 161, 162, 163–164, 169 independence, 162 Newmont/Ahafo gold mine, 151–153, 156, 162, 163, 164–165 oil, 161–162 poisons with gold mining, 151–153, 156, 164–165, 174 structural adjustment programmes, 162–163 UN Human Development Index, 162 GlaxoSmithKline, 82 Glencore, 2, 53, 106, 144, 168, 214, 233 Global CST, 117 Global Witness, 58, 124–125, 172, 174, 225–226, 235 Goldman Sachs, 13, 25 Gravelle, Jane G., 167–168 Grupo Aquattro Internacional, 16, 18–19 Guanxi described, 82 Guinea airline celebration, 120–121, 144 China Sonangol and, 120, 144 despots/corruption, 106, 107, 108, 109–118, 110, 119, 120, 122 Dutch Disease and, 130 foreign companies fighting over iron ore, 104, 107–109, 110, 112–114, 119–120, 123–130, 155 independence conditions, 106 massacre/aftermath, 115–119, 120 minerals overview, 107–108, 112 Peul ethnic group, 117, 118, 123 poverty/living conditions, 106–107, 109–110 Simandou/iron ore, 104, 108, 109, 110, 113–114, 124, 128–130 See also specific companies/organizations; specific individuals Gyakah, Kofi, 151, 152–153, 163, 174 Halliburton, 15, 191 Hamuli, Olivier, 41–42 H.

 

pages: 318 words: 85,824

A Brief History of Neoliberalism by David Harvey

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affirmative action, Asian financial crisis, Berlin Wall, Bretton Woods, business climate, capital controls, centre right, collective bargaining, crony capitalism, debt deflation, declining real wages, deglobalization, deindustrialization, Deng Xiaoping, Fall of the Berlin Wall, financial deregulation, financial intermediation, financial repression, full employment, George Gilder, Gini coefficient, global reserve currency, illegal immigration, income inequality, informal economy, labour market flexibility, land tenure, late capitalism, Long Term Capital Management, low-wage service sector, manufacturing employment, market fundamentalism, means of production, Mexican peso crisis / tequila crisis, Mont Pelerin Society, mortgage tax deduction, neoliberal agenda, new economy, phenotype, Ponzi scheme, price mechanism, race to the bottom, rent-seeking, reserve currency, Ronald Reagan, Silicon Valley, special economic zone, structural adjustment programs, the built environment, The Chicago School, transaction costs, union organizing, urban renewal, urban sprawl, Washington Consensus, Winter of Discontent

Since degree of neoliberalization was increasingly taken by the IMF and the World Bank as a measure of a good business climate, the pressure on all states to adopt neoliberal reforms ratcheted upwards.2 Thirdly, the Wall Street–IMF–Treasury complex that came to dominate economic policy in the Clinton years was able to persuade, cajole, and (thanks to structural adjustment programmes administered by the IMF) coerce many developing countries to take the neoliberal road.3 The US also used the carrot of preferential access to its huge consumer market to persuade many countries to reform their economies along neoliberal lines (in some instances through bilateral trade agreements).

One of the prime functions of state interventions and of international institutions is to control crises and devaluations in ways that permit accumulation by dispossession to occur without sparking a general collapse or popular revolt (as happened in both Indonesia and Argentina). The structural adjustment programme administered by the Wall Street–Treasury–IMF complex takes care of the first while it is the job of the comprador state apparatus (backed by military assistance from the imperial powers) in the country that has been raided to ensure that the second does not occur. But the signs of popular revolt are everywhere, as illustrated by the Zapatista uprising in Mexico, innumerable anti-IMF riots, and the so-called ‘anti-globalization’ movement that cut its teeth in the revolts at Seattle, Genoa, and elsewhere. 4.

In poorer countries with substantial forest resources, the pressure to increase exports and to allow foreign ownerships and concessions means that even minimal protections of forests break down. The over-exploitation of forestry resources after privatization in Chile is a good case in point. But structural adjustment programmes administered by the IMF have had even worse impacts. Imposed austerity means that poorer countries have less money to put into forest management. They are also pressurized to privatize the forests and to open up their exploitation to foreign lumber companies on short-term contracts. Under pressure to earn foreign exchange to pay off their debts, the temptation exists to concede a maximal rate of short-term exploitation.

 

pages: 193 words: 63,618

The Fair Trade Scandal: Marketing Poverty to Benefit the Rich by Ndongo Sylla

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British Empire, carbon footprint, corporate social responsibility, David Ricardo: comparative advantage, deglobalization, Doha Development Round, Food sovereignty, global value chain, illegal immigration, income inequality, income per capita, invisible hand, Joseph Schumpeter, labour mobility, land reform, market fundamentalism, means of production, Mont Pelerin Society, Naomi Klein, non-tariff barriers, offshore financial centre, open economy, Plutocrats, plutocrats, price mechanism, purchasing power parity, Ronald Reagan, Scientific racism, structural adjustment programs, The Wealth of Nations by Adam Smith, trade liberalization, transaction costs, transatlantic slave trade, trickle-down economics, Washington Consensus

Some time ago, this situation could partly be explained by the export taxes as well as the price stabilisation mechanisms introduced by the governments of developing countries. This is less and less the case, following agricultural liberalisation policies implemented widely following structural adjustment programmes. Since then, developing countries significantly reduced the restrictions they impose on agricultural and manufactured products (World Bank and IMF, 2009). This is one of the merits of the global value chain analysis2 – to highlight recent developments on the commodity markets (agricultural and nonagricultural).

Under the stewardship of Ronald Reagan and Margaret Thatcher, neoliberalism moved from the status of doctrine to that of economic policy programme: its keywords were market deregulation (the labour market and capital markets especially), privatisation of public enterprises and withdrawal of the ‘welfare state’. The same principles were applied in developing countries in the framework of the ‘conditionalities’ attached to structural adjustment programmes conducted under the auspices of the World Bank and the IMF. This is when Margaret Thatcher uttered her notorious TINA: ‘There Is No Alternative’ to neoliberalism. Neoliberalism had promised greater efficiency and more fairness. In reality, it mostly led to an increase of socioeconomic inequalities.

 

pages: 334 words: 98,950

Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism by Ha-Joon Chang

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affirmative action, Albert Einstein, Big bang: deregulation of the City of London, bilateral investment treaty, borderless world, Bretton Woods, British Empire, Brownian motion, call centre, capital controls, central bank independence, colonial rule, Corn Laws, corporate governance, David Ricardo: comparative advantage, Deng Xiaoping, Doha Development Round, en.wikipedia.org, falling living standards, Fellow of the Royal Society, financial deregulation, fixed income, Francis Fukuyama: the end of history, income inequality, income per capita, industrial robot, Isaac Newton, joint-stock company, Joseph Schumpeter, Kenneth Rogoff, labour mobility, land reform, low skilled workers, market bubble, market fundamentalism, Martin Wolf, means of production, moral hazard, offshore financial centre, oil shock, price stability, principal–agent problem, Ronald Reagan, South Sea Bubble, structural adjustment programs, The Wealth of Nations by Adam Smith, trade liberalization, transfer pricing, urban sprawl, World Values Survey

This was supposed to be done by financing projects in infrastructure development (e.g., roads, bridges, dams). Following the Third World debt crisis of 1982, the roles of both the IMF and the World Bank changed dramatically. They started to exert a much stronger policy influence on developing countries through their joint operation of so-called structural adjustment programmes (SAPs). These programmes covered a much wider range of policies than what the Bretton Woods Institutions had originally been mandated to do. The BWIs now got deeply involved in virtually all areas of economic policy in the developing world. They branched out into areas like government budgets, industrial regulation, agricultural pricing, labour market regulation, privatization and so on.

Another result is that, even when their policies may be appropriate, they have often failed because they are resisted by the locals as impositions from outside. In response to mounting criticisms, the World Bank and the IMF have recently reacted in a number of ways. On the one hand, there have been some window-dressing moves. Thus the IMF now calls the Structural Adjustment Programme the Poverty Reduction and Growth Facility Programme, in order to show that it cares about poverty issues, though the contents of the programme have hardly changed from before. On the other hand, there have been some genuine efforts to open dialogues with a wider constituency, especially the World Bank’s engagement with NGOs (non-governmental organizations).

 

pages: 394 words: 85,734

The Global Minotaur by Yanis Varoufakis, Paul Mason

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banking crisis, Berlin Wall, Big bang: deregulation of the City of London, Bretton Woods, business climate, capital controls, Carmen Reinhart, central bank independence, collapse of Lehman Brothers, collateralized debt obligation, colonial rule, corporate governance, correlation coefficient, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, debt deflation, declining real wages, deindustrialization, eurozone crisis, financial innovation, first-past-the-post, full employment, Hyman Minsky, industrial robot, Joseph Schumpeter, Kenneth Rogoff, labour market flexibility, liquidity trap, London Interbank Offered Rate, Long Term Capital Management, market fundamentalism, Mexican peso crisis / tequila crisis, mortgage debt, new economy, Northern Rock, paper trading, planetary scale, post-oil, price stability, quantitative easing, reserve currency, rising living standards, Ronald Reagan, special economic zone, Steve Jobs, structural adjustment programs, systematic trading, too big to fail, trickle-down economics, urban renewal, War on Poverty, Yom Kippur War

Yet, at the same time, we now know that, during the same period, an additional $100 of world growth translated into a measly extra 60 cents for the poorest 20 per cent. Furthermore, when one takes into account the disproportionate rise in prices for basic commodities, as well as the diminution in public services following the IMF’s structural adjustment programmes (in the wake of the Third World debt crisis of the 1980s), there appears to be very little cause for celebration on behalf of our poverty-challenged fellow humans. In Robert Greenwald’s shocking 2005 documentary Wal-Mart: The High Cost of Low Price, a woman working in a Chinese toy factory asks ‘Do you know why the toys you buy are so cheap?’

A fuller picture emerges when we add the drive by US multinationals like Cargill and Monsanto to commodify seeds in India and elsewhere, the thousands of suicides of Indian farmers caught up in these multinationals’ poisonous webs, and the effects of the demise of social services at the behest of the IMF’s structural adjustment programmes, etc. In that picture, the Crash of 2008 seems to have made an already bad situation (for the vast majority of people) far worse.4 Tellingly, when the G20 met in London in April 2009 and decided to bolster the IMF’s fund by $1.1 trillion, the stated purpose was to assist economies worldwide to cope with the Crash.

 

pages: 347 words: 99,317

Bad Samaritans: The Guilty Secrets of Rich Nations and the Threat to Global Prosperity by Ha-Joon Chang

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affirmative action, Albert Einstein, banking crisis, Big bang: deregulation of the City of London, bilateral investment treaty, borderless world, Bretton Woods, British Empire, Brownian motion, call centre, capital controls, central bank independence, colonial rule, Corn Laws, corporate governance, David Ricardo: comparative advantage, Deng Xiaoping, Doha Development Round, en.wikipedia.org, falling living standards, Fellow of the Royal Society, financial deregulation, fixed income, Francis Fukuyama: the end of history, income inequality, income per capita, industrial robot, Isaac Newton, joint-stock company, Joseph Schumpeter, Kenneth Rogoff, labour mobility, land reform, low skilled workers, market bubble, market fundamentalism, Martin Wolf, means of production, moral hazard, offshore financial centre, oil shock, price stability, principal–agent problem, Ronald Reagan, South Sea Bubble, structural adjustment programs, The Wealth of Nations by Adam Smith, trade liberalization, transfer pricing, urban sprawl, World Values Survey

This was supposed to be done by financing projects in infrastructure development (e.g., roads, bridges, dams). Following the Third World debt crisis of 1982, the roles of both the IMF and the World Bank changed dramatically. They started to exert a much stronger policy influence on developing countries through their joint operation of so-called structural adjustment programmes (SAPs). These programmes covered a much wider range of policies than what the Bretton Woods Institutions had originally been mandated to do. The BWIs now got deeply involved in virtually all areas of economic policy in the developing world. They branched out into areas like government budgets, industrial regulation, agricultural pricing, labour market regulation, privatization and so on.

Another result is that, even when their policies may be appropriate, they have often failed because they are resisted by the locals as impositions from outside. In response to mounting criticisms, the World Bank and the IMF have recently reacted in a number of ways. On the one hand, there have been some window-dressing moves. Thus the IMF now calls the Structural Adjustment Programme the Poverty Reduction and Growth Facility Programme, in order to show that it cares about poverty issues, though the contents of the programme have hardly changed from before. On the other hand, there have been some genuine efforts to open dialogues with a wider constituency, especially the World Bank’s engagement with NGOs (non-governmental organizations).

 

pages: 414 words: 119,116

The Health Gap: The Challenge of an Unequal World by Michael Marmot

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active transport: walking or cycling, Affordable Care Act / Obamacare, Atul Gawande, Bonfire of the Vanities, Broken windows theory, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, Celtic Tiger, centre right, clean water, congestion charging, correlation does not imply causation, Doha Development Round, epigenetics, financial independence, future of work, Gini coefficient, Growth in a Time of Debt, illegal immigration, income inequality, Indoor air pollution, Kenneth Rogoff, Kibera, labour market flexibility, lump of labour, Mahatma Gandhi, meta analysis, meta-analysis, microcredit, New Urbanism, obamacare, paradox of thrift, race to the bottom, Rana Plaza, RAND corporation, road to serfdom, Simon Kuznets, Socratic dialogue, structural adjustment programs, the built environment, The Spirit Level, trickle-down economics, urban planning, Washington Consensus, Winter of Discontent, working poor

The likelihood is that if all women in Ethiopia had secondary education, the fertility rate would be nearer to two births for each woman rather than more than five. FIGURE 5.2: KNOW WHEN TO SAY NO? It is precisely lack of education that has led to fertility rates actually rising between 1970 and 1990 in Sub-Saharan Africa, when they declined in every other region of the world. A great deal has been written about structural adjustment programmes.3 The International Monetary Fund (IMF), when asked for help by countries in dire economic straits, had a formula which required structural adjustment. That sounds neutral, but in practice it meant the state spending less on public services and putting things out to the market. In Africa in the 1980s large cuts in public expenditure may have satisfied those who equate government expenditure with waste and economic failure, but such cuts meant that real expenditure on education per person fell by nearly 50 per cent on average in Sub-Saharan Africa.4 In some countries there was an actual decline in school enrolment; in others the previous growth in the proportion of girls being educated slowed down.

In the 1980s the IMF made loans contingent on governments accepting IMF recommendations on how to manage the economy. It was mainstream Washington consensus: reduce public spending, markets as the default option for public services, economic deregulation, privatise public assets. We concluded: the effects of these programmes have been disastrous for public health . . . structural adjustment programmes undermined the health of poor people in sub-Saharan Africa through effects on employment, incomes, prices, public expenditure, taxation, and access to credit, which in turn translated into negative health outcomes through effects on food security, nutrition, living and working environments, access to health services, education.13 When discussing the battle between austerians and Keynesians I said that a key criterion should be impact on the lives people are able to lead.

 

pages: 403 words: 125,659

It's Our Turn to Eat by Michela Wrong

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Berlin Wall, Bretton Woods, British Empire, clean water, colonial rule, Doha Development Round, failed state, Fall of the Berlin Wall, financial independence, Kibera, Mahatma Gandhi, Mikhail Gorbachev, oil shock, out of africa, profit motive, Ronald Reagan, structural adjustment programs, upwardly mobile, young professional, éminence grise

A 1970–71 parliamentary commission helpfully authorised government employees to run their own businesses while holding down civil service jobs (‘straddling’, as it was called), a ruling its chairman later justified on the grounds that there was no point banning an activity that would persist whatever the law decreed.13 A post in a state-run utility or corporation, which could hike prices ever upwards thanks to its monopoly position, offered untold profit-taking opportunities. Similarly, who was better placed to benefit from foreign exchange controls which created a yawning gap between black market and official rates than an insider with excellent banking and Treasury contacts? The structural adjustment programmes pushed on Africa by the World Bank and the International Monetary Fund in the 1980s, which loosened the Kenyan government's stranglehold by making aid conditional on privatising bloated parastatals, dropping currency controls and opening markets to international trade, complicated things, but the ‘eaters’ quickly vaulted that hurdle.

(JG indicates John Githongo) a'Nzeki, Archbishop Ndingi Mwana 221 Achebe, Chinua 42, 132 Africa Commission 206, 212 Akunga, Conrad Marc 153, 154, 155, 158, 334 Al Qaeda 78, 258–9, 277 Ali, Major General Hussein 256 Anderson, David 107, 232, 308 Anglo Leasing and Finance Company Ltd 129, 162, 206; British investigation into 328; contracts with Kenyan government 85, 164, 165, 166, 169, 173, 180; cost of Kenyan government contracts with 165–6, 169, 174, 210, 216; elections, money from deals used to fund NARC campaigns (‘resource mobilisation’) 215–16, 219–20, 243; foreign donors' reaction to scandal 260–4, 266, 267; forensic laboratory contract 164, 173; ‘ghost firms’ sue Kenyan government for breach of contract 328; JG investigates 79, 80–97, 135, 163–6, 233–45, 248–54, 268–9; JG releases details of investigation into 248–54; KANU and 77–9; Kibaki and 219, 220, 222, 234, 235–6, 238, 244–5, 251, 265–6, 268, 273; Maore reveals scandal 77–9, 85, 86; media coverage of scandal 240, 245, 248–54, 255–6, 269–70; ministers involved with 84–97, 118, 165, 166, 171–2, 173, 177, 179, 215–16, 217–20, 222, 223, 245, 250–1, 268; Moi and 165, 171–2; NARC and 79, 84–97, 118, 165, 166, 171–2, 173, 177, 179, 215–16, 217–20, 222, 233–6, 241, 242–3, 245, 250–4, 261, 268, 269–74; navy frigate contract 165, 180; passport printing and lamination contract 78–9, 84–7; payments to 164–5, 170–1, 173, 219, 268, 328; police Mahindra jeep contract 78, 84; classic procurement scam 168–72; ‘Project Nexus’ 165; shadowy nature of 171–2 Annan, Kofi 314, 315 Anti-Corruption and Economic Crimes Act 66, 285 Artur brothers 256–60 Asians, Kenyan 139, 146, 168, 172, 173, 270, 281, 303, 316 Awori, Moody 84, 85, 87, 213, 245, 250, 251, 268, 301 BAE Systems 276–7, 334 Bellamy, William 193–4, 222–3, 224, 250, 259 Benn, Hilary 267, 276 Biwott, Nicholas 301 Blair, Tony 54, 194, 200, 206, 212, 276 Bland, Simon 267 Blixen, Karen 8–9, 121 Blundell, Michael 50, 112 Bomas of Kenya 73, 74, 241 Bono 205, 266 Bosire Commission 65, 268, 321 British High Commission, Nairobi 194, 195, 198, 202–3, 253, 268, 296 Brown, Stephen 188 Bruce, Colin 260, 263, 275, 278, 333 Bush, George W. 262, 263, 275, 277 Buwembo, Joachim 306 Cameron, James 109 Castle, Barbara 109 Central Bank, Kenya 62, 78, 93, 164–5, 259, 318, 319, 320, 322 Central Province, Kenya 52, 73, 99, 102, 108, 113, 114, 117, 127, 147–8, 243, 280, 282, 297, 298, 301, 304 Charterhouse Bank Ltd 259–60 China 209, 240 Christian Aid 160, 205 Churchill, Winston 105 CIA 82–3 Clay, Sir Edward 71, 171, 183, 194–204, 210–15, 224, 225, 254, 259, 267, 277, 333–4 Collier, Professor Paul 31, 51, 185–6, 232, 326 Collier, Val 326 Cornwell, David (John le Carré) 23 Daily Nation 63, 68, 91, 119, 131, 202, 222, 247–51, 253, 282–3, 291, 298, 319 De La Rue 78 Delamere family 8, 105 Democratic Party 69, 118, 135, 175–6, 242 Democratic Republic of Congo 15, 83, 115, 124, 196, 325 Department for International Development, UK (DfID) 194, 204, 205–12, 225, 261–2, 267, 275, 276, 337 Diop, Makhtar 190–2, 199, 223–4, 260 Dorobo tribe 103, 105 EastAfrican 12, 141 East African Community 140, 307 East African Standard 41, 56–60, 248, 255–7, 259 Easterly, William 207 Eigen, Peter 141, 142 Eldoret 112, 114, 290, 307 Electoral Commission of Kenya (ECK) 298, 301, 306, 307, 315n Eliot, Sir Charles 46 Embu 43, 72, 108, 216, 291, 307, 313 End of Poverty, The (Sachs) 192 Escrivá, Josemaría 33, 134 Ethiopia 9, 50, 115, 192, 277 European Union: Common Agricultural Policy 207; elections 2007, observers in Kenya for 298, 307; gives greater say to Kenyan Treasury on how aid is spent 286; JG's resignation, reaction to 223 Executive magazine 65, 138, 139, 141 Face Technologies 78 Facing Mount Kenya (Kenyatta) 103–4, 107 FBI 228, 326 Financial Times 11, 12, 23, 187, 189–90, 333 Fish, Dave 267 Ford Foundation 264 Foreign and Commonwealth Office, UK (FCO) 194, 196, 201, 203, 206, 225, 259, 334 G8 meeting, Gleneagles (2005) 206, 212, 262 Gado 63, 202 Geldof, Bob 205, 266 Gellhorn, Martha 8 General Service Unit (GSU) 3, 13, 34, 79, 187, 311, 337 Gethi, John 129 Getonga, Alfred 72, 85, 87, 91, 129, 177, 179, 215, 251 Gikonyo, Dr Dan 70–1, 175, 242 Gikuyu language 26, 74, 136, 222 Gikuyu, Embu, Meru Association (GEMA) 113, 126, 144, 176, 243, 337 Githongo, Ciru (JG's sister) 39, 125, 133 Githongo, Gitau (JG's brother)125, 131, 132, 138, 239–40 Githongo, Joe (JG's father): accountant 126–7; attempts to influence JG through 94–5, 118–19; Catholic faith 123, 142, 143; home 123; JG and 15–16, 94–5, 119, 130–1, 133, 137, 175, 238–9, 250, 265; Kenyatta regime, role in 118, 160; London, life in 125; loner 135–6; marriage 123; Mau Mau and 123–4, 125; Moi regime and 118, 160; railways, work on 126; social standing 135–6; Transparency International, role in birth of 14, 141; tribalism, loathing of 126–7, 142–3; UN, work for 124–5 Githongo, John (JG): African roots, disconnection from 143–4, 145, 229, 266–7, 286–7; Anglo Leasing, compiles dossier on 233–5, 240–1, 242, 243, 244–5, 248–54; Anglo Leasing, investigation into government contracts with 78–9, 80–97, 163–6, 233–5, 240–1, 242, 243, 244–5, 248–54; Anglo Leasing, releases details of investigation to media 248–54; author, relationship with 12–13, 14, 19, 20, 23–31, 74; author, stays with 19, 20, 23–31; birth 125, 160, 229; Britain, connection with 125, 160, 229, 266–7, 286–7; Catholic faith 27–8, 133–5, 142, 143, 159, 174, 175, 176, 237, 248; character 12, 13, 19, 27, 35–6, 37–40, 81, 132–3, 135, 161, 175–7, 216–17, 233, 235, 236, 264–5, 318, 323, 329–31; Chief of the Burning Spear 31–2, 218; childhood 127, 130–1; diaries 32, 135, 216, 234; elections 2002, role in 14; exile 227–60, 263–7, 271–8, 329; family home 121–3; family, effect of actions upon 175–6, 216, 238–40, 250, 265; father, relationship with 15–16, 17, 118–19, 130–1, 137, 145, 175, 238–9; foreign donors and 15, 38–9, 194, 222–3, 235, 236, 261–2, 263–4, 266, 267; girlfriend 28, 91, 216–17, 221, 250, 264–5, 335; high treason charge, possibility of 237, 251; informers 81–4, 86, 172, 180, 232, 244–5; journalist 12, 14, 138–41, 143; KACC, testifies before 254, 256, 268, 271, 272; Kibaki, relationship with 14, 15, 17–18, 34–5, 37, 66–8, 71, 86, 87, 90–1, 172–5, 179–82, 217, 219, 220, 222, 235–6, 238, 244–5, 265–6, 311–12; Kikuyu ethnicity 13, 97, 115, 117–19, 130, 142–4, 145, 159–62, 163–4, 243, 253, 287–8, 289; legacy of revelations 322–4, 327, 328; media, relationship with 14, 22, 92, 240, 245, 248–50, 251, 252, 253–4; Michael Holman, stays with 39, 31; Ministry of Justice, role in setting up of 66; Moi, investigates corruption under 14, 86; mother, relationship with 133–4, 175, 238–9; NARC and 14, 66–8, 79–87, 164–6, 171–82, 215–25, 229, 233–6, 241, 242–3, 244–5, 250–4, 268–74; Oxford University, stays at 31, 32, 228–33, 235, 242, 243, 264, 285, 290, 322, 329; PAC, testifies before 95, 237–8, 254, 257, 268; Permanent Secretary in Charge of Governance and Ethics, appointment as 12, 15–18, 17, 36–7, 118–19, 145; Permanent Secretary in Charge of Governance and Ethics, abortive attempt to demote from post as 18, 177–82, 215; Permanent Secretary in Charge of Governance and Ethics, office 34–6; Permanent Secretary in Charge of Governance and Ethics, resigns as 20, 21–3, 220–5; physique 12–13, 132; police, joins 137–8; public view of 165–6, 252–4, 286–90, 322; return to Kenya 329–30; revolt, reasons for ability to 158–62, 175–6; school 127–9, 133, 135, 136, 175; smear campaign against 91–2, 231, 254, 264; State House office 34–5, 164; studies in England 12; taping of ministers' conversations 21, 32, 88–90, 233–5, 251, 252, 253–4, 273–4, 289, 321–2; threats to 18, 26, 37, 87–8, 90–7, 176, 218–19, 222, 227–8, 229, 230–2, 250, 257–8, 274, 329–30; Transparency International and 14, 15, 141–2; travel within Africa 12; university in Wales 136, 143; World Bank Volcker panel, recruited by 263, 278 Githongo, Mary (JG's mother) 123–4, 125, 133–4, 238–9 Githongo, Mugo (JG's brother) 39, 126, 136, 138, 158, 178, 221, 239, 240, 274–5 Githongo & Company 126–7 Goldenberg scandal 62–3, 65, 86, 89, 139, 165–6, 168, 211, 216, 221, 228, 251, 268, 269, 284, 311, 319, 320, 321, 322, 324 Goldsmith, Lord 276 Grand Regency hotel 63, 322 Hall, Francis 104 Hannan, Lucy 312 Hemingway, Ernest 8 Hileman, Milena 162 HIV/AIDS 166, 171, 208, 302, 325 Holman, Michael 30, 31 Home Guard 108, 110, 123, 142, 288 Howells, Kim 259 Human Rights Watch 35 Infotalent Ltd 173 International Monetary Fund (IMF) 60–1, 170, 184, 186, 261 Iraq 262, 275 Islamic extremism 78, 188 Kaggia, Bildad 50 Kaiser, Father 26 Kamani, Deepak 84, 173, 327, 329 Kamani, Rashmi 327 Kamba people 43, 48, 58–9, 102, 116, 129, 157, 163, 313 Kantai, Parselelo 324 KANU party 77, 86, 262, 337; Anglo Leasing and 78, 171–2; elections 1997 188; elections 2002 2; elections 2007 215; independence and 109; Kikuyu and 113, 114; long grip on power 2 see also Moi, Daniel arap Karanja, Lisa 35–6, 38, 92, 95–6, 178, 217, 289, 324 Karen, Nairobi 121–2, 134, 135, 175, 242, 330 Kariuki, J.M. 26, 279 Karua, Martha 271, 311, 334 Karume, Njenga 175 Kaufmann, Daniel 207–8, 263, 327 Keane, Fergal 251 Kalenjin people 42; Asian Kenyans, relationship with 172; character of 43, 44; elections 2007 and 290, 297, 308, 312, 316; ethnic violence in the early 1990s, role in 114, 140, 141; history of 49, 112, 113, 114, 140, 141; invention of 49; Kenyatta and 112, 113; Moi and 51, 52, 56, 57, 142, 284, 300 KENYA AID AND DONORS, FOREIGN: Anglo Leasing, reaction to scandal of 192, 260–4, 266, 267; anti-corruption drive 262–4, 266–7, 275–8; Cold War 183, 185; Consultative Group meeting (April 2005) 223; corruption, general approach to 8, 9–10, 14, 38–9, 51, 53–5, 60–4, 184–225, 260–4, 266–7, 275–8, 324–5, 327–8; DfID see Department for International Development, UK; Gleneagles (2008) 206, 212, 262; High Commissioner Clay raises corruption as an issue 193–204; history of aid to Kenya 183–204, 205–22; intimacy of relationship between donors and government ministers 190–3, 224; IMF see IMF; JG, relationship with 15, 38–9, 194, 197, 198, 222–3, 235, 236, 261–2, 263–4, 266, 267; JG, reaction to resignation of 220–5; KACA and 186; under Kenyatta 184; under Kibaki 11, 38–9, 197–204; legislation passed to appease 185–6; under Moi 8, 9–10, 14, 170, 184, 185–7; multi-party politics, enforces 51, 62; NARC regime and 170, 183, 210–11; as percentage of government spending 184; structural adjustment funding 160, 184; UK aid 187, 193–204, 205–12, 225, 261–2, 267, 275, 276–7, 337; vastly boosted aid, recent culture of 205–13, 262; War on Terror and 275–6, 277; World Bank see World Bank COLONIAL RULE: Asian Kenyans under 172; clichés of 8–9; corruption under 60; economy under 11; education under 134; ethnic self-awareness, role in 45–50, 52; foreign aid and history of 184, 194, 202, 203; Karen under 122; Kikuyu under 104–10, 115; living standards under 11; modern Kenyan attitudes towards 286–8; pre-eminent role of Kenya in Africa as a result of 8–9 CORRUPTION: Anglo Leasing and see Anglo Leasing and Finance Company Ltd; anti-corruption legislation 65–6, 283–4, 285–6, 327; banks and 61, 259–60, 270; bribes 11, 55, 337; challenges to pan-African 326–7; donor communities' approach towards 8, 9–10, 14, 38–9, 51, 53–5, 60–4, 184–225, 260–4, 266–7, 275–8, 324–5, 327–8; economy and 11, 60–1, 160–1; effect upon stability of country 258–9; elections 2002, NARC campaign on 2; history of 41–2, 50–3, 56–9, 60–3; Islamic terrorism and 258–9; JG fights see Githongo, John; judiciary 65, 268–9; Kenyan ambivalence towards 55–6, 166–8, 169, 287–8; Kibaki and see Kibaki, Mwai; kitu kidogo (‘petty’ corruption) 55, 337; land grabbing 61–2, 65; layers of Kenyan 41–2; legal system used to fight action against 268–9; Moi and see Moi, Daniel arap; NARC and see National Rainbow Coalition; NSIS investigations into 80–1; ‘Our Turn to Eat’ culture (patronage) and 8, 11, 35, 42, 44, 5–3, 56–60, 72–4, 112–14, 116–19, 143, 144, 145, 157–62, 272, 282, 290–2, 297–300, 325–6; ‘pending bills’ 61, 65; Permanent Secretary in Charge of Governance and Ethics, post created 11–12; public procurement and 65, 77, 78–97, 168–72, 200 see also Anglo Leasing and Finance Company Ltd; state loans and 61; ‘straddling’ 60; UN Convention Against Corruption, ratifies 65; Transparency International see Transparency International CULTURE: character of Kenyan people 7, 67–8, 157; demography 150; education system 51, 127–9, 133, 135, 136, 175; history of 45–53; population, rise in 103, 147–8, 149, 195; recent shifts in 145–62; slums 2, 10, 11, 41–2, 149, 151, 157, 191, 203, 290, 303, 312, 330; tourism 9, 311, 317; urbanisation 148–9; youth 150–5 ECONOMY: 160–1; Cold War 9–10; colonial, effect of 9, 10–11; corruption, patronage (‘Our Turn to Eat’ culture) and 11, 60–1, 114, 160, 184–5; ethnicity, role in 282, 290, 299–300; under Kenyatta 184; under Kibaki 184, 220, 261, 279–82, 290, 292–3, 299–300; under Moi 2, 8, 9–10, 159, 171, 184, 261, 280, 290; most advanced in region 9; NARC and 184, 220, 261, 279–82, 290, 292–3, 299–300; post-election violence 2007, effect upon 311; rich and poor, wealth gap between 11, 279–80, 282, 290, 299–300; state sector shrivels 1980s 160 ELECTIONS: 1992 general election 140; 1997 general election 188; 2002 general election 1–2, 14–15, 73, 135, 154–5, 193, 215, 237, 241, 320; 2004 general election 214; 2005, referendum on new constitution 241–4; 2007 general election 290, 295–316; post-election settlement 2007 314–16 ETHNIC GROUPS: 11, 60–1; colonial rule, effect upon 44–50, 60, 104–10, 115; economy and 60–3, 282; elections 2007 and 290, 291–2, 295–316; ethno-favouritism/elitism 8, 11, 44, 50–3, 56–9, 72–4, 86, 112–14, 116–19, 143, 144, 145, 157–62, 272, 282, 290–2, 297–300, 325; ethno-nationalism as Africa's most toxic problem 325; history of 45, 46–7, 48, 49–53, 60–3, 104–14; JG and family break mould of 97, 118–19, 121–44, 158–62, 163–4; JG, Mount Kenya Mafia appeal to ethnicity of 97, 118–19; Rwanda, effect upon Kenyan awareness of 140–1; stereotypes 42–4, 49–50; under Kenyatta 50–1, 52, 110–13; under Kibaki 51–3, 56–60, 97, 118–19, 290, 291–2, 295–316; under Moi 51, 52, 113–14; violence between ethnic groups, early 1990s 114, 140, 141; youth outlook on 150–8 see also under individual ethnic group name MEDIA: 7, 12, 131–2; Anglo Leasing deals, coverage of 245, 248–54, 255–6, 269–70; cartoonists 7, 10, 34, 63; corruption, coverage of 198, 240, 245, 247–54, 255–7, 269–70; JG and 12, 14, 22, 92–3, 245, 248–54, 269–70; KTN, commandos storm 255–6; Moi and 131–2; newspapers, independence of 131–2, 247–8; newspapers, quality of 12; radio 155–8, 334; television 132, 251, 255–6 see also under individual newspaper title and radio and television station name POLICE: 3; Anglo Leasing supply jeeps for 78, 84; corruption within 6, 11, 77, 78, 84, 173; elections 2007, actions during 305, 312; digital communications contract 328; Infotalent Ltd security contract 173; shootings 192 see also General Service Unit (GSU) POLITICS: constitution 8, 13, 73, 86, 113, 185, 241–4, 283; State House 12, 21, 22, 27, 32, 33, 34, 35–6, 38, 39, 65–6, 69, 70, 71, 74, 80, 81, 84, 89, 92, 93, 129, 160, 164, 172, 173, 174, 177, 179, 181, 183, 184, 202, 218, 219, 220, 222, 224, 232, 235, 238, 244, 249, 260, 270, 271, 283, 300, 304, 306, 325; multi-party regime, advent of 7, 51, 62, 79, 88, 113–14, 139, 140, 158, 193; NARC see National Rainbow Coalition; parliament 153; prime minister, NARC expected to install 8, 283 Kenya Anti-Corruption Authority (KACA) 186, 337 Kenya Anti-Corruption Commission (KACC) 20, 66, 84, 86, 87, 92–3, 173, 217–18, 222, 245, 250, 254, 256, 261, 269, 270, 271, 272, 273n, 274, 327 Kenya Broadcasting Corporation 132, 251 Kenya National Commission on Human Rights (KNCHR) 36, 80, 220, 291, 297, 324, 337 Kenya Revenue Authority 280 Kenyan High Commission, London 23, 30, 238, 254, 257, 271 Kenyan Television Network (KTN) 255–6 Kenyatta, Jomo 34, 36, 50–1, 73, 87, 103–4, 106, 107, 109, 110, 112, 113, 117, 118, 122, 125, 126, 159, 160, 184, 279, 286, 296, 297, 300, 332 Kenyatta, Uhuru 2, 10, 129, 175, 237 Keriri, Matere 72, 175 Kettering, Merlyn 173 Khamala, Martin 138 Kiai, Maina 36, 291 Kiambu people 103, 105, 108, 116, 123, 136 Kibaki, David 129, 175 Kibaki, Lucy 190–1, 224 Kibaki, Mwai: Anglo Leasing dossier, reaction to release of 251, 268, 273; anti-corruption legislation 65–6, 283–4, 285; cabinet 7–8, 72–4, 80, 84–5, 241, 244, 245, 268, 273; car crash 2002 4, 34, 94, 181–2, 242; character 4–5, 8, 68–70, 71–3, 219; constitution and 8, 73, 86, 241–4, 283; corruption, attitudes towards 2, 5, 7, 12, 20, 65–6, 74–5, 77–8, 79–80, 81–97, 215, 219, 220, 222, 234, 235–6, 238, 244–5, 265–6, 282–4, 285; economy under 184, 220, 261, 279–82, 290, 292–3, 299–300; elections 2002 4, 73; elections 2007 284–5, 311–12, 314; ethnic favouritism under 7–8, 72–4, 85, 86; features of former era re-emerge under 282–4; foreign donors and 11, 38–9, 197–204; health 4, 34, 70–3, 80, 94, 181–2, 242; inauguration 2002 1–6, 8, 14, 65–6, 164, 283; inauguration 2007 306; JG, relationship with 14, 17–18, 22, 23, 34–5, 37, 67–8, 71, 86, 87, 90–1, 179–82, 219, 222, 234, 235–6, 238, 244–5, 265–6, 311–12; Moi and 5, 7, 68, 284–5; Mount Kenya Mafia and 72–4, 85, 172–3, 245; speeches 5, 72 Kibera slum, Nairobi 1, 149, 190 Kikuyu people: birth of tribe 101–3; burial of 147–8; Central Association 106; character of 43, 103–14, 115–19; colonial rule, under 105–10; country 98–103; culture 103–14; entitlement, sense of 117; foreign influences upon 131; history of 46, 47, 48, 101–14; JG and 13, 97, 115, 117–19, 130, 142–4, 145, 159–62, 172–5, 287–8, 289; jokes, enjoyment of 115–16; Kenyatta regime, benefit from 50–1, 52, 109–10, 111–13, 115, 159; Kibaki and 8, 7–8, 72–4, 85, 86; land ownership, importance of 104, 105, 112; Mau Mau and 107–12; under Moi 113–14, 159; multi-party politics, role in advent of 113–14; population 103; Reserve 106, 111; respect for elders 117–18; son and mother bond 159 Kikwete, Jakaya 314 Kimani, Martin 128, 159, 324 Kimathi, Dedan 111 Kimunya, Amos 242, 243, 250–1, 259, 285–6, 311 Kinyua, Joseph 219 Kiriamiti, John 316 Kisii tribe 307, 313 Kiss FM 155, 156, 334 Kisumu, Nyanza Province 282, 290, 298, 299, 300, 302–3, 306, 307, 325 Kiswahili language 26, 74, 79, 90, 150, 151, 203, 222, 332 Kivuitu, Samuel 298, 304, 307 Koinange, Jeff 129 Kotut, Eric 322 Kroll 12, 86, 221, 284 Land and Freedom Armies 107 see also Mau Mau land grabbing 61–2, 65 Langata Cemetery 145–8 Leakey, Philip 186 Leakey, Richard 18, 164, 186 Lone, Salim 284 Lonsdale, John 49, 111 Luhya people 43, 58–9, 116, 163, 307, 313 Luo people 43, 44, 49–50, 73, 116, 127, 129, 149, 216, 241, 289, 290, 291, 299, 302, 303, 304, 307, 308, 309, 310, 312, 313, 316 McCarthy, Leonard 326 MacKinnon, William 45, 46 Maasai 42, 43, 44, 46, 47, 48, 49, 103, 104, 105, 106, 112, 114, 124, 281, 320 Maasai Mara 53, 317 Maathai, Wangari 49–50, 175 Macharia, Edith 253 Magari, Joseph 84–5, 87. 93, 165 Maina, Wachira 42, 324 majimboism 296 Make Poverty History 205, 206, 266 Makokha, Kwamchetsi 131–2, 284, 297–8, 326 Makotsi, Pamela 256 Malik, A.H. 94 Mangu, Central Province 125, 131 Maore, Maoka 77, 78–9, 85, 86, 328 Margaryan, Artur 256–60 Mars Group Kenya 166, 324, 328 Mathare slum 290, 308, 309, 310, 330 Mati, Mwalimu 36, 67, 69, 79, 175, 217, 315, 324 Matiba, Raymond 129 Mau Mau 50–1, 107–12, 123, 124, 125, 130, 140, 142, 159, 232, 287, 288 Mbeki, Moeletsi 325 Mboya, Tom 26, 299 Meinertzhagen, Captain Richard 104–5 Meru people 43, 72, 108, 216, 222, 291, 307, 313 Michuki, John 175, 256, 297, 311 Migiro, Dickson 254 Ministry of Justice, Kenya 40, 65, 179 Ministry of Finance, Kenya 218–19 Moi, Daniel arap 73, 178, 287, 301; anti-corruption bills 8; constitution and 13, 113, 185; corruption under 14, 39, 62, 66, 77, 80–1, 82, 86, 165, 171–2, 211, 214, 228, 270, 284–5, 286; East African Standard, involvement in 56–8, 256; economy under 2, 159, 160, 171, 184, 261, 290; elections 2007, role in 284–5, 313; foreign donors and 8, 9–10, 14, 170, 183, 185–6, 198–9; Goldenberg scandal, role in 62, 211; justice system under 65; Kalenjin ethnicity 51, 52, 56–8, 284, 300; Kibaki and 4, 5, 7, 68, 284–5; Kikuyu, treatment under rule of 113–14, 116–17, 164; legacy 5; liberalisation of the airwaves mid-1990s 156; ministers, treatment of 67; multi-party rule forced upon 113–14, 139, 140; opponents, treatment of 7; retirement 2, 4, 34, 69, 70, 183, 197; Transparency International and 14 Moi, Gideon 129 Mount Kenya 43, 46–7, 73, 99, 100, 101, 103, 108, 117, 145, 271, 272, 302 Mount Kenya Mafia: birth of 73, 74; donor community and 222; elections 2007, role in 297, 311, 325; Goldenberg scandal, shelves 269; JG and 89, 96, 119, 143, 144, 161, 179, 203, 215, 230, 242, 273; Kibaki, level of influence over 85, 172–3; media, attacks 256; referendum on constitution 2005, involvement in 244; technology, weakness with 89–90, 230 Moyo, Jonathan 162 Muga, Wycliffe 39, 119, 143, 252, 253 Mugabe, Robert 162, 256, 287, 287n Muhoho, George 15–16, 175, 297 Muite, Paul 148 Mukurwe Wa Nyagathanga 102 Mule, Harris 15–16, 31–2, 118 Muli, Koki 306–7 Mullei, Andrew 164–5 Mumbi 102, 115, 117, 144, 253 Munro, Bob 34 Munyakei, David 317–19, 320, 321–2, 323, 324 Murage, Stanley 179 Muranga 100, 101, 104, 108–9, 316 Murgor, Philip 177, 220 Murgor, Willie 112 Muriuki, Godfrey 105 Murungaru, Chris 72, 84, 85, 87, 88, 92, 177, 178, 179, 202, 212, 215, 220, 222, 223, 250, 268, 284, 301, 329 Murungi, Kiraitu 69, 72, 74, 86, 87, 88, 93, 94, 96–7, 173, 177, 178, 179, 180, 215, 216, 219–20, 222, 234, 250, 251, 268, 271, 273, 274, 284, 297, 311, 328 Museveni, Yoweri 196 Musyoka, Kalonzo 157 Muthaiga 68, 155, 156, 175, 190, 191, 195, 202–3, 260 Muthaura, Francis 87, 93, 177, 179, 200, 219, 222, 235, 268, 297 Muthumbi, Mary 28, 91, 221, 249–50, 264–5, 335 Mutoko, Caroline 155–8, 334 Mutua, Alfred 256 Mwai, Evan 169, 171, 219 Mwakwere, Chirau Ali 202 Mwaliko, Sylvester 93 Mwangi, Dave 84, 173 Mwangi, Wangethi 248, 249 Mwenje, David 86 Mwiraria, David 72, 85, 86, 93–4, 96, 165, 173, 179, 219, 222, 223, 250, 251, 260–1, 268, 273, 274, 284, 301 Nairobi 9, 70, 91, 103, 108, 111, 114, 117, 125, 134, 142, 145, 148, 149, 150, 154, 155–6, 167, 188; bookshops 281; cosmetic makeover of 280–1, 292–3; cosmopolitan nature of 9; economy 9; population 149; slums 2, 10, 11, 41–2, 149, 151, 157, 191, 203, 290, 303, 312, 330; State House see State House, Nairobi; unemployment in 55–6 Naivasha, Rift Valley 295 Nakumatt supermarket chain 292, 295, 312 Nandi language 47, 49 Nation Media Group 12, 141, 191, 248, 251, 269 National Rainbow Coalition (NARC) 261, 337; Anglo Leasing contracts, involvement in 79, 84–97, 118, 165, 166, 171–2, 173, 177, 179, 215–16, 217–20, 222, 223, 229, 245, 250–3, 255–8, 268–75; ‘Artur brothers’ and 256; cabinet 7–8, 72–4, 80, 84–5, 241, 244, 245, 268, 273; constitution and 8, 73, 86, 241, 243, 283; corruption within 20, 22, 79–97, 118, 165, 166, 170, 171–2, 173, 177, 179, 215–16, 217–20, 222, 223, 245, 250–1, 268; corruption, initial fight against 2, 5–6, 7, 8, 11–12, 36, 40, 67, 73, 80–1, 82, 183, 228, 268, 314; donor community, relationship with 170, 183, 210–11; economy under 184, 220, 261, 279–82, 290, 292–3, 299–300; elections 2002 2, 3, 4–8, 14, 71, 71, 82, 320; elections 2007 300; free primary education programme 210–11; High Commissioner Clay and 334; JG's relationship with 14, 66–8, 79–87, 164–6, 171–82, 215–25, 229, 233–6, 241, 242–3, 244–5, 250–4, 268–74; Mau Mau and 111; Nation and 247, 269; Nyayo House and 7; lavish spending of members 79–80 National Security Intelligence Service (NSIS) 80–1, 84, 90, 95, 235 Ndii, David 16, 67, 69, 117, 292, 330 Ndubi, Haroun 53 Ndung'u Commission 65 Ngumi, John 116 Ngunyi, Mutahi 162 Nigeria 11, 16, 102, 115, 326 Njonjo, Charles 178 non-governmental organisations (NGOs) 10, 79, 141, 143 Ntimama, William 114 Nyanza province 297, 298–9, 300 Nyerere, Julius 140 Nyeri, Central Province 108–9, 111–12, 118, 126, 255, 282, 289 Nyong'o, Peter Anyang' 238 Obama, Barack 8, 44 Obasanjo, Olusegun 192 Ochola, Robert 310 Odindo, Joseph 141, 222, 248, 249, 269 Odinga, Jaramogi Oginga 73, 300 Odinga, Raila 73, 241, 245, 257, 279, 282, 284, 296, 297, 298, 299–300, 301, 303, 305, 306, 307, 310, 311, 315 Odoi, Frank 7 Official Secrets Act 95, 236–7, 249, 319 Okolloh, Ory 153, 154, 158, 324 Okonjo-Iweala, Ngozi 326 Opus Dei 33, 134, 135, 174 Orange Democratic Movement (ODM) 284, 290, 297, 298, 301, 302–3, 306, 308, 309, 312, 313, 314, 338 Organisation for Economic Cooperation and Development (OECD) Convention on Combating Bribery 199, 276, 328 Otieno, Gladwell 224, 324 Otieno, Stephen 300 Ouko, Robert 26, 228, 299, 321 Oxfam 160, 189, 205 Pallister, David 327 Party of National Unity (PNU) 297, 301, 306, 307, 308, 312 Pattni, Kamlesh 62–3, 172, 268, 284, 295–6, 322 Perera, Anura 85, 94, 215, 268–9 Pinto, Pio 26 Power, Samantha 331 Prunier, Gerard 52 Public Accounts Committee (PAC) 95, 237–8, 253, 254, 257, 268 Public Officer Ethics Act 66, 283 Ribadu, Nuhu 326 Rice, Xan 250 Rift Valley 47, 49, 104, 112, 114, 140, 141, 282, 295, 297, 308 Ringera, Justice Aaron 20, 66, 217–18, 221–2, 228, 245, 250, 269–71, 272, 274, 322, 327 Rwanda 9, 115, 140–1, 196, 298, 299, 308 Rweria, Erastus 283 Ryan, Professor Terry 56 Sachs, Jeffrey 192, 205, 266 St Antony's College, Oxford 31, 32, 228–33, 235, 242, 243, 248, 326 St Mary's school, Nairobi 127–9, 133, 136, 142, 175 Saitoti, George 211, 251, 268, 273, 311 SAREAT (Series for Alternative Research in East Africa Trust) 162 Sargasyan, Artur 256–60 Satchu, Aly Khan 281 Save the Children 205 Serious Fraud Office, UK (SFO) 266, 276, 328 Sheng dialect 150–2, 310 Shihemi, Henry 128, 129 Short, Claire 71, 207, 287n Sitonik, Wilson 93 Somaia, Ketan 172 Somalia 9, 78, 277 South Africa 11, 326 Soyinka, Wole 132 Standard Media Group 255 State House, Nairobi 12, 21, 22, 27, 32, 33, 34, 35–6, 38, 39, 65–6, 69, 70, 71, 74, 80, 81, 84, 89, 92, 93, 129, 160, 164, 172, 173, 174, 177, 179, 181, 183, 184, 202, 218, 219, 220, 222, 224, 232, 235, 238, 244, 249, 260, 270, 271, 283, 300, 304, 306, 325 Strathmore University 134, 135 Sudan 9, 131, 314, 325 Tanzania 48, 102, 140, 141, 150, 283, 299, 314 Thiongo, Ngugi Wa 132 Trade Bank 270 Transparency International (TI) 11, 14, 15, 16, 17–18, 36, 55, 66, 79, 80, 81, 118, 141–2, 160, 162, 175, 176, 179, 197, 119–200, 224, 261, 283, 289, 320 Uganda 9, 45, 46, 48, 68, 140, 141, 150, 195–6, 283, 299, 302 United Kingdom: aid to Kenya 187, 193–204, 205–12, 225, 261–2, 267, 275, 276–7, 337; colonial rule of Kenya 8–9, 11, 45–50, 52, 60, 104–10, 115, 122, 134, 172, 184, 194, 202, 203, 286–8; High Commissioner to Kenya 71, 171, 183, 194–204, 210–15, 224, 225, 254, 259, 267, 277, 333–4; trains soldiers in Kenya 9 United Nations 314; Africa bureaux 9; awards Kenya Public Service Award 2007 285; Convention against Corruption 65; gives Kenyan Treasury more autonomy over use of aid 286; Habitat 149; Joe Githongo's work for 124; Millennium Development Goals 207, 287; oil-for-food programme 263 United States: aid to Kenya 189, 193–4, 222–3, 224, 250, 259; ambassador to Kenya 193–4, 222–3, 224, 250, 259; Federal Reserve 263; State Department 197; warships based off Kenya 9 USAID 189 Vogl, Frank 61 Volcker, Paul 263, 264, 278 von Szek, Samuel Teleki 104 Wa Kibiru, Mugo 45 Wainaina, Eric 129 Wainana, Binyavanga 1, 106, 152, 324 Wako, Amos 170, 268 Wanjigi, Jimmy 84, 87, 91, 93–4, 129, 175 Wanjui, Joe 15–16, 175, 265, 297 Wanyeki, Muthoni 324 Warah, Rasna 67, 131 Were, Hussein 58–60, 272, 273n, 327, 334 Wolf, Dr Tom 158 Wolfensohn, James 185, 262 Wolfowitz, Paul 262–3, 275–6, 277 World Bank 66, 305; Anglo Leasing scandal, reaction to 260–1; corruption, attitudes towards 141, 170, 184, 185, 199, 207–8, 223–4, 260–1, 262–3, 275–6, 277, 278, 333; Development Committee 276; DfID and 275, 276; Governance and Anti–Corruption (GAC) Framework 276; Institute 207–8; JG joins Volcker panel 263, 278; JG's resignation from Kibaki government, reaction to 223–4; Moi era, grows wary of funding during 170; ‘pushing money out the door’ 189; staff intimacy with African governmental staff 190–2; structural adjustment programmes 60–1; talks up Kenya's prospects 332 World Vision 189 Zaidi, Ali 138–40, 141, 236 Zenawi, Meles 192 Zhvania, Zhurab 227–8 ACKNOWLEDGEMENTS This book is based on a score of interviews and conversations with John Githongo in London, Oxford and Guatemala City between February 2005 and December 2008.

 

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A Pelican Introduction Economics: A User's Guide by Ha-Joon Chang

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Affordable Care Act / Obamacare, Albert Einstein, Asian financial crisis, asset-backed security, bank run, banking crisis, banks create money, Berlin Wall, bilateral investment treaty, borderless world, Bretton Woods, British Empire, call centre, capital controls, central bank independence, collateralized debt obligation, colonial rule, Corn Laws, corporate governance, Credit Default Swap, credit default swaps / collateralized debt obligations, David Ricardo: comparative advantage, deindustrialization, discovery of the americas, Eugene Fama: efficient market hypothesis, eurozone crisis, experimental economics, Fall of the Berlin Wall, falling living standards, financial deregulation, financial innovation, Francis Fukuyama: the end of history, Frederick Winslow Taylor, full employment, George Akerlof, Gini coefficient, global value chain, Goldman Sachs: Vampire Squid, Gordon Gekko, greed is good, Haber-Bosch Process, happiness index / gross national happiness, high net worth, income inequality, income per capita, interchangeable parts, interest rate swap, inventory management, invisible hand, Isaac Newton, James Watt: steam engine, Johann Wolfgang von Goethe, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, joint-stock company, joint-stock limited liability company, Joseph Schumpeter, knowledge economy, laissez-faire capitalism, land reform, manufacturing employment, Mark Zuckerberg, market clearing, market fundamentalism, Martin Wolf, means of production, Mexican peso crisis / tequila crisis, Northern Rock, obamacare, offshore financial centre, oil shock, open borders, post-industrial society, precariat, principal–agent problem, profit maximization, profit motive, purchasing power parity, quantitative easing, road to serfdom, Robert Shiller, Robert Shiller, Ronald Coase, Ronald Reagan, savings glut, Scramble for Africa, shareholder value, Silicon Valley, Simon Kuznets, sovereign wealth fund, spinning jenny, structural adjustment programs, The Great Moderation, The Market for Lemons, The Spirit Level, The Wealth of Nations by Adam Smith, Thorstein Veblen, trade liberalization, transaction costs, transfer pricing, trickle-down economics, Washington Consensus, working-age population, World Values Survey

This is known as the Third World Debt Crisis, thus known because the developing world was then called the Third World, after the First World (the advanced capitalist world) and the Second World (the socialist world). Facing economic crises, developing countries had to resort to the Bretton Woods Institutions (the IMF and the World Bank, just to remind you). The BWIs made it a condition that borrowing countries implement the structural adjustment programme (SAP), which required shrinking the role of the government in the economy by cutting its budget, privatizing SOEs and reducing regulations, especially on international trade. The results of the SAP were extremely disappointing, to say the least. Despite making all the necessary ‘structural’ reforms, most countries experienced dramatic growth slowdown in the 1980s and the 1990s.

 

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Postcapitalism: A Guide to Our Future by Paul Mason

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Alfred Russel Wallace, bank run, banking crisis, banks create money, Basel III, Bernie Madoff, Bill Gates: Altair 8800, bitcoin, Branko Milanovic, Bretton Woods, BRICs, British Empire, business process, butterfly effect, call centre, capital controls, Claude Shannon: information theory, collaborative economy, collective bargaining, Corn Laws, corporate social responsibility, credit crunch, currency manipulation / currency intervention, currency peg, David Graeber, deglobalization, deindustrialization, deskilling, discovery of the americas, Downton Abbey, en.wikipedia.org, energy security, eurozone crisis, factory automation, financial repression, Firefox, Fractional reserve banking, Frederick Winslow Taylor, full employment, future of work, game design, income inequality, inflation targeting, informal economy, Internet of things, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, Joseph Schumpeter, Kevin Kelly, knowledge economy, knowledge worker, late capitalism, low skilled workers, market clearing, means of production, Metcalfe's law, money: store of value / unit of account / medium of exchange, mortgage debt, Network effects, new economy, Norbert Wiener, Occupy movement, oil shale / tar sands, oil shock, payday loans, post-industrial society, precariat, price mechanism, profit motive, quantitative easing, race to the bottom, RAND corporation, rent-seeking, reserve currency, RFID, Richard Stallman, Robert Gordon, secular stagnation, sharing economy, Stewart Brand, structural adjustment programs, supply-chain management, the scientific method, The Wealth of Nations by Adam Smith, Transnistria, union organizing, universal basic income, urban decay, urban planning, wages for housework, women in the workforce

The means by which it did so are clear and well documented.44 Unequal trade relationships forced much of Latin America, all of Africa and most of Asia to adopt development models that led to super-profits for Western companies and poverty at home. Countries that tried to reject these models, such as Chile or Guyana, had their governments overthrown by CIA coups or, as with Grenada, by invasion. Many found their economies destroyed by debt and by the ‘structural adjustment programmes’ the IMF dictated in return for debt write-offs. With little domestic industry, their growth models relied on the export of raw materials, and the incomes of the poor stagnated. Globalization changed all that. Between 1988 and 2008 – as the chart shows – the real incomes of two-thirds of the world’s people grew significantly.

 

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Free Market Missionaries: The Corporate Manipulation of Community Values by Sharon Beder

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anti-communist, battle of ideas, business climate, corporate governance, en.wikipedia.org, full employment, income inequality, invisible hand, liquidationism / Banker’s doctrine / the Treasury view, minimum wage unemployment, Mont Pelerin Society, new economy, price mechanism, profit motive, Ralph Nader, rent control, risk/return, road to serfdom, Ronald Reagan, school vouchers, shareholder value, structural adjustment programs, The Chicago School, the market place, The Wealth of Nations by Adam Smith, Thomas L Friedman, Torches of Freedom, trade liberalization, traveling salesman, trickle-down economics, Upton Sinclair, Washington Consensus, young professional

Pinochet reinstated a minimum wage and union rights, instituted a government programme that created 500,000 public service jobs, and regulated the flow of foreign capital.6 Nevertheless, the same failed free market policy prescription was actively promoted by the World Bank and IMF, not only in Latin America, but in all parts of the world from the mid-1980s.7 It was the driving force behind the structural adjustment programmes being imposed on all indebted developing nations. World Bank and IMF loans became conditional upon the adoption of policies such as privatization, outsourcing, downsizing of public service workforces, reducing barriers to foreign investors and redirecting government spending away from public services and publicly-owned enterprises into debt servicing.

 

Who Rules the World? by Noam Chomsky

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Albert Einstein, anti-communist, Ayatollah Khomeini, Berlin Wall, Bretton Woods, British Empire, capital controls, corporate governance, corporate personhood, cuban missile crisis, deindustrialization, Donald Trump, Doomsday Clock, Edward Snowden, en.wikipedia.org, facts on the ground, failed state, Fall of the Berlin Wall, Howard Zinn, illegal immigration, invisible hand, Malacca Straits, Martin Wolf, Mikhail Gorbachev, Monroe Doctrine, nuclear winter, Occupy movement, oil shale / tar sands, Plutonomy: Buying Luxury, Explaining Global Imbalances, precariat, Ralph Waldo Emerson, Ronald Reagan, South China Sea, Stanislav Petrov, structural adjustment programs, The Wealth of Nations by Adam Smith, Thorstein Veblen, too big to fail, trade route, union organizing, uranium enrichment, wage slave, WikiLeaks, working-age population

If we listen to voices from the global South today we can learn that “the conversion of public goods into private property through the privatization of our otherwise commonly held natural environment is one way neoliberal institutions remove the fragile threads that hold African nations together. Politics today has been reduced to a lucrative venture where one looks out mainly for returns on investment rather than on what one can contribute to rebuild highly degraded environments, communities, and a nation. This is one of the benefits that structural adjustment programmes inflicted on the continent—the enthronement of corruption.” I’m quoting Nigerian poet and activist Nnimmo Bassey, chair of Friends of the Earth International, in his searing exposé of the ravaging of Africa’s wealth, To Cook a Continent, which examines the latest phase of the Western torture of Africa.36 A torture that has always been planned at the highest level, and should be recognized as such.

 

pages: 471 words: 124,585

The Ascent of Money: A Financial History of the World by Niall Ferguson

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Admiral Zheng, Andrei Shleifer, Asian financial crisis, asset allocation, asset-backed security, Atahualpa, bank run, banking crisis, banks create money, Black Swan, Black-Scholes formula, Bonfire of the Vanities, Bretton Woods, BRICs, British Empire, capital asset pricing model, capital controls, Carmen Reinhart, Cass Sunstein, central bank independence, collateralized debt obligation, colonial exploitation, Corn Laws, corporate governance, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, currency manipulation / currency intervention, currency peg, Daniel Kahneman / Amos Tversky, deglobalization, diversification, diversified portfolio, double entry bookkeeping, Edmond Halley, Edward Glaeser, Edward Lloyd's coffeehouse, financial innovation, financial intermediation, fixed income, floating exchange rates, Fractional reserve banking, Francisco Pizarro, full employment, German hyperinflation, Hernando de Soto, high net worth, hindsight bias, Home mortgage interest deduction, Hyman Minsky, income inequality, interest rate swap, Isaac Newton, iterative process, joint-stock company, joint-stock limited liability company, Joseph Schumpeter, Kenneth Rogoff, knowledge economy, labour mobility, London Interbank Offered Rate, Long Term Capital Management, market bubble, market fundamentalism, means of production, Mikhail Gorbachev, money: store of value / unit of account / medium of exchange, moral hazard, mortgage debt, mortgage tax deduction, Naomi Klein, Nick Leeson, Northern Rock, pension reform, price anchoring, price stability, principal–agent problem, probability theory / Blaise Pascal / Pierre de Fermat, profit motive, quantitative hedge fund, RAND corporation, random walk, rent control, rent-seeking, reserve currency, Richard Thaler, Robert Shiller, Robert Shiller, Ronald Reagan, savings glut, seigniorage, short selling, Silicon Valley, South Sea Bubble, sovereign wealth fund, spice trade, structural adjustment programs, technology bubble, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, Thomas Malthus, Thorstein Veblen, too big to fail, transaction costs, value at risk, Washington Consensus, Yom Kippur War

Yet the days had gone when investors could confidently expect their governments to send a gunboat when a foreign government misbehaved. Now the role of financial policing had to be played by two unarmed bankers, the International Monetary Fund and the World Bank. Their new watch-word became ‘conditionality’: no reforms, no money. Their preferred mechanism was the structural adjustment programme. And the policies the debtor countries had to adopt became known as the Washington Consensus, a wish-list of ten economic policies that would have gladdened the heart of a British imperial administrator a hundred years before.bc Number one was to impose fiscal discipline to reduce or eliminate deficits.

 

pages: 277 words: 80,703

Revolution at Point Zero: Housework, Reproduction, and Feminist Struggle by Silvia Federici

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Community Supported Agriculture, declining real wages, equal pay for equal work, feminist movement, financial independence, global village, illegal immigration, informal economy, invisible hand, labor-force participation, land tenure, means of production, microcredit, neoliberal agenda, new economy, Occupy movement, planetary scale, Scramble for Africa, statistical model, structural adjustment programs, the market place, trade liberalization, UNCLOS, wages for housework, Washington Consensus, women in the workforce, World Values Survey

In contrast to those who saw the movement’s task as reforming, humanizing, and “genderizing” the World Bank and IMF, these essays look at these institutions as the instruments of a new process of recolonization, and worldwide capitalist attack on workers’ power. In particular, they examine the relation between the large migratory movements triggered by structural adjustment programs in the early ‘90s, and what Arlie Hochschild has termed the “globalization of care.” They also investigate the connection between warfare and the destruction of subsistence farming and, most importantly, the motivations behind the new global economy’s war against women. A running theme throughout the essays of Part Two is also the critique of the institutionalization of feminism and the reduction of feminist politics to instruments of the neoliberal agenda of the United Nations.

These policies have so undermined the reproduction of the populations of the “Third World” that even the World Bank has had to concede to having made mistakes.18 They have led to a level of poverty unprecedented in the postcolonial period, and have erased the most important achievement of the anticolonial struggle: the commitment by the new independent nation states to invest in the reproduction of the national proletariat. Massive cuts in government spending for social services, repeated currency devaluations, wage freezes, these are the core of the “structural adjustment programs” and the neoliberal agenda. We must also mention the ongoing land expropriations that are being carried out for the sake of the commercialization of agriculture, and the institution of a state of constant warfare.19 Endless wars, massacres, entire populations in flight from their lands and turned into refugees, famines: these are not only the consequences of a dramatic impoverishment that intensifies ethnic, political, and religious conflicts, as the media want us to believe.

Moreover, it is in the nature of the present capitalist crisis that no mediation is possible and development planning in the so-called “Third World” gives way to war.3 That the connection between integration in the global economy and warfare is not usually recognized is due to the fact that globalization today, while in essence continuing the nineteenth century imperial project, presents itself primarily as an economic program. Its first and most visible weapons are structural adjustment programs, trade liberalization, privatizations, intellectual property rights. All these policies are responsible for an immense transfer of wealth from the “colonies” to the metropoles, but they do not require territorial conquest, and thus are assumed to work by purely peaceful means.4 Military intervention too is taking new forms, often appearing under the guise of benevolent initiatives, such as “food aid” and “humanitarian relief,” or, in Latin America, the “war against drugs.”

 

pages: 497 words: 123,718

A Game as Old as Empire: The Secret World of Economic Hit Men and the Web of Global Corruption by Steven Hiatt; John Perkins

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airline deregulation, Andrei Shleifer, Asian financial crisis, Berlin Wall, big-box store, Bretton Woods, British Empire, capital controls, centre right, clean water, colonial rule, corporate governance, corporate personhood, deglobalization, deindustrialization, Doha Development Round, energy security, European colonialism, financial deregulation, financial independence, full employment, global village, high net worth, land reform, large denomination, Long Term Capital Management, Mexican peso crisis / tequila crisis, Mikhail Gorbachev, moral hazard, Naomi Klein, new economy, North Sea oil, offshore financial centre, oil shock, Ponzi scheme, race to the bottom, reserve currency, Ronald Reagan, Scramble for Africa, statistical model, structural adjustment programs, too big to fail, trade liberalization, transatlantic slave trade, transfer pricing, union organizing, Washington Consensus, working-age population, Yom Kippur War

Another result of the crisis of the 1970s was to discredit the reigning economic orthodoxy—Keynesian government-led or -guided economic development—in favor of a corporate-inspired movement restoring a measure of laissez-faire (a program usually called neoliberalism outside North America). Its standard-bearers were Ronald Reagan in the United States and Margaret Thatcher in Britain, and international enforcement of the neoliberal model was put into the hands of the International Monetary Fund (IMF) and World Bank. Dozens of countries currently operate under IMF “structural adjustment” programs (SAPs), and despite—or because of—such tutelage few ever complete the IMF/World Bank treatment to regain financial health and independence. The Web of Control Payments on Third World debt require more than $375 billion a year, twenty times the amount of foreign aid that Third World countries receive.

The Web of Control EXTORTING TRIBUTE FROM THE GLOBAL SOUTH Foreign aid, investment, and development loans to Third World countries are dwarfed by the flow of money for loan service, earmarked goods and services, stolen funds, and flight capital. At least $5 trillion has flowed out of poorer countries to the First World since the mid-1970s, much of it to offshore accounts. Meanwhile, IMF and World Bank structural adjustment programs throttle economic and social development in many countries. GLOBAL NORTH G8 NATIONS • MULTINATIONALS • WORLD BANK • IMF FUNDS FLOWING TO UNDERDEVELOPED COUNTRIES • Loans for inflated projects • Structural adjustment loans • Development loans • Arms “aid” • Export credit agency financing • Offshore production CONDITIONS FOR AID, LOANS, AND INVESTMENT • Resource development concessions • One-sided production sharing agreements • “Partnerships” with local elites • Privatization of public services • Nonreciprocal elimination of tariffs • Unnecessary buildup of defense, security forces • Public investment to enable private corporate projects ENFORCEMENT • Rigged elections • Bribes • Penetration of military, security forces • Manipulation of local currency, interest rates • Manipulation of local ethnic conflicts • Assassination of uncooperative leaders • Use of local militias, security forces • Military intervention FLOW OF MONEY BACK TO THE FIRST WORLD • Contracts, loan payments • Rigged bids • Flight capital • Kickbacks deposited in offshore accounts • Manipulated commodities markets • Embezzled funds to offshore accounts • Arms contracts • Earmarked services and suppliers • Tax evasion/money laundering • Transfer mispricing GLOBAL SOUTH THE UNDERDEVELOPED WORLD The Market: Subsidies for the Rich, Free Trade for the Poor If the global empire had a slogan, it would surely be Free Trade.

GLOBAL NORTH G8 NATIONS • MULTINATIONALS • WORLD BANK • IMF FUNDS FLOWING TO UNDERDEVELOPED COUNTRIES • Loans for inflated projects • Structural adjustment loans • Development loans • Arms “aid” • Export credit agency financing • Offshore production CONDITIONS FOR AID, LOANS, AND INVESTMENT • Resource development concessions • One-sided production sharing agreements • “Partnerships” with local elites • Privatization of public services • Nonreciprocal elimination of tariffs • Unnecessary buildup of defense, security forces • Public investment to enable private corporate projects ENFORCEMENT • Rigged elections • Bribes • Penetration of military, security forces • Manipulation of local currency, interest rates • Manipulation of local ethnic conflicts • Assassination of uncooperative leaders • Use of local militias, security forces • Military intervention FLOW OF MONEY BACK TO THE FIRST WORLD • Contracts, loan payments • Rigged bids • Flight capital • Kickbacks deposited in offshore accounts • Manipulated commodities markets • Embezzled funds to offshore accounts • Arms contracts • Earmarked services and suppliers • Tax evasion/money laundering • Transfer mispricing GLOBAL SOUTH THE UNDERDEVELOPED WORLD The Market: Subsidies for the Rich, Free Trade for the Poor If the global empire had a slogan, it would surely be Free Trade. As their price for assistance, the IMF and World Bank insist in their structural adjustment programs that indebted developing countries abandon state-led development policies, including tariffs, export subsidies, currency controls, and import-substitution programs. Their approved model of development instead focuses on export-led economic growth, using loans to develop new export industries—for example, to attract light industry to export-processing zones (firms like Nike have been major beneficiaries of these policies).

 

pages: 233 words: 75,712

In Defense of Global Capitalism by Johan Norberg

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Asian financial crisis, capital controls, clean water, correlation does not imply causation, Deng Xiaoping, Edward Glaeser, Gini coefficient, half of the world's population has never made a phone call, Hernando de Soto, illegal immigration, income inequality, informal economy, Joseph Schumpeter, Kenneth Rogoff, land reform, Lao Tzu, manufacturing employment, market fundamentalism, Mexican peso crisis / tequila crisis, Naomi Klein, new economy, open economy, profit motive, race to the bottom, rising living standards, school vouchers, Silicon Valley, Simon Kuznets, structural adjustment programs, The Wealth of Nations by Adam Smith, Tobin tax, trade liberalization, trade route, transaction costs, trickle-down economics, union organizing

When a corrupt government has to take account of perhaps a hundred different stipulations and guidelines at once, things get difficult, 180 especially as it must simultaneously keep track of any number of other aid programs from individual countries. Because these structural adjustment programs are often quite vaguely written, it is easy for governments to delay and undermine them. Breaches of the programs have led to a cancellation of payments, but, bizarrely, the funding tap has been turned full on again as soon as the politicians have verbally promised renewed compliance. That, it seems, can be repeated indefinitely. One analyst maintained that 15 years of structural adjustment programs in Africa had meant only ‘‘minimally more openness to the global economy.’’17 The unwillingness of the recipient countries to follow the advice given makes it wrong to point to the IMF’s liberalizing recommendations as the cause of those countries’ profound crises, as many left-wing movements do.

Like all credit providers, they would prefer to be paid back, and so they insist on reforms that would allow the country to emerge from its crisis and eventually be capable of repaying what it has borrowed. There is nothing fundamentally wrong with this attitude, and the recommendations (termed structural adjustment programs) have often been healthy: a balanced budget, a lower rate of inflation, greater competition, open markets, less corruption and more rule of law, and a reduction of military spending in favor of things like education and health care. Much work has also been devoted to establishing greater transparency and to cleaning up shady dealings and nepotism between rulers and economic players.

Andrei Illarionov, Russian liberal economist, today adviser to President Vladimir Putin.16 It is very dangerous to suppose that reforms can be brought about from outside by means of economic inducements. In the majority of cases, resource transfers of this kind have had the effect of propping up a failed system. Assistance, if it is to have any positive effects, must come after reforms begin. When, in 1994, the WB reviewed 26 different structural adjustment programs, it found that only 6 of them had led to a serious change of policy. Above all, those in power could not, or would not, reduce and streamline bureaucracy and their own control of the economy. Countries have sometimes tried to meet certain important stipulations, such as budgetary balance, by destructive policies such as increasing taxes and tariffs, printing more money, or slashing the most important public spending—on education and health—instead of subsidies, bureaucracy, and the military.

 

pages: 221 words: 55,901

The Globalization of Inequality by François Bourguignon

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Berlin Wall, Branko Milanovic, Capital in the Twenty-First Century by Thomas Piketty, collective bargaining, Credit Default Swap, deglobalization, deindustrialization, Doha Development Round, Edward Glaeser, European colonialism, Fall of the Berlin Wall, financial deregulation, financial intermediation, gender pay gap, Gini coefficient, income inequality, income per capita, labor-force participation, minimum wage unemployment, offshore financial centre, open economy, purchasing power parity, race to the bottom, Robert Gordon, Simon Kuznets, structural adjustment programs, The Spirit Level, too big to fail, very high income, Washington Consensus

In other countries the distribution has remained relatively stable (Cameroon, Uganda) or even seems to have narrowed (Senegal). In Latin America, inequality levels have followed a clear inverted U-­shaped curve over the last thirty years. They rose significantly in the 1980s as the economies were experiencing a severe balance-­of-­payments crisis and were submitted to draconian reforms under the “structural adjustment program” imposed by the IMF and the World Bank. This was followed by a noteworthy drop throughout the 2000s. In total, inequality has not yet returned to its earlier Are Countries Becoming More Unequal?55 levels in half of all Latin American countries. In others, it has dropped below its earlier levels.

These structural adjustment policies have often been criticized for their social costs, partly because they slowed growth and thus the reduction of poverty dramatically, and partly because they placed more of the brunt of the costs of these programs on the lower and middle classes, rather than on the high end of the income scale.23 The debt crisis began in Latin America, specifically in Mexico in 1982, and for a decade and a half it would have harsh consequences for the developing world, in particular in sub-­Saharan Africa and Latin America. The structural adjustment programs that the international financial institutions demanded in exchange for aid were grounded on a package of free market principles that were later baptized the “Washington consensus.” They resulted in deep institutional changes: commercial and financial liberalization, deregulation of goods, capital and labor markets, privatization, the elimination of consumer and producer subsidies, 23  See IMF-­IEO, Fiscal Adjustment in IMF-­Supported Programs, IMF, June 2002. 110 Chapter 3 cuts in social spending, and so forth.

As we have seen, many of these reforms almost certainly had inegalitarian effects, and, in fact, between the 1980s and 1990s we can see a substantial rise in inequalities in the countries affected most directly by these programs: Argentina, Mexico, Peru, Ecuador, and even Brazil. But it would be an error to attribute this entirely to the structural adjustment programs. Latin America was in a difficult economic situation, one in need of radical reform. It is likely that inequality would have worsened no matter what these reforms were. In several cases, inequality had already begun to increase at the first signs of the crisis, when the rich began transferring their assets overseas to avoid the fallout.

 

pages: 823 words: 206,070

The Making of Global Capitalism by Leo Panitch, Sam Gindin

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accounting loophole / creative accounting, airline deregulation, anti-communist, Asian financial crisis, asset-backed security, bank run, banking crisis, barriers to entry, Basel III, Big bang: deregulation of the City of London, bilateral investment treaty, Branko Milanovic, Bretton Woods, BRICs, British Empire, call centre, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, central bank independence, collective bargaining, continuous integration, corporate governance, Credit Default Swap, crony capitalism, currency manipulation / currency intervention, currency peg, dark matter, Deng Xiaoping, disintermediation, ending welfare as we know it, eurozone crisis, facts on the ground, financial deregulation, financial innovation, Financial Instability Hypothesis, financial intermediation, floating exchange rates, full employment, Gini coefficient, global value chain, guest worker program, Hyman Minsky, imperial preference, income inequality, inflation targeting, interchangeable parts, interest rate swap, Kenneth Rogoff, land reform, late capitalism, liquidity trap, London Interbank Offered Rate, Long Term Capital Management, manufacturing employment, market bubble, market fundamentalism, Martin Wolf, means of production, money: store of value / unit of account / medium of exchange, Monroe Doctrine, moral hazard, mortgage debt, mortgage tax deduction, new economy, non-tariff barriers, Northern Rock, oil shock, precariat, price stability, quantitative easing, Ralph Nader, RAND corporation, regulatory arbitrage, reserve currency, risk tolerance, Ronald Reagan, seigniorage, shareholder value, short selling, Silicon Valley, sovereign wealth fund, special drawing rights, special economic zone, structural adjustment programs, The Chicago School, The Great Moderation, the payments system, The Wealth of Nations by Adam Smith, too big to fail, trade liberalization, transcontinental railway, trickle-down economics, union organizing, very high income, Washington Consensus, Works Progress Administration, zero-coupon bond

Rather, it was a key mechanism, in Alan Milward’s apt formulation, for the “European rescue of the nation-state.”1 But this was strongly encouraged by American policymakers, and what was in fact taking place was the American rescue of the European capitalist state. The Marshall Plan’s achievements in this respect would later be called “history’s most successful structural adjustment program”—one which permitted Europe’s welfare states to be “built on top of and . . . not supplant or bypass the market allocation of goods and factors of production.”2 US policymakers repeatedly spoke, as Allen Dulles did in 1947, of their “desire to help restore a Europe which can and will compete with us in the world markets.”3 The economic rationale for this was that it would enable Europe to buy “substantial amounts of our products,” and it was hoped that this would eventually entail not only exports from the US but also production by US corporations within Europe.

This was done with the strong encouragement of the US Treasury, whose own crucial loans to New York City at the end of 1975 were provided on terms that were explicitly intended, as Treasury Secretary Simon told a Senate hearing, to be “so punitive, the overall experience so painful, that no city, no political subdivision would ever be tempted to go down the same road.”10 While municipal unions were conscripted to invest their pension funds in New York City’s bonds, committees dominated by bankers framed the loan conditions on the basis of the policies that later became widely identified with neoliberalism—a concept of fiscal rectitude that rejected higher taxes and instead cut social programs, froze wages, and privatized public services and assets.11 Many of New York’s Democratic Party elite were complicit in imposing this early structural adjustment program, and this appeared to reinforce what Alan Greenspan saw at the time as a remarkable emerging consensus among Republican and Democratic leaders on economic policy—“a convergence of attitudes between the liberal left and the conservative right . . . looking to restrain inflation, cut deficit spending, reduce regulation, and encourage investment.”12 But it was by no means clear that the new Carter administration would sustain this elite consensus.

Nothing symbolized labor’s defeat more vividly in the following years than Volcker using his “Humphrey-Hawkins testimony” to make the monetarist case that low inflation was the Fed’s overriding target, even at the expense of unemployment, and that this was the principal means of ultimately reaching high employment.45 But it was a Democratic Congress’s imposition on labor of what was effectively a “structural adjustment program”—in the conditions attached to the loan guarantees Congress gave Chrysler in 1979 to prevent its bankruptcy—that signaled the most important factor in sustaining the Volcker shock. Whereas there had been an explosion of labor militancy in the strike wave that erupted in the wake of the Fed’s 1969–70 “policy of extreme restraint,” a decade later the acquiescence of the UAW in the “reopening” of its collective agreement, to make wage concessions and allow for the outsourcing of production to non-union plants, now became the template for the spread of similar concessions throughout US industry.

 

Year 501 by Noam Chomsky

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anti-communist, Bartolomé de las Casas, Berlin Wall, Bolshevik threat, Bretton Woods, British Empire, capital controls, colonial rule, corporate governance, cuban missile crisis, declining real wages, Deng Xiaoping, deskilling, Dissolution of the Soviet Union, European colonialism, experimental subject, Fall of the Berlin Wall, Howard Zinn, invisible hand, land reform, land tenure, means of production, Monroe Doctrine, non-tariff barriers, offshore financial centre, Plutocrats, plutocrats, price stability, Ralph Nader, Ralph Waldo Emerson, RAND corporation, Ronald Reagan, Simon Kuznets, strikebreaker, structural adjustment programs, the scientific method, The Wealth of Nations by Adam Smith, trade liberalization, trickle-down economics, union organizing, War on Poverty, working poor

There is, however, one bright spot, Ron Suskind reports in a front-page Wall Street Journal article headlined “Made Safe by Marines, Grenada Now is Haven for Offshore Banks.” The economy may be “in terrible economic shape,” as the head of a local investment firm and member of Parliament observes—thanks to USAID-run structural adjustment programs, the Journal fails to add. But the capital “has become the Casablanca of the Caribbean, a fast-growing haven for money laundering, tax evasion and assorted financial fraud,” with 118 offshore banks, one for every 64 residents. Lawyers, accountants, and some businessmen are doing well; as, doubtless, are the foreign bankers, money launderers, and drug lords, safe from the clutches of the carefully crafted “drug war.”25 The US liberation of Panama recorded a similar triumph.

President Callejas concedes that these policies have had “a negative effect on the vast majority of the population”; but, CAR observes, he “is willing to pay this price, however, to satisfy international lenders and continue promoting a free market economy.” Callejas and his associates, needless to add, are not those who “pay the price.” In El Salvador, 90 percent of the population live in poverty and only 40 percent have steady employment. The 1990 structural adjustment program put 25,000 more out of work and substantially reduced exports, and despite increase in minimum salaries, “the price of the basic family basket far outstrips workers’ income.” Almost 80 percent of private bank loans go to large businesses; of agricultural loans, 60 percent went to coffee growers, 3 percent to small-scale basic grain producers.

These enterprises furnished about 40 percent of Haitian exports (100 percent having been primary commodities in 1960), though limited employment or other benefits for Haitians, apart from new opportunities for enrichment for the traditional elite. In the 1980s, IMF Fundamentalism began to take its customary toll as the economy deteriorated under the impact of the structural adjustment programs, which caused agricultural production to decline along with investment, trade and consumption. Poverty became still more terrible. By the time “Baby Doc” Duvalier was driven out in 1986, 60 percent of the population had an annual per capita income of $60 or less according to the World Bank, child malnutrition had soared, the rate of infant mortality was shockingly high, and the country had become an ecological and human disaster, perhaps beyond hope of recovery.

 

pages: 537 words: 99,778

Dreaming in Public: Building the Occupy Movement by Amy Lang, Daniel Lang/levitsky

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Bay Area Rapid Transit, bonus culture, British Empire, clean water, cognitive dissonance, collective bargaining, corporate governance, corporate personhood, crowdsourcing, David Graeber, deindustrialization, facts on the ground, glass ceiling, housing crisis, Kibera, late capitalism, Naomi Klein, Occupy movement, oil shale / tar sands, out of africa, Plutocrats, plutocrats, Port of Oakland, Rosa Parks, Saturday Night Live, Slavoj Žižek, structural adjustment programs, the medium is the message, too big to fail, trade liberalization, union organizing, upwardly mobile, urban renewal, War on Poverty, We are Anonymous. We are Legion, We are the 99%, white flight, working poor

These models share Occupy’s approach of building towards an unknown other world through continuous practice, perhaps best summarized in the words of Antonio Machado adopted as a motto by many Zapatista-inspired groups: se hace el camino al andar – ‘we make the road by walking’. Just as the interweaving of recent local and international influences on Occupy/Decolonize reflects resistance to neoliberal economics, to Structural Adjustment Programs imposed by the International Monetary Fund, and to ‘austerity’ budgets both within the US and elsewhere, so too were the local post-World War Two movements which make up the movement’s earlier prehistory intertwined with those abroad – the US face of anti-colonial struggles from Vietnam to Algeria to South Africa, student uprisings from Paris to Tokyo to Mexico City, and so on.

What they needed were the resources and the low-cost labor they were used to from their colonies, and just enough of the world wealthy enough to buy things. The mercenary lending practices of these banks is infamous; eye-watering rates of interest and conditions which have established the so-called first, second and third worlds. The IMF imposes Structural Adjustment Programs on its debtors, effectively overriding any attempt at democracy. Yes, you can have this loan – but you will need to sell off all of your public services, slash public spending, let foreign investors buy up your land… oh and don’t open this one up to a vote. What then happens? The obvious: more people in the country fall into poverty as they lose their jobs, they can’t afford to send their children to private school and the state can no longer afford to run an education system, health is privatized so people start dying of treatable illnesses – and you have a call for foreign aid to help educate the children, heal the sick and feed the starving.

175, 188-91 IMF see International Monetary Fund Immigrant Workers’ Rights Solidarity group 141, 162, 163 immigrants 22, 64, 144, 147, 296 rights 56 inclusivity in Occupy/Decolonize 21, 22, 289-90 LGBTQ 125, 129-32 people of color 95-6, 105, 118, 147-9 India 296 indigenous peoples 86, 109, 141, 147, 148, 150-3, 164-5, 195, 291 indignadxs 204, 277, 295, 298 information 26-46, 92 see also libraries and online resources infrastructure at Occupy/Decolonize sites 253-76 international links 204, 241, 274, 277, 278-9 International Monetary Fund (IMF) 21, 44, 202, 285 Irache (on 15-M March) 298, 299 Iran 295 Iraq 16, 48, 67-9, 243, 296, 297 Ireland 43, 233, 296 Islamic Labor Caucus 147 Israel 248, 295 Italy 21, 43, 64, 229 Jackson, Jesse 263 Jaffe, Sarah 12, 197, 213, 253, 254 Japan 21, 237 Jeannie (at Occupy LA) 218, 220 Jen-Mei Wu 196 Johnson, Joyce Hobson 57 Johnson, Nelson 57 Johnson, Thomas 151 Johnson City, US 72, 73-4 Johnston, Angus 72, 75 Jones, Van 97 jóvenes en resistencia alternativa 63, 65 JP Morgan Chase 148 Just Cause/Causa Justa 148 justice system 50, 95 Kali (at Occupy Oakland) 94, 96 Katehi, Linda PB 225, 246-7 Kathleen (at Occupy LA) 220 Kelly, Ray 254 Kelsey-Fry, Jamie 13 Kendrick, Chris 188, 190 Kennedy, Mark 294 Kibera, Kenya 72, 88, 89 Kim, Richard 26, 27 Kim, Tammy 141, 161 King, Martin Luther, Jr 17, 194, 203, 272 Kingsolver, Barbara 72, 73 kitchens see food and kitchens Klein, Naomi 26, 43, 261 Koch brothers 224 Konczal, Mike 10, 250 Konvergencia Gráfica 65 Korematsu, Fred 195 Kucinich, Dennis 98 labor rights 18, 49, 50, 56, 58, 73, 89, 241 Lacan, Jacques 41 Lang, Amy Schrager 13, 15 Lang, Emily 13 Lang/Levitsky, Daniel 13, 15 language 39-42 languages 148 see also deaf sign language law making 238-9 Lawson, James, Jnr 57 Lawson, Phillip 57 Lee, Barbara 98 Lee, Ed 203 Lee, Jenny 84, 85 legal support 75, 115 Lewis, John 147 LGBTQ 56, 125, 129-30 and Occupy/Decolonize 125, 129-32 rights 19, 54 violence against 131, 168 Liberty Plaza 154 see also Occupy Wall Street and Zuccotti Park, New York libraries 22, 28, 48, 61-2, 155, 191, 215, 217, 224, 238, 239, 240, 257 Lincoln, Abraham 230 listening, power of 127 Liu, Kenji 175, 194 living practices change in 19, 24-5, 45, 108-9, 156 Livingston, Ira 26, 31 local protests 201 themes 197, 206-12 London, UK 279, 291, 294 Longview, US 225, 249 Lorde, Audre 36, 123, 196 Los Angeles, US 57, 99, 104-7, 148, 201, 216-20, 225 low end theory (blogger) 141, 171 Ludd, Ned 292 Luxemburg, Rosa 235-6, 244 Lydon, Jason 271 Lynchburg, US 57 Lynd, Staughton 9, 226 Maathai, Wangari 89 Machado, Antonio 21 Macharia, Keguro 72, 88 Maclean, Steven 277, 289 Madrid, Spain 298-300 Maharawal, Manissa McCleave 10, 141, 154, 162 Malcolm X 195 Mandela, Nelson 232 Mann, Larisa 99, 108, 197, 221 Marcus, Sara 10, 12, 253, 263 Marcuse, Peter 167 Marea Creciente México 65 marginalization see exclusion from Occupy/Decolonize Mason, JW 251 McCain, John 76, 148 McChesney, Robert W. 110 McDonald’s 120, 155 McEllrath, Robert 248 media 28, 47-71, 145, 155, 224, 246, 285 coverage of Occupy/Decolonize 93, 110, 126, 133-7, 162, 172, 213, 255 medical care and supplies 30, 60, 110, 217, 220, 240, 256, 259, 263 Mehserle, Johannes 65, 95, 171, 172, 210, 239 Meister, Bob 242 M11 protests 102, 296 Mendoza, Kerry-anne 277, 283 mental illness 119, 127, 130, 208, 271, 273, 275, 284 Mexico 21, 63-5, 89, 224, 229, 230 Miami, US 64 microphone, people’s see people’s microphone Mike (Wordpress.com blogger) 110 military occupations 16 Miller, Jennifer 42 M’Intosh, William 151 Mitchell, David 8 Mohammad, Yannar 69 Mohawk, John 150 money 199, 255 Moore, Michael 261 Mortville Declaration of Independence 47, 54 mountaintop removal 73 Move On 97, 98 Movimento dos Trabalhadores Sem Terra (MST) 20 Mubarak, Hosni 48, 297 Mullen, Bill V. 13 music 90, 111, 131 Myles, Eileen 14 myth-making 291-4 Nairobi, Kenya 72, 88, 89 naming Occupy/Decolonize 16-17, 201, 202 narcotics 64 New Bottom Line 148, 250 New York, US 76, 147, 201, 223, 241 see also Occupy Wall Street New Zealand 296 Nietzsche, Friedrich 242 Nigeria 277, 305-8 9/11 attacks 44, 229 No Borders 19, 296 No M11 102 No One Leaves 250, 251 noise statutes 115 nonviolence 8, 44, 47, 56, 202, 230, 232, 290, 299 civil disobedience 168 peaceable assembly 49, 50, 207, 245 Oakland, US see Occupy Oakland Obama, Barack 39, 76, 88, 152, 204, 272 Occupation of New York City, Declaration of 18, 47, 49-51, 309 revisions 141, 157-60, 162 Occupy Albuquerque 147, 195 Occupy Atlanta 147 Occupy Baltimore 47, 54 Occupy Boston 108-10, 125, 128, 148, 165, 271, 272-3, 275 Occupy Dallas 257-8 Occupy DC 72, 88-90 Occupy Denver 72, 85, 141, 150-3, 165 Occupy Detroit 82, 83, 85-7, 118, 201 Occupy Fort Worth 257 Occupy Halloween 29 Occupy Harlem 147 Occupy the Hood 147, 303 Occupy Johnson City 72, 73-4 Occupy London 277, 279, 291, 293-4 Occupy Los Angeles 99, 104-7, 148, 201 disability access 216-20 Occupy Oakland 29, 60, 83, 92-8, 126-7, 148, 162, 175, 240, 267-9 eviction 188-91, 269 General Strike 47, 58, 63, 225, 234-44 local protest theme 197, 206-12 media coverage 133-7 and police 59, 63, 65, 134, 137, 171-3, 188, 191, 204, 206-7, 211, 238 solidarity with 47, 58-60, 63-5 Occupy Paris 201 Occupy Philly 194 Occupy for Prisoners 276 Occupy San Francisco 83 Occupy Seattle 201 Occupy Sesame Street 175, 176 Occupy Student Debt 47, 52-3 Occupy Syracuse 201 Occupy Together 86, 150, 164, 166, 167 Occupy Vancouver 141, 164, 167 Occupy Wall Street (OWS) 8, 27-30, 79-82, 100-3, 108, 154-60, 165, 240 arts and culture 14, 27-9, 37, 177, 181-2 declarations and statements 18, 47, 49-51, 141, 157-60, 162, 309 donations to 30, 114, 156, 241, 256, 257 duration 44, 202 Egypt delegation 70-1 evictions 15, 162 General Assembly 15, 50, 75, 99, 112-116, 119, 156, 254, 266 infrastructure 254-9 organizers’ meetings 116-9 People of Color Caucus 118, 121, 130, 162 people’s microphone 14, 30, 40, 43, 81, 101, 113, 158, 260-2, 266 and police 15, 29, 44, 48, 58, 115, 118, 123, 138-9, 154, 155, 162, 214, 215, 254, 263, 265 principles and grievances 47, 49-51 solidarity with 47, 56-7, 61-2 Spokes Council 99, 116, 118, 121 working groups 15, 22, 28, 30, 75, 113, 114-15, 120, 124, 138, 156, 169 Occupy Youngstown 227 Octopi meme 177 Ogawa, Frank H 195 oil dependency 50 Okubo, Mine 195 older people 18, 155, 286 see also Council of Elders Olin, Lenny 13 Olsen, Scott 65, 173, 238 online resources 12, 16, 302 blogs 72, 79-84, 110, 162, 171, 305 Facebook 141, 195, 216, 300, 305 Twitter 31, 76, 77, 216, 222, 263, 293, 300 video feeds 28, 263 Organization of Women’s Freedom in Iraq 69 organizers’ meetings 116-19 Orwell, George 280, 282 Oscar (at Occupy Oakland) 93 Oscar Grant Plaza, Oakland 59 see also Occupy Oakland and Frank Ogawa Plaza overseas aid 284-5 OWS see Occupy Wall Street Oxleas Wood 295 Palestine 16 Paretsky, Sara 198, 223 Paris, France 9, 19, 21, 201 Parks, Rosa 8 participatory democracy 8, 19, 21, 49, 50, 105, 300-2 see also consensus; hand signals and people’s microphone Paul, Ron 202 Paulina, Lily 13 Payne, Charles 233 peace movement 56, 295 Peace Zones for Life 86 Peltier, Leonard 152 people of color (POC) 22, 23, 88-90, 97, 110, 210, 228, 268, 274, 303 class divisions 142, 171-4 and justice system 95 and Occupy/Decolonize 95-6, 105, 118, 121, 130, 141, 143-9, 154-63 and violence 121-4 people’s microphone 14, 30, 40, 43, 73, 81, 101, 113, 158, 191, 260-2, 266 Pepper Spray Cop 10, 178-9, 225, 245 percentages 176 1% 22, 27, 43, 54, 58, 59, 67-9, 70, 102, 105, 144, 149, 184, 191, 200, 203, 224, 232, 248, 250, 273 10% (top) 274, 276; (bottom) 275 20% (bottom) 274, 276 20% (disabled persons) 216 37% (immigrants) 22 52/53% (women) 22, 91, 128 67% (people of color) 22 99% 22, 27, 43, 67, 69, 71, 72, 74, 91, 105, 128, 130, 144, 145, 148, 149, 161, 166, 184, 191, 194, 200, 203, 208, 213, 224, 232, 248, 250, 253, 255, 273, 275, 281, 297 performance art 28 Petrus, James 66 pharmaceutical industry 50 Philadelphia, US 57, 194 Philippines Airlines Employees’ Association 241 Phillips, Morrigan 11, 253, 270 Picture the Homeless 20 Pike, John 10, 225, 245 pink tide 204 POC see people of color poetry 14, 28 police 50, 129, 168, 195, 221, 232, 237, 275, 281, 296 alternatives to 65, 86, 168 art images of 178-9 death of Oscar Grant 65, 95, 171, 172, 210, 239 at 15-M 300 at Oaxaca Commune, Mexico 65 at Occupy London 293-4 at Occupy Los Angeles 105-6, 220 at Occupy Oakland 59, 63, 65, 134, 137, 171-3, 188, 191, 204, 206-7, 211, 238 at Occupy Wall Street 15, 44, 48, 115, 118, 123, 138-9, 154, 155, 162, 214, 215, 254, 263, 265 at University of California Davis 10, 178, 225, 245, 246 political empowerment 31-42 politics change in 203-5, 241 corporate influence 15, 18, 43, 49-51, 59, 76, 144, 271 election monitoring 70-1 port blockades 63, 225, 243, 248-9 Port Huron Statement, 1962 17 posters 28, 148, 181-3, 194-6, 204, 311 poverty 18, 253, 270-6 Prague, Czech Republic 9, 64 Prashad, Vijay 167, 197, 203 prisoners 50, 56, 95, 96, 152, 195, 232, 272, 275-6 privacy, personal 50 privatization 18 of daily living 99, 108 of education 43, 242, 246-7 of public space 15 of social security 43 projections 192-3 public documents from Occupy/Decolonize 47-71 public health see sanitation public spaces privatization of 15 reclamation of 16, 19-20, 255 renaming 175, 194-6 state prohibition of public use 237-8 see also under named public spaces Pulse Working Group 115 puppetry 27, 28-9, 192-3, 263, 265, 266 Quan, Jean 203, 207 Quattrochi, Gina 132 Quebec, Canada 229 queer camp Mortville 47, 54 Queller, Jane 13 Quinn, Daniel 101 Rabasa, José 66 racial diversity see indigenous peoples; people of color and white people Radical Activist Homeless Kicking Ass (RAHKA) 119 Raphael, Molly 61 rats 133-5 Reagon, Bernice Johnson 57 Rebuild the Dream 97 Red (medic, at Occupy Wall Street) 256, 259 Reed, Ishmael 171, 172 Regeneración Radio 65 representation see inclusivity in Occupy/Decolonize Reyes Arias, Alejandro 66 Rhassan, Malik 147 Richmond, Michael 277, 291 Ridgley, Jen 13 Rising Tide 65 roads protests 295-6 Robbins, Jamieson 257 Robin Hood 292 Romero, Oscar 230 Romney, Mitt 251, 272 Rosenthal, Emma 10, 197, 216 Ruiz Ortiz, Ulises 65 Rukeyser, Muriel 21 Russia/Soviet Union 9, 232, 235 Ryan (at Occupy LA) 220 Safer Spaces Working Group 124, 138, 156 Said, Edward 305 San Diego, US 147 San Francisco, US 57, 58, 83, 204, 210 sanitation 22, 30, 133-7, 254 Santorum, Rick 224 Sarah (at Occupy Wall Street) 118 School of the Americas 21 Schragis, Rachel 309 Scott, Dread 37, 42 Scott, Joan 36 SDS see Students for a Democratic Society Seattle, US 44, 64, 82, 88, 201, 229 security 30, 106 self-organization of Occupy/Decolonize 80, 108 Sen, Rinku 141, 147, 163, 167 Sennett, Richard 167 sexual assaults 125, 130, 138-40 sexual orientation see LGBTQ Shakur, Yusef 85 Sharpe, Christina 89 Sheehan, Cindy 297 shifts of consciousness 308 signs of Occupy/Decolonize 9, 25, 42, 46, 51, 53, 57, 60, 66, 69, 78, 84, 87, 91, 103, 107, 111, 124, 132, 137, 140, 146, 149, 153, 160, 163, 170, 174, 191, 200, 204, 212, 215, 222, 233, 249, 262, 276, 288, 294, 304, 306 Simmons, Gwendolyn Zoharah 57 Simmons, Russell 261 Simon, John 13 Singh, Sonny 11, 99, 121, 157, 159 slavery 230 slogans of Occupy/Decolonize, see signs Smith, Jenny 13 SNCC see Student Nonviolent Coordinating Committee Snicket, Lemony 197, 199 Snitow, Ann 297 solidarity, meaning of 270, 274 Sorel, Georges 234 South Africa 21, 232, 248 South Asians for Justice 141, 157, 162 Spain 21, 70, 204, 295, 298-304 speech, freedom of see conversations, political and people’s microphone Spicuzza, Annette 245 Spiotta, Dana 197, 201 spokes councils 99, 116, 118, 121 Star Wars characters 31, 175, 185 Stein, Gertrude 237 Stiglitz, Joseph 215, 251 Stoller, Matt 214 Stonewall Rebellion 129 storage of donated goods 30, 114-15 strikes 20, 281 at Occupy Oakland 47, 58, 63, 225, 234-44 Strong Women 129 Structural Adjustment Programs 21 Student Nonviolent Coordinating Committee (SNCC) 8, 144, 228, 233 students debt 47, 50, 52-3, 242, 247, 271 and police at University of California 10, 178, 225, 245, 246 see also education Students for a Democratic Society (SDS) 8, 19, 228, 229, 233 Sublevarte Collective 65 subprime lending 148, 242 substance use 23, 119, 271, 273, 275 suicide prevention 125, 127 Sumner, Charles 102 sustainability 22, 30, 197-224, 240 Sweden 296 Swing Riots 293 Switzerland 296 symbolism of Occupy/Decolonize 24 Syria 68 Tagonist, Anne 11, 99, 100 Tahrir Square, Cairo 9, 241, 295, 297 Take Back the Land 20, 272 Tamara (at Occupy LA) 220 tax avoidance 98 Tea Party 36, 80 tensions within Occupy/Decolonize 22, 118 tents 60, 180 Thematic Social Forum on Capitalist Crisis, Social & Economic Justice 277 Therrien, Joe 26, 27 timeline (dates in brackets) February 2011: 20; (25) 68 May 2011: (15) 298, 299; (20) 300; (22) 299 September 2011: (17) 15, 29, 58, 113; (23) 131; (25) 154; (29) 49, 75 October 2011: (3) 213; (4) 106; (5) 54; (6) 43; (8) 29; (9) 79, 150, 216; (10) 108, 147, 238; (11) 83, 262; (13) 154, 254, 260; (14) 92, 162, 164; (15) 97, 298; (16) 88; (17) 199, 263; (18) 85, 267; (19) 250; (20) 133, 238; (21) 263; (24) 126, 223; (25) 59, 63; (26) 63, 243; (27) 171, 201; (28) 116; (29) 138; (30) 112, 113, 295; (31) 58, 234; November 2011: (1) 147, 190, 194; (2) 27, 47, 59, 63, 143, 248, 249; (3) 67; (4) 138; (8) 161; (10) 70, 171; (13) 31, 63, 70; (15) 15; (16) 100, 104; (17) 188; (18) 73, 128, 129; (20) 56, 63, 245; (21) 52, 247; (23) 190, 203; (26) 221; (27) 248; (30) 281 December 2011: (1) 61; (5) 206; (12) 248, 249; (14) 116; (20) 280 January 2012: (5) 283; (9) 305; (17) 307; (24-29) 278; (31) 291 February 2012: 298; (1) 121; (11) 278; (12) 270; (13) 289; (28) 227 May 2012: (1) 311 Tinker, George 57 toilet facilities 92, 216, 218-19, 254 Tokyo, Japan 21 Toronto, Canada 166 Town Planning Working Group 22 transgender see LGBTQ traveller communities 297 Trotsky, Leon 232 Troy Davis Park, Atlanta 147 Truth (at Occupy Oakland) 94 Tucson, US 57 Tunisia 58, 68 twinkling see hand signals Twyford Down 295 Ty, Michelle 234 UC David Bicycle Barricade 225, 245 Uhuru, Ife Johari 147 Ukraine 296 unemployment 18, 20, 58, 67, 91, 93, 214, 239, 271, 272, 274, 280-1, 282, 299 see also employment unions 20, 30, 47, 58, 92, 94, 110, 243, 248-9, 256, 303 universality of Occupy/Decolonize 177, 187, 201-2 Universidad de la Tierra en Oaxaca 65 University of California 10, 47, 58, 60, 178, 225, 245-7 (Un)Occupy Albuquerque 147, 195 urban communities change in 209 US Uncut 98 Vancouver, Canada 141, 164, 167 Vietnam 8, 17, 21, 228 ‘violent’, meaning of 121 Volkswagen 31 volunteers 30, 110, 126, 253, 256, 259, 268 Wachovia 64 Wald, Gayle 90 Wales 296 Walia, Harsha 13, 142, 164 Walker, Scott 20 Wall Street see Occupy Wall Street Walsh, Joan 208 war see anti-war campaigns Washington, DC, US 57, 72, 88-90 Waskow, Arthur 57 water supplies at Occupy/Decolonize sites 60, 257, 258 Waters, John 47 wealth 18, 45 weather 161, 162, 215, 257, 281 Wells Fargo 64, 148 West, Cornel 115, 261 Westendarp, Patricia 66 wheelchair users 216-20 White, Mel 57 white people 65, 80, 105, 144, 159, 161, 167, 171, 173, 238 Whitman, Walt 24 Williams, Raymond 36 Wisconsin, US 20, 58, 89 Wolf, Naomi 161 Wolff, Megan 13 women 22, 91, 105, 129, 159, 161, 224, 268 protests 9, 232, 295 rights 17, 19, 56, 67-9, 90, 125, 128, 223 Women Occupying Nations 129 Woodruff Park, Atlanta see Troy Davis Park working groups 15, 22, 28, 30, 75, 113, 114-15, 120, 124, 138, 156, 169 World Trade Organization (WTO) 44, 202, 285 writing 39-42, 277, 305 WTO see World Trade Organization Yakupitiyage, Thanu 162 Yassin, Jaime Omar 10, 72, 92, 125, 126, 136, 175, 188, 253, 267 Yemen 68 yoga classes 28, 240 young people 27, 86, 155, 173 see also children and students Youngstown 227 Zapatistas 21, 48, 64, 230, 233 Zena (at Occupy Boston) 128 Ziolkowski, Thad 42 Žižek, Slavoj 162, 169, 261 Zuccotti Park, New York 15, 34 see also Liberty Plaza Zunguzungu (blogger) 110 About New Internationalist We are an independent not-for-profit publishing co-operative.

 

State-Building: Governance and World Order in the 21st Century by Francis Fukuyama

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Asian financial crisis, Berlin Wall, Bretton Woods, centre right, corporate governance, demand response, Doha Development Round, European colonialism, failed state, Fall of the Berlin Wall, Francis Fukuyama: the end of history, George Akerlof, Hernando de Soto, Nick Leeson, Potemkin village, price stability, principal–agent problem, rent-seeking, road to serfdom, Ronald Coase, structural adjustment programs, technology bubble, The Market for Lemons, The Nature of the Firm, transaction costs, Washington Consensus

As van de Walle (2001) points out, the neopatrimonial regime, usually embodied in the office of the president, exists side-by-side with a Weberian rational bureaucracy, often created in colonial times, that seeks to perform routine public administration tasks. The neopatrimonial network is often threatened by the existence of the modern state sector and is its competitor for resources. The dual nature of such an African state meant that donorimposed stabilization and structural adjustment programs during the 1980s and 1990s had an unintended and counterpro- the missing dimensions of stateness 17 ductive effect. The international lending community called for cutbacks in state scope through implementation of orthodox adjustment and liberalization programs, but given their ultimate political dominance, neopatrimonial regimes used external conditionality as an excuse for cutting back on the modern state sectors while protecting and often expanding the scope of the neopatrimonial state.

Such demand when it emerges is usually the product of crisis or extraordinary circumstances that create no more than a brief window for reform. In the absence of strong domestic demand, demand for institutions must be generated externally. This can come from one of two sources. The first consists of the various conditions attached to structural adjustment, program, and project lending by external aid agencies, donors, or lenders. The second is the direct exercise of political power by outside authorities 36 state-building that have claimed the mantle of sovereignty in failed, collapsed, or occupied states.5 What we know about the techniques and prospects for generating demand for institutions from the outside is both extensive and discouraging.

 

pages: 222 words: 75,561

The Bottom Billion: Why the Poorest Countries Are Failing and What Can Be Done About It by Paul Collier

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air freight, Asian financial crisis, British Empire, Doha Development Round, failed state, falling living standards, income inequality, out of africa, rent-seeking, Ronald Reagan, structural adjustment programs, trade liberalization

Ordinary people were going to notice this catastrophic decline whether or not they understood why it was happening. At this point the government launched some limited economic reforms, with the much-trumpeted support of international financial institutions. The reforms were dressed up into a high-profile political package and called a structural adjustment program. Although the reforms were modest, they were remarkably successful: output grew more rapidly than at any time during the oil boom. But these few percentage points of growth in non-oil output were completely swamped by the fall in the value of oil and the switch from borrowing to repayment, with the consequent contraction in expenditure.

See Revolutionary United Front Rules of origin (ROOs), 169 Rwanda, 125 Sachs, Jeffrey, 5, 41, 54, 105, 191 Sahel, 180 Sankoh, Foday, 25, 28 Saro-Wiwa, Ken, 30 Sassou-Nguesso, Denis, 21 Savimbi, Jonas, 28, 87 School of Oriental and African Studies, 158 Secondary education, 70–72 Security, 177–78 Seko, Mobutu Sese, 155 Selection by intrinsic motivation, 111 Sembet, Lemma, 94 Shagari, Shehu, 48 Short, Clare, 159, 184 Sierra Leone, 25, 29, 127–29 Skills, 111–15 Society change in, xi conflicts of, 17 crime in postconflict, 33–34 failure informing, 66 fragility of, 33 rescued from within, 96 resource-rich, 42 struggle within bottom billion, 192 Socioeconomic data, 18 Söderbom, Måns, 152 Soludo, Charles, 151, 180 Somalia, 25, 94, 125–26 South Africa, 152 Specialization, x Speight, George, 24–25 Stiglitz, Joe, ix, xi Stockholm Peace Research Institute, 103 Structural adjustment program, 41 Supervision, 118 Svensson, Jakob, 150 Switzerland, 55, 56–57 Tamil Tigers, 22 Tariff escalation, 160 Tariffs escalation of, 160 OECD imposing, 168 Technical assistance, 112 delivery of, 181 in economic reform, 114 as emergency relief, 115 in failing states, 113–14 money relating to, 116 Thatcher, Margaret, 67 Third world, 3 Togo, 130 Trade advocacy, 157–58 barriers, 160–63, 171 fair, 163 free, 164 liberalization, 161, 163 relating to bottom billion, 81–87 restrictions, 82 technology of, 60–61 Trade policy, 59, 159–60 changing, 122, 187 Christian Aid campaign for, 157–59 mobilizing changes in, 187 rich-country, 159–60 Transparency International, 65 Transport infrastructure, 59 Traps within bottom billion, 37 defining, 5–8 development, 5–8, 13 emerging from, 80, 95 future, 95–96 instruments for escaping, 176 probability of, 79 return on capital influenced by, 92 war as, 17–18, 32 Troops British, 127–28 danger for, 125, 127 peacekeeping, 126 Tumusiime-Mutebile, Emmanuel, 150, 161 Turnarounds aborting, 90 in failing states, 69 incipient, 71–72 population influencing, 70–72 in postconflict countries, 72–73 preconditions for, 70–71 risk ratings reflecting, 89 statistics of, 69–70 value of successful, 75 World Bank supporting, 117 Uganda, 55, 57, 59, 150, 166 link to coast, 108 risk ratings of, 89 sustained growth rates in, 63 UN peacekeepers, 127 Underinvesting, 44 UNITA.

 

Hopes and Prospects by Noam Chomsky

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Albert Einstein, banking crisis, Berlin Wall, Bretton Woods, British Empire, capital controls, colonial rule, corporate personhood, Credit Default Swap, cuban missile crisis, David Ricardo: comparative advantage, deskilling, en.wikipedia.org, energy security, failed state, Fall of the Berlin Wall, financial deregulation, Firefox, Howard Zinn, Hyman Minsky, invisible hand, market fundamentalism, Martin Wolf, Mikhail Gorbachev, Monroe Doctrine, moral hazard, new economy, nuremberg principles, open borders, Plutonomy: Buying Luxury, Explaining Global Imbalances, Ralph Waldo Emerson, RAND corporation, Ronald Reagan, structural adjustment programs, The Wealth of Nations by Adam Smith, too big to fail, total factor productivity, trade liberalization, uranium enrichment, Washington Consensus

Stephen Zunes, one of the leading scholarly analysts of these matters, points out that “at a critical point in the nation’s effort to become more self-sufficient [in the early 1950s], the U.S. government forced Bolivia to use its scarce capital not for its own development, but to compensate the former mine owners and repay its foreign debts.”1 The economic policies forced on Bolivia in those years were a precursor of the structural adjustment programs imposed on the continent thirty years later, under the terms of the neoliberal “Washington consensus,” which has generally had harmful effects wherever its strictures have been observed. By now, the victims of neoliberal market fundamentalism are coming to include the rich countries, where financial liberalization is bringing about the worst financial crisis since the Great Depression of the 1930s and leading to massive state intervention in a desperate effort to rescue collapsing financial institutions.

Such government intervention “has been the rule rather than the exception over the past two centuries,” they conclude from a detailed analysis. That is apart from the crucial state role, particularly in the post–World War II period, in socializing the costs and risks of R&D while privatizing profit.2 We might also take note of the striking similarity between the structural adjustment programs imposed on the weak by the IMF and the huge financial bailout that is on the front pages today in the North. The U.S. executive director of the IMF, adopting an image from the Mafia, described the institution as “the credit community’s enforcer.”3 Under the rules of the Western-run international economy, investors make loans to third world tyrannies, and since the loans carry considerable risk, make high profits.

The instructions for the rich are virtually the opposite: lower interest rates, stimulate the economy, forget about debts, consume, have the government take over (but don’t “nationalize”—the takeover is a temporary measure to hand it back to the owners in better shape). And the public has almost no voice in determining these outcomes, any more than poor peasants have a voice in being subjected to cruel structural adjustment programs. Others do have a voice, and well-established practice is a good guide as to where to look and listen. The best guide I know of is political economist Thomas Ferguson’s “investment theory of politics,” mentioned above, the thesis that to a good first approximation, we can understand elections to be occasions in which groups of investors coalesce to control the state, a very good predictor of policy over a long period, as he shows.

 

The White Man's Burden: Why the West's Efforts to Aid the Rest Have Done So Much Ill and So Little Good by William Easterly

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airport security, anti-communist, Asian financial crisis, bank run, banking crisis, Bretton Woods, British Empire, call centre, clean water, colonial exploitation, colonial rule, Edward Glaeser, European colonialism, failed state, farmers can use mobile phones to check market prices, George Akerlof, Hernando de Soto, income inequality, income per capita, Indoor air pollution, invisible hand, Kenneth Rogoff, laissez-faire capitalism, land reform, land tenure, microcredit, moral hazard, Naomi Klein, purchasing power parity, randomized controlled trial, Ronald Reagan, Scramble for Africa, structural adjustment programs, The Fortune at the Bottom of the Pyramid, the scientific method, The Wealth of Nations by Adam Smith, transaction costs, War on Poverty, Xiaogang Anhui farmers

health care colonial dysfunctional systems for foreign aid successes in modest fees for See also disease heavily indebted poor countries (HIPCs) high-technology exports Hindustan Lever Limited HIV.SeeAIDS HIVSA “hold-up” problem homegrown development aid agencies liberated by examples of as only way to end poverty the poor as helping themselves success and self-reliance Honduras Hong Kong economic growth in formula for success of high-technology exports markets in success of takeoff in ten best per capita growth rates triads in Horton, Lynn humanitarian aid Hungary hunger hungry season in Africa malnutrition in Millennium Development Goals number of people without enough to eat Hun Sen Husain, Ishrat Hussain, Altaf Hussein (king of Jordan) Hussein, Saddam Hussein ibn Ali al-Hashimi Hutus Ickes, Barry Igbo Iliffe, John immunization imperialism as beneficent but incompetent benefits of not being colonized as coming back into fashion decolonization in Middle East native autocrats sponsored by in Pakistan partition of India ratio of Europe’s income to colonies’ in Sudan India advanced degrees in AIDS prevention among prostitutes in British attitude toward caste system colonial rule in economic growth in education projects in ethnic conflict over land in formula for success of GlobalGiving.com project in and hatred of Pakistan legal education in markets in growth of partition of per capita income in police in private firms helping the poor in ten best per capita growth rates Indians (Asian) Indonesia indoor smoke inequality infant mortality inflation Inter-American Development Bank (IDB) International Christian Support Fund (ICS) International Labour Organization (ILO) International Monetary Fund (IMF) accountability lacking for and Argentine default and bad government as bailing itself out in Bolivian free-market reforms creation of debt monitored by and democracy differences among aid bureaucracies ending conditions on loans from evaluation of on financial equilibrium financial programming model of and Haiti as having fewer goals than other agencies and heavily indebted poor countries Independent Evaluation Office in international aid bureaucracy and Mexican banking crisis in Millennium Project Nicaragua aid from as not enforcing its conditions Pakistan aid from on participation postmodern imperialism and Poverty Reduction and Growth Facility loans Poverty Reduction Strategy Paper research department of resources of riots sparked by and selection effect “standby arrangements,” and state collapse “structural adjustment” programs of successful programs of success stories without aid from Sudan aid from in Western interventions in world poverty World Economic Outlook as world’s most powerful creditor Internet Iran (Persia) Iraq American occupation of Saddam Hussein nation-building in in partition of Ottoman Empire Islam, Roumeen Israel Jamaica Jana, Smarajit Japan and benefits of not being colonized intervention in poor countries by per capita income in takeoff in ten best per capita growth rates U.S. nation-building in World War II propaganda in Jereissati, Tasso Jesuits Jews Jinnah, Ali Johannesburg Summit on Sustainable Development Johnson, Simon Jordan Kabila, Joseph Kabila, Laurent Kagame, Paul Kasavubu, Joseph Kashmir Kasper, Sara Kaufmann, Daniel Kazakhstan Keefer, Phil Kennedy, John F.

“shock therapy,” SIBD (something is being done) syndrome Sierra Leone colonial rule in Fourah Bay College measles in mineral wealth of state failure in ten worst per capita growth rates warlords in Singapore economic growth in formula for success of high-technology exports markets in success of takeoff in ten best per capita growth rates slavery small and medium enterprises (SMEs) smallpox Smith, Adam smoke, indoor social action programs social change, philosophies of social engineering, utopian social norms in democracy against predation Sokoloff, Kenneth Somalia “something is being done” (SIBD) syndrome Sonangol Soto, Hernando de South Africa AIDS in in Angolan civil war European minority settlement in South Korea economic growth in formula for success of high-technology exports IMF aid to markets in success of takeoff in ten best per capita growth rates specialization by aid agencies ethnic Sri Lanka state collapse statistical analysis Stern, Ernest Stiglitz, Joseph Stockwell, John Strachey, John structural adjustment programs bad government justifying for Bolivia British empire compared with IMF not enforcing conditions of Poverty Reduction and Growth Facility loans and repetition of for Russia for Rwanda as social engineering Subramanian, Arvind Sucre Alcalá, Antonio José de Sudan summits sustainable development Swaziland Sykes, Sir Mark Syria Taiwan benefits of not being colonized economic growth in formula for success of high-technology exports markets in success of takeoff in ten best per capita growth rates takeoff Tanganyika Groundnuts Scheme Tanzania aid for roads in bed nets for colonial rule in Tanganyika dysfunctional health system in government nurses in National Poverty Eradication Strategy self-protection groups in social engineering in successful aid programs in Tendler, Judith terrorism Thadani, Vijay Thailand AIDS prevention in bad government in benefits of not being colonized high-technology exports IMF aid to takeoff in ten best per capita growth rates Thompson, Tommy Tibet tied aid titles to property Togo trachoma tragedy of the commons traps “poverty trap,” Trebbi, Francesco Trevelyan, Charles triads triple-drug cocktail Truman, Harry S.

., Wolfensohn, James women education for girls hunger in in Igbo revolt malnutrition in pregnancy maternal mortality in Millennium Development Goals and polygamy World Bank AIDS programs aid volume emphasized by author as employee of and bad government Big Push thinking influencing in Bolivian free-market reforms China aid from Congolese strategy of creation of and democracy Development Impact Evaluation Task Force differences among aid bureaucracies evaluation of formal rules preferred by Haiti program of and heavily indebted poor countries India aid from in international aid bureaucracy Lesotho agricultural project of on maintenance and Mexican banking crisis in Millennium Project Nicaragua aid from observable efforts shown by Operations Evaluation Department “Our Dream Is a World Free of Poverty,” Pakistan aid from on participation on peacekeeping postmodern imperialism and Poverty Reduction Strategy Paper progress reports on Africa research department of scholarship program of and selection effect SMEs supported by social action program in Pakistan “structural adjustment” programs of successful programs of Sudan aid from in Western interventions in world poverty World Development Report World Economic Forum World Economic Outlook World Health Organization (WHO) and AIDS Chinese tuberculosis project creation of on health spending in poor countries in international aid bureaucracy vaccination campaigns of Xiaogang (China) Yamagata Aritomo Yeltsin, Boris Yugoslavia Yukos Yunus, Mohammad Zaire/Democratic Republic of the Congo (DRC) AIDS in Belgian Congo cellular phone network in government corruption and violence in Luba dominating trade in mineral wealth in Mobuto negative growth in “post-conflict reconstruction” aid to state collapse in ten worst per capita growth rates U.S. military intervention in Zakaria, Fareed Zambia Zimbabwe AIDS in bad government in as failed state white-minority regime in whites and Asians in business in Zinga, Silvia Neyala Page numbers are in Sachs’s book The End of Poverty: Economic ossibilities for Our Time (New York: Penguin Press, 2005).

 

Propaganda and the Public Mind by Noam Chomsky, David Barsamian

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Albert Einstein, Asian financial crisis, Bretton Woods, capital controls, deindustrialization, European colonialism, experimental subject, Howard Zinn, Hyman Minsky, interchangeable parts, labour market flexibility, labour mobility, Martin Wolf, Ralph Nader, RAND corporation, school vouchers, Silicon Valley, structural adjustment programs, Thomas L Friedman, Tobin tax, Washington Consensus

GDP continues to go up, social indicators start to go down, not just stagnate. And they’ve been going down since the mid-1970s, with a slight upturn in the late 1990s. They’re now at a level of about 1959, when the study started. What happened in the mid-1970s? The U.S. started undergoing reforms, not unlike the structural adjustment programs designed for the poor countries. And with the usual consequences. Here’s the leading democracy of the South and the leading democracy of the North showing very much the same pattern. The Fordham investigators called this a “social recession” in the United States. It’s one part of the story which is not shown in the applause for the wonderful new era we’re in.

In the midst of this bout of seasickness on this tilting ship, I came to the realization that maybe the hobby was really the right way to proceed and the other one was a dead end. I managed to convince myself of that and from then on worked on the hobby. Talk about the power of language to shape and control political discussion. For example, the IMF’s much-criticized “structural adjustment program” bas now been renamed ‘’poverty reduction and growtb facility.” The School of Americas, the notorious training facility for the Latin American military at Fort Benning, Georgia, is now called the Western Hemisphere Institute for Security Cooperation. Let me just make clear, this has absolutely nothing to do with linguistics.

 

Rogue States by Noam Chomsky

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anti-communist, Asian financial crisis, Berlin Wall, Branko Milanovic, Bretton Woods, capital controls, collective bargaining, colonial rule, cuban missile crisis, declining real wages, deskilling, Edward Snowden, experimental subject, Fall of the Berlin Wall, floating exchange rates, labour market flexibility, labour mobility, land reform, Mikhail Gorbachev, Monroe Doctrine, new economy, oil shock, RAND corporation, Silicon Valley, strikebreaker, structural adjustment programs, Tobin tax, union organizing, Washington Consensus

But according to prevailing ideology, they are to bear the burdens of repayment, while risks are transferred to taxpayers in the West by IMF bailouts (of lenders and investors, not the countries) and other devices; recent “IMF bailout loans” keep to the norm as “private-sector creditors walked away with the IMF money, while debtor countries effectively nationalized the private-sector debts.”1 The operative principles protect the banks that made bad loans and the economic and military elites who enriched themselves while transferring wealth abroad and taking over the resources of their own countries. The debt may be a “crisis” for the poor, who are subjected to harsh structural adjustment programs to facilitate debt repayment, at enormous human cost, and a lesser crisis for Northern taxpayers to whom high-yield and hence risky loans are shifted if they go unpaid. But to wealth and privilege, the arrangements are quite congenial. The Latin American debt that reached crisis levels from 1982 would have been sharply reduced—in some cases, overcome—by return of flight capital, though all figures are dubious for these secret and often illegal operations.

Lissakers, Banks, Borrowers; Payer, Lent and Lost. For government spending growth under Reagan, see Fred Block, Vampire State (New Press, 1996). Current programs of cancellation of debt (recognized to be unpayable) for the “Highly Indebted Poor Countries” (HIPC) are conditioned on their acceptance of IMF structural adjustment programs, renamed “Poverty Reduction and Growth Facility” (PRGF). 5. Peter Cowhey and Jonathan Aronson, Managing the World Economy (Council on Foreign Relations, Columbia Univ., 1993). 6. Eric Helleiner, States and the Reemergence of Global Finance (Cornell Univ. Press, 1994). 7. Patricia Adams, Odious Debts (Earthscan, 1991); Lissakers, Banks, Borrowers.

 

pages: 128 words: 38,187

The New Prophets of Capital by Nicole Aschoff

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3D printing, affirmative action, Affordable Care Act / Obamacare, Airbnb, Bretton Woods, clean water, collective bargaining, crony capitalism, feminist movement, follow your passion, Food sovereignty, glass ceiling, global supply chain, global value chain, helicopter parent, hiring and firing, income inequality, Khan Academy, late capitalism, Lyft, Mark Zuckerberg, means of production, performance metric, profit motive, rent-seeking, Ronald Reagan, Rosa Parks, school vouchers, shareholder value, sharing economy, Silicon Valley, Slavoj Žižek, structural adjustment programs, Thomas L Friedman, Tim Cook: Apple, urban renewal, women in the workforce, working poor

As rural sociologist Phil McMichael argues, in the 1980s the “development project”—in which poor countries implemented national development strategies geared toward economic self-sufficiency and political sovereignty—was replaced by the “globalization project”—an ideological turn that encouraged states to lower their trade barriers, privatize resources and services, and embed themselves in global value chains.10 In this climate, national states lost legitimacy and, during the debt crisis, structural adjustment programs forced developing countries to dramatically curtail spending on health, education, and food subsidies. To ameliorate the human crisis that resulted, international governing bodies (UN, IMF, World Bank) encouraged poor states to outsource welfare provision to Western INGOs, which were considered more efficient and knowledgeable than local institutions.

 

pages: 258 words: 63,367

Making the Future: The Unipolar Imperial Moment by Noam Chomsky

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Albert Einstein, Berlin Wall, Bretton Woods, British Empire, capital controls, collective bargaining, corporate governance, corporate personhood, deindustrialization, energy security, failed state, Fall of the Berlin Wall, financial deregulation, Frank Gehry, full employment, Howard Zinn, Joseph Schumpeter, kremlinology, Long Term Capital Management, market fundamentalism, Mikhail Gorbachev, Occupy movement, oil shale / tar sands, precariat, RAND corporation, Ronald Reagan, structural adjustment programs, The Great Moderation, too big to fail, uranium enrichment, Washington Consensus, WikiLeaks, working poor

As international affairs scholar Stephen Zunes points out, in the early 1950s, “at a critical point in the nation’s effort to become more self-sufficient, the U.S. government forced Bolivia to use its scarce capital not for its own development, but to compensate the former mine owners and repay its foreign debts.” The economic policies forced on Bolivia at that time were a precursor of the structural-adjustment programs imposed on the continent thirty years later, under the terms of the neoliberal “Washington consensus,” which has generally had disastrous effects wherever its strictures have been observed. By now, the victims of neoliberal market fundamentalism are coming to include the rich countries, where the curse of financial liberalization has helped to bring about the worst financial crisis since the Great Depression.

 

Profit Over People: Neoliberalism and Global Order by Noam Chomsky

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Bernie Sanders, Bretton Woods, declining real wages, deindustrialization, full employment, invisible hand, joint-stock company, land reform, manufacturing employment, means of production, Monroe Doctrine, Ronald Reagan, strikebreaker, structural adjustment programs, Telecommunications Act of 1996, The Wealth of Nations by Adam Smith, Thomas Malthus, union organizing, Washington Consensus

THE WASHINGTON CONSENSUS The neoliberal Washington consensus is an array of market oriented principles designed by the government of the United States and the international financial institutions that it largely dominates, and implemented by them in various ways—for the more vulnerable societies, often as stringent structural adjustment programs. The basic rules, in brief, are: liberalize trade and finance, let markets set price (“get prices right”), and inflation (“macroeconomic stability”), privatize. The government should “get out of the way”—hence the population too, insofar as the government is democratic, though the conclusion remains implicit.

 

pages: 278 words: 82,069

Meltdown: How Greed and Corruption Shattered Our Financial System and How We Can Recover by Katrina Vanden Heuvel, William Greider

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Asian financial crisis, banking crisis, Bretton Woods, capital controls, carried interest, central bank independence, centre right, collateralized debt obligation, conceptual framework, corporate governance, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, declining real wages, deindustrialization, Exxon Valdez, falling living standards, financial deregulation, financial innovation, Financial Instability Hypothesis, fixed income, floating exchange rates, full employment, housing crisis, Howard Zinn, Hyman Minsky, income inequality, kremlinology, Long Term Capital Management, margin call, market bubble, market fundamentalism, McMansion, mortgage debt, Naomi Klein, new economy, offshore financial centre, payday loans, pets.com, Plutocrats, plutocrats, Ponzi scheme, price stability, pushing on a string, race to the bottom, Ralph Nader, rent control, Robert Shiller, Robert Shiller, Ronald Reagan, savings glut, sovereign wealth fund, structural adjustment programs, The Great Moderation, too big to fail, trade liberalization, transcontinental railway, trickle-down economics, union organizing, wage slave, Washington Consensus, women in the workforce, working poor, Y2K

He said that what he thought was being witnessed with the Asian financial crisis was “a very dramatic event towards a consensus of the type of market system which we have in this country,” this country being America. In other words, Greenspan thought that the crisis was a lesson being taught to the Asian tigers for daring to protect their national industry. And, of course, the I.M.F. imposed structural adjustment programs that forced them to lower those barriers, which allowed the very Wall Street firms at the center of this crisis to go in and engage in what the New York Times Magazine at the time called “the world’s biggest going out of business sale.” Michel Camdessus, the head of the I.M.F. at the time, agreed.

 

pages: 306 words: 78,893

After the New Economy: The Binge . . . And the Hangover That Won't Go Away by Doug Henwood

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accounting loophole / creative accounting, affirmative action, Asian financial crisis, barriers to entry, borderless world, Branko Milanovic, Bretton Woods, capital controls, corporate governance, correlation coefficient, credit crunch, deindustrialization, dematerialisation, deskilling, ending welfare as we know it, feminist movement, full employment, gender pay gap, George Gilder, glass ceiling, Gordon Gekko, greed is good, half of the world's population has never made a phone call, income inequality, indoor plumbing, Internet Archive, job satisfaction, joint-stock company, Kevin Kelly, labor-force participation, liquidationism / Banker’s doctrine / the Treasury view, manufacturing employment, means of production, minimum wage unemployment, Naomi Klein, new economy, occupational segregation, pets.com, profit maximization, purchasing power parity, race to the bottom, Ralph Nader, Robert Gordon, Robert Shiller, Robert Shiller, Ronald Reagan, shareholder value, Silicon Valley, Simon Kuznets, statistical model, structural adjustment programs, Telecommunications Act of 1996, telemarketer, The Bell Curve by Richard Herrnstein and Charles Murray, The Wealth of Nations by Adam Smith, total factor productivity, union organizing, War on Poverty, women in the workforce, working poor, Y2K

At the time Korten's book was published, those middle-income countries had, on average, Hfe expectancies nine years shorter than the high-income (77 vs. 68); a female iUiteracy rate of 30%, compared with less than 5%; an infant mortaUty rate of 39 per 1,000 live births, vs. 7.They include the victims of the structural adjustment programs that antidevelopmental-ists rightly criticize; it's strange to see them as models. It's especially strange that a Malthusian should, since the population growth rate of the sustain-ers is three times that of the rich countries. Korten, who even mentioned Malthus by name, gingerly endorses the goal of bringing the world's population down to 1—2 bilHon from the present 6 biUion, though without saying how.

 

pages: 264 words: 74,313

Wars, Guns, and Votes: Democracy in Dangerous Places by Paul Collier

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dark matter, deskilling, failed state, moral hazard, out of africa, price stability, structural adjustment programs

Not only had socialism been at its apogee, but to their great credit Europe’s socialists were the first politicians to support decolonization struggles. And beyond European socialism, imitating the Soviet model carried the sweetener of a ready access to armaments to address their security problems. One aspect of the so-called Structural Adjustment Programs of the 1980s was that African governments were encouraged or coerced into shifting activities from the public sector to the private sector. Though heavily criticized both for being coercive and for being ideologically driven, the direction of the shift was appropriate given the diverse composition of Africa’s societies.

 

pages: 708 words: 176,708

The WikiLeaks Files: The World According to US Empire by Wikileaks

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affirmative action, anti-communist, banking crisis, battle of ideas, Boycotts of Israel, Bretton Woods, British Empire, capital controls, central bank independence, Chelsea Manning, colonial exploitation, colonial rule, corporate social responsibility, credit crunch, cuban missile crisis, Deng Xiaoping, Edward Snowden, energy security, energy transition, European colonialism, eurozone crisis, experimental subject, F. W. de Klerk, facts on the ground, failed state, financial innovation, Food sovereignty, Francis Fukuyama: the end of history, full employment, future of journalism, high net worth, invisible hand, Julian Assange, Mikhail Gorbachev, millennium bug, Mohammed Bouazizi, Monroe Doctrine, Naomi Klein, Northern Rock, RAND corporation, Ronald Reagan, Silicon Valley, South China Sea, statistical model, structural adjustment programs, too big to fail, trade liberalization, trade route, UNCLOS, UNCLOS, uranium enrichment, Washington Consensus, WikiLeaks, éminence grise

Thus, when Aristide won office in 1990 with 67 percent of the vote, compared to just 14 percent for the World Bank economist and US favorite Marc Bazin, CIA-trained death squads descended on the country and initiated three years of terror that only ended when the US government persuaded Aristide to accept the political agenda of his opponent and govern along the lines prescribed by the IMF and World Bank. He was compelled to accept a structural adjustment program that included further cuts to the wages of Haiti’s already extremely poor workers. As UN envoy Lakhdar Brahimi told Haitian radio in 1996, the US would accept that political change was necessary, but when it came to economic power, the elites should know “they have the sympathy of Big Brother, capitalism.”84 But Aristide’s reluctant acquiescence was not sufficient, and the attempt to implement structural adjustment created divisions in the Lavalas movement between a “moderate” wing close to Washington and those aligned with Aristide, who tried to dilute the program.

Through the 2000s, over a quarter of a century after US defeat to the Viet Minh, WikiLeaks’ disclosures show the US embassy in Hanoi charting with some satisfaction the Vietnamese government’s incorporation into US-led globalization. This included laying the foundations for accession to the WTO, engaging in market-led reforms and privatization programs, and willing submission to IMF orthodoxy and compliance with all necessary prerequisites for participation in IMF structural adjustment programs.18 Such programs are notorious for the effects they have on national economies and for the ignominious nature of dependency they generate between debtors and creditors: in short, debt bondage. On the other hand, they are extremely useful tools for the United States, in that the loans can be selectively deployed to help countries more indebted to American corporations, or those that are politically close to the US government.19 Why did the Vietnamese government, nominally a socialist one that had defeated the American empire in a horrifying war, accede to this?

 

pages: 268 words: 112,708

Culture works: the political economy of culture by Richard Maxwell

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1960s counterculture, AltaVista, Apple's 1984 Super Bowl advert, barriers to entry, Berlin Wall, big-box store, business process, corporate governance, cuban missile crisis, deindustrialization, Fall of the Berlin Wall, Francis Fukuyama: the end of history, global village, Howard Rheingold, income inequality, informal economy, intermodal, late capitalism, Marshall McLuhan, medical malpractice, Network effects, profit maximization, Ralph Nader, refrigerator car, Ronald Reagan, Silicon Valley, structural adjustment programs, talking drums, telemarketer, the built environment, Thorstein Veblen, Unsafe at Any Speed, urban renewal, Victor Gruen, Whole Earth Catalog, women in the workforce

Neoliberal policies—the North American Free Trade Agreement is the best known of these in the United States—have lowered trade barriers, and weakened labor rights and environmental standards around the world, creating unprecedented mobility of capital. Jobs and manufacturing processes have been exported out of the United States to economically desperate and Western-dominated countries such as Mexico, Haiti, El Salvador, China, Korea, Poland, Thailand, and Turkey, many of which have been forced by U.S.-led “structural adjustment” programs to become, more than ever before, the cheap labor pool for the wealthy world. Trade agreements privileging U.S., European, and Japanese capital, and the coordination of a rapid, 175 Susan G. D av i s international “intermodal” transport system of ports, shipping, long-distance trucking, and railroads, have accelerated the importation of very cheap goods into the United States.42 These changes in policy and the international division of labor have made mass-market discounters possible.

 

pages: 576 words: 105,655

Austerity: The History of a Dangerous Idea by Mark Blyth

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accounting loophole / creative accounting, balance sheet recession, bank run, banking crisis, Black Swan, Bretton Woods, capital controls, Carmen Reinhart, Celtic Tiger, central bank independence, centre right, collateralized debt obligation, correlation does not imply causation, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, currency peg, debt deflation, deindustrialization, disintermediation, diversification, en.wikipedia.org, ending welfare as we know it, Eugene Fama: efficient market hypothesis, eurozone crisis, financial repression, fixed income, floating exchange rates, Fractional reserve banking, full employment, German hyperinflation, Gini coefficient, global reserve currency, Growth in a Time of Debt, Hyman Minsky, income inequality, interest rate swap, invisible hand, Irish property bubble, Joseph Schumpeter, Kenneth Rogoff, liquidationism / Banker’s doctrine / the Treasury view, Long Term Capital Management, market bubble, market clearing, Martin Wolf, moral hazard, mortgage debt, mortgage tax deduction, Occupy movement, offshore financial centre, paradox of thrift, price stability, quantitative easing, rent-seeking, reserve currency, road to serfdom, savings glut, short selling, structural adjustment programs, The Great Moderation, The Myth of the Rational Market, The Wealth of Nations by Adam Smith, Tobin tax, too big to fail, unorthodox policies, value at risk, Washington Consensus

As the March of Dimes shows us so well, they invent new missions.81 In the case of the IMF, they became the provider of “firm-surveillance” of member states’ policies to increase global transparency, at least for the developed world. In the case of the developing world, however, the IMF became the financial police force behind the implementation of what were termed “structural adjustment programs”: also known as the Washington Consensus checklist applied in practice.82 As Dani Rodrik notes, IMF policy in this period, aided and abetted by the World Bank, devolved to a mantra of “stabilize, privative, and liberalize” as “codified in John Williamson’s well-known Washington Consensus.”83 The result was a series of one-size-fits-all policies that were applied from Azerbaijan to Zambia whose objective was to “minimize fiscal deficits, minimize inflation, minimize tariffs, maximize privatization, maximize liberalization of finance.”84 It was, in other words, “expansionary fiscal austerity” in a developmental form, and the results were, by and large, terrible.

 

pages: 252 words: 13,581

Cape Town After Apartheid: Crime and Governance in the Divided City by Tony Roshan Samara

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conceptual framework, deglobalization, ghettoisation, global village, illegal immigration, late capitalism, neoliberal agenda, New Urbanism, structural adjustment programs, unemployed young men, urban decay, urban planning, urban renewal, Washington Consensus, working poor

Scholars across a range of disciplines have documented the rise and dominance of an approach to governance, across a variety of scales, informed by key principles of contemporary neoliberalism, including, most notably, the preeminence of the “free market” in allocating goods and services, the retreat or reconfiguration of the state to accommodate the requirements of transnational market forces, and an emphasis on policies promoting and protecting free trade, foreign direct investment, and private property rights.21 The following section discusses why the urban scale is of particular importance for understanding this project, the politics of urban security governance that are integral to defining it, and the specific role that policing, crime, and the criminal play in its execution; doing so will provide the necessary theoretical and conceptual framework for the subsequent discussion of Cape Town. Neoliberal principles of economic reform originally came to prominence through their application at the national level in the global South. Although change was already afoot in the nations and cities of the global North as well, it was the structural adjustment programs of the World Bank and the International Monetary Fund in the 1980s and 1990s, and the intimately related prescriptions of the Washington Consensus, that first drew attention and notoriety to the ascent of neoliberalism as a global governance force.22 The requirements for installing this new governance regime were substantial, and their implementation often Introduction╇ ·â•‡ 11 necessitated significant restructuring of the state and the strict management of often intense political resistance to all or part of the project.

 

pages: 651 words: 135,818

China into Africa: trade, aid, and influence by Robert I. Rotberg

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barriers to entry, BRICs, colonial rule, corporate governance, Deng Xiaoping, energy security, European colonialism, failed state, global supply chain, global value chain, income inequality, Khartoum Gordon, labour market flexibility, land reform, megacity, microcredit, offshore financial centre, out of africa, profit maximization, purchasing power parity, RAND corporation, Scramble for Africa, South China Sea, special economic zone, structural adjustment programs, trade route, Washington Consensus

The colonial state had suppressed autonomous African capitalism; the predatory politics of independent African states ensured that African entrepreneurs remained paralyzed.33 With economies in decline, bloated governments demanding soaring com-pensation, ineffectual development projects stagnating, and foreign debts spiraling, many African states were in utter disrepair and hostage to incompetent leadership by the late 1980s. Developmental assistance tied to “structural adjustment programs” was intended to replace the most pernicious of Africa’s governance structures with reformed, neoliberal institutions, but ultimately failed to improve economic conditions on the continent.34 Political and social upheaval, in the midst of economic ruin, characterized many regions of Africa in the 1990s.

 

pages: 379 words: 114,807

The Land Grabbers: The New Fight Over Who Owns the Earth by Fred Pearce

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Asian financial crisis, banking crisis, big-box store, blood diamonds, British Empire, Cape to Cairo, carbon footprint, clean water, credit crunch, Deng Xiaoping, Elliott wave, en.wikipedia.org, energy security, farmers can use mobile phones to check market prices, index fund, Jeff Bezos, land reform, land tenure, Mahatma Gandhi, market fundamentalism, megacity, Mohammed Bouazizi, Nikolai Kondratiev, offshore financial centre, out of africa, quantitative easing, race to the bottom, Ronald Reagan, smart cities, structural adjustment programs, too big to fail, urban planning, urban sprawl, WikiLeaks

An important reason why smallholder farming has stagnated, in many parts of Africa in particular, is because even the most basic state help has been stripped away. The collapse of support for peasant farmers in Africa has been a continent-wide tragedy and a global disgrace, because it has often been carried out in the name of free markets, and demanded by structural adjustment programs. For decades, African governments have turned their backs on the countryside, putting their money into airlines, industrial enterprises, and urban infrastructure, and starving smallholders of seeds, fertilizer, and rural roads. The state marketing agencies that once underpinned local economies by buying crops at stable prices have been abolished.

 

pages: 374 words: 114,660

The Great Escape: Health, Wealth, and the Origins of Inequality by Angus Deaton

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Admiral Zheng, agricultural Revolution, Branko Milanovic, BRICs, British Empire, call centre, clean water, colonial exploitation, Columbian Exchange, declining real wages, Downton Abbey, financial innovation, germ theory of disease, Gini coefficient, illegal immigration, income inequality, invention of agriculture, invisible hand, John Snow's cholera map, knowledge economy, Louis Pasteur, low skilled workers, new economy, purchasing power parity, randomized controlled trial, rent-seeking, rising living standards, Ronald Reagan, Simon Kuznets, Steve Jobs, Steven Pinker, structural adjustment programs, The Spirit Level, too big to fail, trade route, very high income, War on Poverty

Of course, we understand that many people, most of them children, are still dying of conditions—respiratory infections, diarrhea, inadequate nutrition—from which they would not die had they not been born in the “wrong” places. But this is presumably an argument for more aid. And perhaps health is the story of aid as a whole? Saving a life is a clearer target, and one more easily counted than the murkier benefits of roads, dams, or bridges, let alone of structural adjustment programs to “get prices right” or repair government finances. Yet perhaps aid for those things helps just as aid for health helps, only less transparently. And perhaps the problem discussed in the previous section—that aid corrupts politics—is either overstated or at least a reasonable price to pay for the benefits.

 

The Great Turning: From Empire to Earth Community by David C. Korten

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Albert Einstein, banks create money, big-box store, Bretton Woods, British Empire, clean water, colonial rule, Community Supported Agriculture, death of newspapers, declining real wages, European colonialism, Francisco Pizarro, full employment, George Gilder, global supply chain, global village, Hernando de Soto, Howard Zinn, informal economy, invisible hand, joint-stock company, land reform, market bubble, market fundamentalism, Monroe Doctrine, Naomi Klein, neoliberal agenda, new economy, peak oil, planetary scale, Plutocrats, plutocrats, Ronald Reagan, Rosa Parks, South Sea Bubble, stem cell, structural adjustment programs, The Chicago School, trade route, Washington Consensus, World Values Survey

Europe, Canada, and Japan were pressured to similarly “modernize” their economies. The third-world debt crisis of 1982 created the necessary pretext for the IMF and World Bank — operating under the direction of the U.S. Treasury Department — to impose the neoliberal agenda on indebted low-income countries. Through their structural-adjustment programs, the IMF and World Bank stripped governments, some democratically elected, of their ability to set and enforce social, environmental, and workplace standards or even to give preference to firms that hired locally or employed union workers. After the Republican Ronald Reagan, the presidency passed to the Republican George H.

 

pages: 829 words: 229,566

This Changes Everything: Capitalism vs. The Climate by Naomi Klein

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1960s counterculture, battle of ideas, Berlin Wall, big-box store, bilateral investment treaty, British Empire, business climate, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, clean water, Climategate, cognitive dissonance, colonial rule, Community Supported Agriculture, complexity theory, crony capitalism, decarbonisation, deindustrialization, dematerialisation, Donald Trump, Downton Abbey, energy security, energy transition, equal pay for equal work, Exxon Valdez, failed state, Fall of the Berlin Wall, feminist movement, financial deregulation, food miles, Food sovereignty, global supply chain, hydraulic fracturing, ice-free Arctic, immigration reform, income per capita, Internet Archive, invention of the steam engine, invisible hand, Isaac Newton, James Watt: steam engine, market fundamentalism, moral hazard, Naomi Klein, new economy, Nixon shock, Occupy movement, offshore financial centre, oil shale / tar sands, open borders, patent troll, planetary scale, post-oil, profit motive, quantitative easing, race to the bottom, Ralph Waldo Emerson, Rana Plaza, Ronald Reagan, smart grid, special economic zone, Stephen Hawking, Stewart Brand, structural adjustment programs, Ted Kaczynski, the scientific method, The Wealth of Nations by Adam Smith, trade route, transatlantic slave trade, transatlantic slave trade, trickle-down economics, Upton Sinclair, uranium enrichment, urban planning, urban sprawl, wages for housework, walkable city, Washington Consensus, Whole Earth Catalog, WikiLeaks

Indeed postcolonial independence movements—which so often had the redistribution of unjustly concentrated resources, whether of land or minerals, as their core missions—were consistently undermined through political assassinations, foreign interference, and, more recently, the chains of debt-driven structural adjustment programs (not to mention the corruption of local elites). Even the stunningly successful battle against apartheid in South Africa suffered its most significant losses on the economic equality front. The country’s freedom fighters were not, it is worth remembering, only demanding the right to vote and move freely.

 

Understanding Power by Noam Chomsky

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anti-communist, Ayatollah Khomeini, Berlin Wall, Bretton Woods, British Empire, Burning Man, business climate, cognitive dissonance, continuous integration, Corn Laws, cuban missile crisis, dark matter, David Ricardo: comparative advantage, deindustrialization, Deng Xiaoping, deskilling, European colonialism, Fall of the Berlin Wall, feminist movement, global reserve currency, Howard Zinn, labour market flexibility, Mahatma Gandhi, Mikhail Gorbachev, Monroe Doctrine, mortgage tax deduction, Ralph Nader, reserve currency, Ronald Reagan, Rosa Parks, school choice, strikebreaker, structural adjustment programs, the scientific method, The Wealth of Nations by Adam Smith, union organizing, wage slave, women in the workforce

In my view, what we’re seeing now is a profound revival of pure old-fashioned racist imperialism, with regard to the entire Third World. You see it in articles by British journalists in the New York Times Magazine about how the best thing we can do for Africa is to recolonize it; it shows up at the economic level in structural adjustment programs, which are a big part of how we siphon off the wealth of the Third World to the rich countries; the anti-immigrant campaigns in the U.S. and Europe are a part of it; this program for the Palestinians is another part of it—and one could go on and on. 115 The idea is, “We smashed up the world and stole everything from it—now we’re not going to let anyone come and take any piece of it back.”

 

pages: 492 words: 70,082

Immigration worldwide: policies, practices, and trends by Uma Anand Segal, Doreen Elliott, Nazneen S. Mayadas

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affirmative action, Asian financial crisis, Berlin Wall, borderless world, British Empire, Celtic Tiger, centre right, conceptual framework, credit crunch, demographic transition, deskilling, en.wikipedia.org, European colonialism, Fall of the Berlin Wall, financial independence, full employment, global village, guest worker program, illegal immigration, immigration reform, income inequality, income per capita, informal economy, knowledge economy, labor-force participation, labour market flexibility, labour mobility, low skilled workers, minimum wage unemployment, New Urbanism, open borders, phenotype, South China Sea, structural adjustment programs, trade route, transaction costs, upwardly mobile, urban planning, women in the workforce

The importance of this was that the government implemented drastic policy issues on relations with other member states of ECOWAS, one of which was the expulsion of over 2 million illegal immigrants (Afolayan, 1988; Brown, 1989). However, not every illegal immigrant left, as some went into hiding, especially those who were in locations that were far removed from the full glare of the government. Even a few of the expelled made a roundabout turn when suitable occasions made it possible. Furthermore, the Structural Adjustment Program (SAP) that was introduced by June 1986 was based on the premise of a dwindling economy. It failed, however, to achieve the expected turnaround condition for the country, as revealed by the socioeconomic indicators for Nigeria. These included a declining GNP, a negative growth in consumption both at the government and private levels, and a very high inflation rate.