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Global Poverty and New World Economic Order

Michel Chossudovsky
Economic and Political Weekly
Vol. 26, No. 44 (Nov. 2, 1991), pp. 2527-2529+2531-2537
Stable URL: http://www.jstor.org/stable/4398253
Page Count: 10
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Global Poverty and New World Economic Order
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Abstract

The IMF-sponsored macro-economic stabilisation and 'structural adjustment' programme constitutes a powerful instrument of economic restructuring which bears a direct relationship to the process of global impoverishment which has characterised the 1980s. The application of the IMF's economic medicine has led to the compression of real earnings and the reinforcement of the cheap labour export economy: the same menu of budgetary austerity, trade liberalisation and privatisation is being applied simultaneously in more than 70 indebted countries in the third world and eastern Europe. Debtor nations forego economic sovereignty and control over fiscal and monetary policy, the central bank and the ministry of finance are reorganised, state institutions are undone and an economic tutelage is installed. A parallel government which bypasses civil society is established by the international financial institutions. Countries which do not conform to the IMF's performance targets are blacklisted.

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