We’ve lived so long under the spell of hierarchy—from god-kings to feudal lords to party bosses—that only recently have we awakened to see not only that “regular” citizens have the capacity for self-governance, but that without their engagement our huge global crises cannot be addressed. The changes needed for human society simply to survive, let alone thrive, are so profound that the only way we will move toward them is if we ourselves, regular citizens, feel meaningful ownership of solutions through direct engagement. Our problems are too big, interrelated, and pervasive to yield to directives from on high.
—Frances Moore Lapp√©, excerpt from Time for Progressives to Grow Up

Sunday, June 30, 2019

The IMF and World Bank: Partners In Backwardness

Click here to access a nearly one hour interview conducted by Bonnie Faulkner with economist Michael Hudson. 

In this interview Faulkner revisits Hudson's 1974 book Super Imperialism: The Economic Strategy of American Empire, and Hudson explains how the budding US Empire engineered at the close of WWII the International Monetary Fund (IMF) and the World Bank to always favor the capitalist wealthy at the expense of working classes all over the world to enlist the support of  the world's capitalists for the leadership of the US Empire. This was at a time when most of the world was in ruins, except for the USA, from WWII . 

These institutions have shaped most of world as we know it today: a neoliberal economic order in the world which facilitated Empire corporations at the expense of Third World nations. Thus, agents of the Empire essentially bribed local elites, small cliques of capitalists, to support this arrangement.