GLOBAL LIES: THE WORLD BANK, IMF AND POVERTY

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1 GLOBAL LIES: THE WORLD BANK, IMF AND POVERTY by ADEESHA HACK Thesis subrnitted in partial fulfillment of the requirements for the Degree of Master of Arts (F'oIiticd Science) Acadia University Spring Convocation O by ADEESHA HACK, 2001

2 National Library of Canada Bibliothèque nationale du Canada Acquisitions and Bibliographic Services Acquisitions et services bibliographiques 395 Wellington Street 395, rue Wellington Ottawa ON K1A ON4 Ottawa ON KI A ON4 Canada Canada Your fik Votre référence Our fiie Notre rëfdrence The author has granted a nonexclusive licence allowing the National Library of Canada to reproduce, loan, distribute or sell copies of this thesis in microform, paper or electronic formats. The author retains ownership of the copyright in this thesis. Neither the thesis nor substantial extracts kom it may be printed or otherwise reproduced without the author's permission. L'auteur a accordé une licence non exclusive permettant à la Bibliothèque nationale du Canada de reproduire, prêter, distribuer ou vendre des copies de cette thèse sous la forme de microfiche/h, de reproduction sur papier ou sur format électronique. L'auteur conserve la propriété du droit d'auteur qui protège cette thèse. Ni la thèse ni des extraits substantiels de celle-ci ne doivent être imprimés ou autrement reproduits sans son autorisation.

3 Table of Contents Glossary Acknowledgements Chapter One: Introduction The Concept of Development Thesis Structure and Methodology Chapter Two: Inside the World Bank The Honeypot Policies Discontented Employees Accountability and Democracy Credibility Chapter Three: Approaches to the Study O f the R70rld Bank and IMF The Rational Mode1 Neo-liberalism or Death? Marxist-dependency Theory Chapter Four: Looking at Structural Adjustment Programs Chapter Five: Three Case Studies Ghana Mexico The Philippines Chapter Six: Conclusion ani 1 Recommendations Bibliography

4 Glossary Acronyrns for Global Lies: The World Bank, IMF and Poverty: IMF LDC NGO MC GDP GNP PLDT SAL SAP UN UNDP UNICEF International Monetary Fund less developed country non-govemmental organization new industrialized country gross domestic product gross national product Philippine Long Distance Telephone Company structural adjustment loan struc tura1 adjustment project United Nations United Nations Development Programme United Nations Children' s Fund

5 Acknowledgernents 1 would like to thank the Department of Political Science at Acadia University for their assistance this past year, 1 am especially indebted to Dr. Malcolm Grieve for his in preparation of this thesis and whose insight and suggestions were of immense value. 1 would dso like to express my gratitude to my fiîends and farniiy, particularly Hamid, whose patience and editing skills were invaluable in this process.

6 Global Lies: The World Bank, IMF and Poverty Chapter One: Introduction Oxfam refers to it as the "great tragedy of our day".' This tragedy is the fact that more than over one billion people in the world are destitute, 180 million children sser fiom malnutrition, 1.3 billion people do not have safe drinking water, and two million children die each year kom immunizable diseases.' According to UNICEF, the number of poor is increasing by approximately 25 million each year.' The rnajority of the people residing in Southem nations, approximately 75% of the world's population, are condemned to live in irnpoverished condition^.^ It is indeed a great tragedy. The UNDP describes the situation in the South as "chronic poverty" - poverty that has been sustained over many years and sometimes carried Eorn one generation to the next.' This chronic poverty can been seen throughout the Southern hemisphere, particularly sub-saharan AFica, Latin America and the Caribbean, where the percentage of people below the poverty line has been rising. In 1987, 38% of people in sub-saharan a c a were living below the poverty line, and this percentage increased to 39% five years later in 1993, bringing the nurnber of Afican poor to 219 million. Likewise, in the same the span, in Latin America and the Caribbean, this percentage went from 22 to 24, the equivalent of 100 million pe~ple.~ ' Oxfam Embracine the Future UK: O&, 1994, p. 1 2 Oxfam "Dimensions of a Scandai" 1.htrnl Rojas Databank "Facts About Poverty" Ibid. UNDP Human Develomnent Re~ort New York: Oxford University Press, 1997, p.6 1 Ibid., p.27

7 Global Lies: The World Bank, IMF and Poverty Poverty has infected millions globaily. It is a complex problem, with no simple answer. Many international institutions have concocted prograrns to tackle and eradicate poverty, but with littie success. The income gap between the richest and poorest 20% of the world's people has not been narrowing in the past 30 years, but has instead cioubled.' AUeviating poverty and creating sustainable growth is not an easy task and requires global collective action. There exists many international organizations that play a role in helping the South cope with their its condition. This thesis will focus on two of these institutions, the World Bank and the International Monetary Fund. The World Bank's primary goal is to: reduce poverty b y promoting sustainable economic growth in its client countries. [pevelapment] is about getting economic and financial policies right. But it is also about empowering the people, building the roads, writing the laws, recognizing the women, educating the girls, eliminating the corruption, pro tecting the environment, inoculating the children...' The International Monetary Fund, by its own assertion, was established, among other things, to "foster economic growth and high levels of employment".9 Together, they have sought a solution to the South's stagnant growth and unrelenthg poverty and came up with the now ùlfamous structural adjustment ' LJNDP ccdescribing Poverty" WorId Bank "Why Do We Need a World Bank?" imf "About the MF"

8 Global Lies: The World Bank, IMF and Poverty Structural adjustment involves States undertaking a series of policy prescriptions in order to obtain loans fkom the Bank and the Fund. It has been five decades since the World Bank and IMF were created and 18 years since structural adjustment programs were introduced as cures for poverty and unemployment. Adjustment policies have received praise fiom their architects, while at the same t he been condernned by those on the receiving end. This - thesis will examine the effects of structural adjustment policies to determine whether or not they have had positive or negative effects on Southem development. The Concept of Development Development is a terrn that is synonymous wit3 progress. Untii recently, most experts defined Third World development in exclusively economic tems; for example, GNP g rod and balance of payrnents. This method of measuring progress is the earliest and is still widely accepted. No one will deny that these cntena remain important, but over the past several years the social, political and environmental components of development have corne under closer scrutiny. Development theory has evolved and expanded to include other factors, such as increased living standards, a healthier population and hproved education. As a result, new definitions of development have emerged, much broader in scope and more reflective of the "basic needs" of people living in the Third World. Meeting basic needs of the broad population has been popular among aid agencies as a

9 Global Lies: The Worid Bank, IMF and Poverty supplement to economic growth and focuses on targeting the relief of absolute poverty. The definition of the word ccdevelopment~~ has spurred a nurnber of debates. Virtuaily al1 of these def~tions bear a common theme. The Dag Hammarskjold Foundation, for example, has stated that "development is a whole, integral, value loaded, cultural pro cess. It encompasses the naturd environment, social relations, education, production, consumption, and well-being."" The World Bank pointed out in its World Development Report that the uitimate goal of development should be to enhance the quality of life. While economic productivity and income are certainly important in achieving this goal, development also encompasses "better education, higher standards of health and nutrition, less poverty, a cleaner environment, more equality of opportunity, greater individual fieedom, and a richer cultural life." '' Dudley Seers, in his article -'The Meaning of Development" suggested that "the realization of the potential of hurnan personality...is a universaily acceptable aim" when discussing development. According to Seers, three conditions must be met to achieve this airn. They are: 1) the capacity to obtain physical necessities (particularly food); 2) a job (not necessarily paid ernployment, but also includes studying, working on a family f m or keeping house); 3) equality, which should be considered an objective in its own right.12 Although Seers acknowledges the 1 O Quoted in D. Roche A Bareain for Hurnanitv: Global Securit-y bv 2000, Edmonton 1993, p WorId Bank World Deveio~rnent Re~ort 1991 : The Challen~e of Development Washington, 1991, p. 4. " Alan Thomas and David Potter "Development, Capitaiism and the Nation State" Poverty and DevetoDrnent in the 1990s Toronto: Oxford University Press, 1992, p. 12 1

10 Global Lies: Tite World Bank. IMF and Poverty importance of economic growth and productivity, he challenges it as the only viable rneasure of development. Finally, the United Nations Development Program, in its fïrst Human Development Report, expanded on this theme and offered perhaps the most comprehensive definition of dl: Human development is a process of enlarging people's choices. The most critical of these wideranging choices are to live a long and healthy life, to be educated and to have access to resources needed for a decent standard of living. Additional choices include political Çeedom, guaranteed human rights and personal self-respect. Development enables people to have these choices. No one cm guarantee human happiness, and the choices people make are their own concern. But the process of development should at least create a conducive environment for people, individually and collectiveiy, to develop their fidl potential and to have a reasonable chance of leading productive and creative lives in accord with their needs and interests. l3 Development, then, encompasses two concepts: the economic pursuit of a pattern of growth that ensures the productive use of a developing country's most abundant resource, its labour; and the widespread provision of basic social services, thereby meeting the human needs of the population.'4 Unfortunately, the international community has learned fiom experience that economic and human development are not always complementary. It has been argued that they can l3 United Nations DeveIopment Programme Humnn DeveIo~ment Re~ort 1990 New York: Oxford University Press, 1990, p. 1. l4 World Bank World Development Re~ort 1990 Washington: Oxford University Press, 1990, p. 3.

11 Global Lies: The Wodd Bank, IMF and Poverty often be mutually exclusive. Any strategy forrnulated to develop a state and reduce poverty must address this paradox. The question now becomes how development can take place. Alan Thomas offers two ways in which development occurs: 1) as a histoncal process of social change in which societies are transformeci over long periods; and 2) as consisting of deliberate efforts aimed at progress on the part of various agencies, including govemrnents, al1 kinds of organizations and social rnovernents. l5 These two ways are interrelated. One does not necessarily negate the other. Most schoiars would agree with the definition offered by the UNDP. However, there are different views of how development needs to be carried out. The division is essentially on whether or not development entails social change in relation to the global capitaiist system and the role of the state, and what are seen as the key agencies in development. l6 Dependency theorists poshiiate that the histoncal process which resulted in the development of the industrialized wdd is not the same process which cm develop the South. They believe tlicit Westcm capitalist industrialization created structures in which Southern economies were dependent and which tended to lead to and maintain underdevelopment. S i mply put, dependency theorists are concerned wiîh underlying social and economic structures and see development as 1s Alan Thomas Poverty and Deveio~ment in the 1990s Toronto: Oxford University Press, 1992, Pi lee Thomas and Potter, p. 133

12 Global Lies: The Worid Bank. IMF and Poverty involving changes in these ~tructures.~' In addition, development or progress for one group is gained at the expense of another group, often the most vujnerable. Dependency theonsts see capitalism as a system of exploitation, which created structures in which Southern economies were dependent, and this inevitably lead to the creation and maintenance of underdevelopment The international capitalist class, together with the niling elites of the South, exploits workers in the South. Dependency theonsts today do not necessarily see the abolition of capitalism as a solution. National capital must be built up and national development strategies implemented in order to give state mechanisms a more direct role. Unlike neo-liberal thinking, dependency theorists see the state as the facilitator of development, not the obstacle. The second view is that of neo-liberals, who emphasize the importance of market relations, cornpetition and individual achievement. Polices often implemented by Southern governrnents, such as controlling exchange rates, food subsidies, imposing tariffs and quotas are fiowned upon, as they are seen as counterproductive. Neo-liberal thinking is closely linked to the ideas of modemkation theorists, who believe that there is general progress towards greater prosperity and a single mode1 for a modem afnuent state.18 As long as there is econornic productivity, the wealth is bound to trickle down, reducing poverty and creating prosperity for dl. " rbid. '' Ibid., p. 136

13 Global Lies: The Worid Bank. IMF and Poverty These approaches offer two dif3erent views on how to achieve development and who should take the primary roie as the agents of change. The neo-liberal approach to development has been adopted by the World Bank and Internationd Monetary Fund. Thesis Structure and Methodology The text of this thesis is divided into five sections. Chapter Two takes a brief glance inside the IMF and the World Bank. Very little is known about the institutions' bureaucracy. One hopes that this short chapter serves to relieve some curiosity and provide some insight. Chapter Three is an overview of three theoretical approaches: rationd actor, neo-iiberalism, and dependency. In Chapter Four, structural adjustment prograrns and their impact are examined closely. Adjustment in debtor countries have commonalties and although resdts arnong debtor nations may differ slightly, the consensus is that austerity measures have created disparities arnong rich and poor. The reasons for this critique is analyzed. Chapter Five presents cases studies of SAPs in three countries: Ghana, Mexico and the Philippines. These three countries were chosen for a number of reasons. They were al1 among the first nations to receive structural adjustment programs and al1 have had a significant number of loans. Ghana has received more loans than any other country in sub-saharan Africa; Mexico was first country in the world to undergo adjustment and exemplifies the whole rationale behind SAPs; and the Philippines

14 Global Lies: The Worid Bank, IMF and Poverty has been characterized as the most structurally adjusted country in East Asia. These nations have been in constant receipt of structural adjustrnent loans in the past two decades and have been regarded as the World Bank and the IMF as "star pupilsyy and "mode1 debtors". UsÏng Ghana, Mexico and The Philippines, the social and economic results of adjustment policies are exarnined. Three different methods can be used to assess the impact of structural adjustment loans. Some studies have compared the adjusting loan countries to a control group that did not receive SALs. A second approach is to simulate what might have happened in the absence of adjustment. This is difficult to do and involves a lot of speculation. Some studies have compared performance before and after Ioans, and examine the effects within countries during the adjustment period. It is this last method that is employed in this thesis. For the most part, statistical data used for the purposes of this research were collected by the United Nations and its member agencies. One hopes these particular statistics are more likely to have stability and reliability; that is, they are dependable and would give the same result each time if measured again and again. Accuracy cannot be guaranteed, as the UN relies of the member governments' ability to collect data. However, given the lack of primary data, there does not appear to be any viable alternative. Chapter Six concludes this thesis with a summary and some possible courses of action

15 Global Lies: The Wotld Bank. IMF and Poverty Chapter Two - fnside the World Bank and IMF The Honeypot The World Bank and IMF have been accused of being bloated organizations, surviving Luxuriously at the expense of the world's poor. In his 150 page resignation letter, ex-imf and World Bank economist, Davison Budhoo exposed what he referred to as the "honeypoty'- the IMFYs compensation plan for its emptoyees. Out of respect for privacy of the other ernployees, he only discussed his own sdary, which totaled US$143,000. He noted that if his family group were a bit larger (i.e. if he had five children and had a grandparent living with him), his package would be increased to US$200,000 and if he was on field assignment, increased once again to ~~$300,000.~~ This, he noted was more than the annual budgeted salary of almost every head of state in the world, five to ten times more than what virtually every president or prime minister of the third world would get on his basic pay cheque, and about 1000 times more than the per capita income enjoyed by two thirds of mankind. Budhoo continued to disclose details of additional compensation, inctuding diplornatic immunities, stays at 20 star hotels, royalty class, frst class air travel, general subsistence allowances for overnight stays in hotels, maids brought into USA on G-5 visas, generous medical benefits plan, group life insurance and pension plans. He described what he received in compensation during his time at the IMF, as the ''dtimate paradise". Like the IMF, the World Bank pays hi&, tax-fiee salaries, In 1994, its President earned US$154,000 a year; the Vice-Presidents eam on average

16 Global Lies: The Worfd Bank. IMF and Poverty US$123,000, and the 58 Directors eam, on average, US$105,000. In recent years, Wold Bank salaries have been rising faster than the US inflation rate. In 1988, 1989, and 1990, professional staff received an average 6%, 11.1%, and 6% increase in salary, compared with 4.2 %, 5.2% and 4.5% inflation rate." Given the amount of rnoney the IMF and Bank must spend on expenses, one would think that any attempt to Save on finances would be welcomed. Not so- In Febniary 1990 on a trip to East Africa, Michael Irwin exchanged his first class ticket for business class and saved the organization $ NOO. That resulted in, according to Ir-, "considerable criticism f?om the Staff Association, Senior Vice President Ernest Stem and many individuals." One noted individual wrote to Stem that first class travel was necessary to protect the "heath of fiequent flyers... my family will not feel safe again until Mr. Irwin has been replaced by someone who cares." Further, the editor of Bank's World, the staff journal, who printed a letter fkom Innn saying that he believed there were no important advantages to flying first class remarked that he did "not recall ever ninning a story prompting so many angry responses."21 In addition to salaries, Bank staff enjoy many further benefits, such as a salary supplement of up to $3000 a year to make up for a spouse's "inadequate" income. Bank professionals also receive $420 annually for each dependent child, subsidized meals at work, a good medical and dental insurance plan and excellent life insurance coverage. Intemationaily recruited staffreceive $5480 in education l9 Davison Budhoo Enough is Enough New York: Apex Press, 1990, p.54 'O Michael H.K. Irwin "Banking on Poverty: An Insider's Look at the World Bank" 50 Years is Enough: the Case A~ains the World Bank and M Boston: South End Press, 1994, p. 154

17 Global Lies: The World Bank. IMF and Poverty grants for each child between the ages of 5 to 24. Expatriate staff are also entitled to home-leave travel for themselves and their families, flying first class if they go every three years, and business class if they return to their home countries every two years. In addition, a staff member receives a grant of $1070, and a spouse and dependent child each get $524 for every home-leave trip. The IMF salaries are 5% higher and benefits are even greater. In addition to salaries, employees of the Bank work in cornfort. In the late 1980s' the World Bank renovated its head quarters at a cost of $3 14 million - more than $100 million above the onginal estimate. About $300 million of this came fiom the $2.7 billion loan repayment fkom Uganda, Ghana and Zambia in This remodelling included the insertion of gold leaf on ceilings at an estimated cost of $1 rnilli~n.~ Bruce Rich, author of Mortgaging the Earth, remarked about the renovation: "The Bank's inability to control its costs at its own headquarters has to make you wonder about the quality of the econornic advice it h a to offer the Third ~ orld."~ Policies Critics of Bank and Fund policies have often pointed to the institutions' close comection to the United States and its allies as evidence to prove the bias towards a neo-liberal and U.S. biased agenda. The Bank's presidents, al1 Amencans, have been instrumental in the development of the Bank's visions, and " Ibid., p. 157 See Ismi, p Ibid.

18 Global Lies: The World Bank, IMF and Poverty have made distinct contributions to definhg its mission. Robert McNamara, who became the Bank's President in 1967, best epitornized the close U.S. connection. McNamara who had been U.S. Secretary of Defence looked to the Bank for a career change. McNamaraYs term at the Bank can be characterized as "aggressive". He looked at developing the South as his "mission" and believed that this institution could be used to reduce global tensions and long- tem threats to security that he perceived.24 Eugene Black, who served at the Bank fiorn 1949 to 1963, was also deeply concemed with the threat of spreading communism, a U.S priority at the tirne. It was Black that developed the policy that dl loans must be repaid no matter what the consequences, an ideal that remains, as the Bank has never suftered a lass to present day.'' It was George Woods that transformed the Bank fhm a financial institution to one focused on development. The reason for this change was simply due to the fact that the Bank was "piling up profits at an almost indecent rate."26 At this time, Woods increasingly began looking for investments in the South. Robert McNamara continued Woods legacy and when he came to power, he asked for a list of coutries that had not yet received Bank assistance. When Egypt and indonesia showed up on the list, McNamara himself visited both nations, and six months later, both had lending arrangements with the ~ ank.~~ Almost al1 of the World Bank presidents have had connections with Wall Street and subscribed to the fiee market ideoiogy. For example, Eugene Black, *' Jochen Kraske Bankers with a Missien, Toronto: Oxford University Press, 1996, p.169 'S Ibid., p.87 '6 Ibid., p.128

19 Global Lies: The World Bank, IMF and Poverty the Bank's fist president was the owner of the Washington ~ost?' and Eugene Black was a hi&-ranking employee at the Chase National ~ ank?~ The US has used its influence within the Bank and IMF as a way of promoting US foreign policy through these multilateral institutions. The expanding mandate of the Bank and Fund, initiated by the presidents, has enabled the US to exert its agenda increasingly over the years. Discontented Employees The World Bank and IMF's practices over the years have drawn sharp criticism not only fiom anti-poverty organizations and Southem citizens, but also fîom their own s a. Davison Budhoo, who was chef econornist for both the IMF and World Bank for over one decade, wrote a 150 page resignation letter to Michael Camdessus, derailing his dissatisfaction and disgust with the MF's conduct in the South. After iooo days of official work in the field, hawking your medicine and your bag of tricks to governments and to peoples in Latin America and the Caribbean and Afnca. To me resignation is a pnceless liberation, for with it, 1 have taken the fïrst big step to that place where 1 may hope to wash my hands of what in my mind's eye is the blood of millions of poor and starving peoples... there is not enough soap in the whole world to cleanse me fiom the things that 1 did do in your name and in the names of your predecessors and under your official scat?' '7 Ibid., p Ibid., p Md., p.80

20 Global Lies: The World Bank, IMF and Poverty Joseph Stiglitz, who was chief economist and vice-president at the World Bank wrote an article in the WC's Economic Journal cailing the policies of conditionality flawed and that it may have undermined democracy in countries receiving loans? Stiglitz was in contlict with the IMF with regards to their policies. When the East Asian crisis hit, he expressed fear that austerîty measures would not revive their economies, but plunge them deeper into recession. When he lobbied for change at the Bank, he professed that "convincing people at the World Bank of my analysis proved easy; changing minds at the IMF was virtually impossible."32 Michael H.K. Irwin, former Director of the Health Services Department, served at the World Bank for one year, following a 32-year career with the United Nations, when he quit out of frustration with "the Bank's bloated, over paid bureaucracy, its wastefd practices, and its generally poor management."33 In 1982, Mahub ul Haq, Director of Planning and Policy Review Department for the World Bank, resigned and denounced the institution as "stagnant and ~onfused."~~ Later that sarne decade, Frank Vol, Director of External Relations, also resigned, accusing the Bank of double standards in its relationships with Latin America and Eastern ~uro~e.~' 'O See Budhoo Enouph is Enough, p.2 3' Alan Beattie "WorId Bank Aid Strategy Flawed Says Stiglitz" The Financial Times November 29, j2 Joseph Stiglitz "The Insider" The New Republic Online April 17, /stiglitz htrnl 33 See Isrni, p David Budhoo "Me-fust Madness" The New Intemationalist December 1990, p. 15 j5 Ibid., p. 16

21 Global Lies: The World Bank, IMF and Poverty In 1994, Herman Daly, senior economist in the Environmental Department at the World Bank resigned after six years with the institution.36 In his farewell speech, he prescribed that the Bank take "a few antacids and laxatives to cure the combination of managerial flatulence and organizational constipation giving rise to such a hi&-pressure environment" and to improve interactions with the outside world he prescribed "new eyeglasses and a hearing aid."j7 Cracks within the Bank and Fund are emerging as stafy recognize that the plan of action the two Bretton Woods institutions have undertaken to better the economies of the South are not improving the Lives of Southem citizens, but instead, plunging Southem economies deeper into debt. When those inside the World Bank and Fund are crying foul, it is time to re-examine the function they play in the global economy and poverty reduction. Accountability and Democracy There appears to be some codict between structural adjustment and democracy. The Bank and IMF have long been denounced for lack of transparency and accountabiiity for its actions. Susan George writes that if the World Bank and IMF "adjusters" were corporate executives, they would have been fired long ago for incornpetence. No such accountability applies to these international bureaucrats acting on behalf of the creditor governments. They need never submit to the judgment of their victims. They answer only to their own equally unaccountable superiors and, at 36 See Daly 37 %id.

22 Global Lies: The Wmrld Bank, IMF and Poverty the top of the bureaucratic tree, to a Bornard of Governors reflecting the majority of voting snrength of the richest creditors co~~ntries.~~ Jeremy Pillar describes the IMF and World Bank as "absolute monarchs of yore" with "little formal accountability to anyone except themselves, but they understand that in reality their power denves from their alliiance with a powerful class... performing God7s will on ea~-th."~~ Pillar goes on to state that this new system of global govemance, supported and prornoted by the IMF and World Bank, has no institutional mechanism to hold it accountable to those its decisions affect and fails to perform those functions of modem govoenwisnts that benefit ordinary people. For rtis reason, this system of undemocratiic power is calling for re~olts.~o The adverse consequences of adjustment, such as: increase in income inequality, mass emplo yment, and weakening of cornmunit lies due to migration, are not compatible with democracy. Furthemore, the erosio-n of middle class and dilution of public institutions adjustrnent measures rnay undermine the very foundations of a democratic society. It is ironic that two :institutions that have now added "good governance" to their list of conditionalitie-s, cannot fulfill these obligations themselves. "In theory, the fund supports democratic insti~utions in the nations its assists. Officially, of course, the MF doesn't "imposet anything. It "negotiates" the conditions for receiving aid. But all the power in 38 Susan George "The Debt Boomerang" 50 Years is Enough: the Case Aszainst the WorId Bank and IMF Boston: South End Press, 1994, p See Breclier and Costello, p.63 'O Ibid., p.64

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