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Perpetuating poverty : the World Bank, the IMF, and the developing world

Author: Doug Bandow; Ian Vásquez
Publisher: Washington, D.C. : Cato Institute, ©1994.
Edition/Format:   Book : EnglishView all editions and formats
Database:WorldCat
Summary:
"Since World War II, it has been widely believed that underdeveloped countries cannot become prosperous without billions of dollars in aid from wealthy countries. Yet after 40 years, there is little to show for it." "Perpetuating Poverty is an eye-opening review of the scandalous record of the World Bank and the International Monetary Fund. The startling findings include: India has received the most foreign aid of  Read more...
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Additional Physical Format: Online version:
Perpetuating poverty.
Washington, D.C. : Cato Institute, ©1994
(OCoLC)647077736
Material Type: Internet resource
Document Type: Book, Internet Resource
All Authors / Contributors: Doug Bandow; Ian Vásquez
ISBN: 188257706X 9781882577064 1882577078 9781882577071
OCLC Number: 29565414
Notes: The Mazal Holocaust Collection.
Description: ix, 362 pages : illustrations ; 24 cm
Contents: Introduction : the dismal legacy and false promise of multilateral aid / Doug Bandow and Ian Vásquez --
1. The IMF : a record of addiction and failure / Doug Bandow --
2. The political economy of the IMF : a public choice / Roland Vaubel --
3. The World Bank and the impoverishment of nations / James Bovard --
4. Understanding the World Bank : a dispassionate analysis / James B. Burnham --
5. Western aid and Russian transition / Nicholas Eberstadt --
6. Fostering aid addiction in Eastern Europe / Melanie S. Tammen --
7. Aid for black elephants : how foreign assistance has failed Africa / George B.N. Ayittey --
8. Development planning in Latin America : the lifeblood of the mercantilist state / Paul Craig Roberts --9. Mexico, markets, and multilateral aid / Roberto Salinas León --
10. Brazilian hyperstagflation : the case against intervention / Paulo Rabello de Castro --
11. Foreign aid and India's leviathan state / Shyam J. Kamath --
12. Philippine development and the foreign assistance trap / William McGurn --
13. America's iron trade curtain against Eastern Europe and the former Soviet Union / James Bovard --
14. The liberating potential of multinational corporations / David Osterfeld --
15. The high cost of trade protectionism to the Third world / J. Michael Finger --
16. Self-determination through unilateral free trade / Jim Powell.
Responsibility: edited by Doug Bandow and Ian Vásquez.

Abstract:

"Since World War II, it has been widely believed that underdeveloped countries cannot become prosperous without billions of dollars in aid from wealthy countries. Yet after 40 years, there is little to show for it." "Perpetuating Poverty is an eye-opening review of the scandalous record of the World Bank and the International Monetary Fund. The startling findings include: India has received the most foreign aid of any country since 1951 - about $55 billion - but today 40 percent of its population lives in poverty; after two decades of development planning financed largely by the IMF and the World Bank, sub-Saharan Africa today has a lower per capita income than it did when the aid started; and while the industrial nations support foreign aid, they also maintain trade restrictions against poor countries that reduce those nations' incomes." "As their failures have become undeniable, however, international aid agencies have only escalated their lending to historic levels. The International Monetary Fund plays a leading role in distributing Western aid to Russia, and membership in the IMF and World Bank is expanding. A new bank has been established for Eastern Europe; another is planned for North America. The record of the last four decades is ignored." "Ultimately, the Third World nations can emerge from underdevelopment only through their own efforts and by liberalizing their economies. The West can help by opening its borders to trade and by dismantling the multilateral aid agencies that have done so much to perpetuate Third World poverty. With so many developing countries moving toward free markets and political pluralism, the most important thing the West can do is get out of the way."--Jacket.

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schema:reviewBody""Since World War II, it has been widely believed that underdeveloped countries cannot become prosperous without billions of dollars in aid from wealthy countries. Yet after 40 years, there is little to show for it." "Perpetuating Poverty is an eye-opening review of the scandalous record of the World Bank and the International Monetary Fund. The startling findings include: India has received the most foreign aid of any country since 1951 - about $55 billion - but today 40 percent of its population lives in poverty; after two decades of development planning financed largely by the IMF and the World Bank, sub-Saharan Africa today has a lower per capita income than it did when the aid started; and while the industrial nations support foreign aid, they also maintain trade restrictions against poor countries that reduce those nations' incomes." "As their failures have become undeniable, however, international aid agencies have only escalated their lending to historic levels. The International Monetary Fund plays a leading role in distributing Western aid to Russia, and membership in the IMF and World Bank is expanding. A new bank has been established for Eastern Europe; another is planned for North America. The record of the last four decades is ignored." "Ultimately, the Third World nations can emerge from underdevelopment only through their own efforts and by liberalizing their economies. The West can help by opening its borders to trade and by dismantling the multilateral aid agencies that have done so much to perpetuate Third World poverty. With so many developing countries moving toward free markets and political pluralism, the most important thing the West can do is get out of the way."--Jacket."
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