Can the IMF and the World Bank be reformed? There is every reason to doubt it. In my opinion, these institutions should be abolished and replaced by other global institutions. They should be abolished because their property-based constitutions, their allegiance to a very limited number of countries (of which only one, the United States, has…
The beginning of Globalization goes back to the outcomes of the first voyage of Christopher Columbus that brought him, on October 1492, to the shore of an island in the Caribbean Sea. It was the starting point of a brutal and bloody intervention of European sea powers in the history of American peoples, a region…
Jacques de Groote, the former Executive Director at the IMF (1973- 1994) and World Bank (1975-1991) for Belgium, was condemned in October 2013 by Swiss courts in an affair concerning the fraudulent privatization of the principal coal mine in the Czech Republic. His codefendants, five Czech executives, were given fines and prison sentences ranging from…
Indebtedness in developing countries presents a specific feature which has to be set at the heart of public debate: it results from an ongoing policy of deprivation and subordination of these countries by more industrialised countries, transnational corporations (TNCs) and international financial institutions, with the elites of the South aiding and abetting. Like other indebted countries…
