Distinction in travel journalism
Is independent travel journalism important to you?
Click here to keep it independent

12 Oct, 2013

The Devastating Impacts of IMF-World Bank “Economic Medicine”

As the World Bank and the International Monetary Fund hold their annual meeting in Washington 11-13th October 2013 it is necessary to take a look at the state of the Millennium Development Goals (MDG). |1| The history of economic development is strewn with attempts to correct the “mistakes” of development policy. The preferred method is to add new elements to the agenda. This approach has led to adding an ever increasing number of issues, from environmental concerns to social policies, into the policy discussions.

The results of this practice are clear to see: of the original 8 Millennium Development Goals, only 2 have been met, with serious doubts regarding the possibility of meeting the other 6. The track record of the current development agenda is very disappointing |2|.

So, the issue is not to add new elements to the framework, but to assess if the elements that are already present are working, and if they are not, can they be eliminated. The one element that stands out on that regard is Debt, as an economic, social and political development policy tool.

Read the rest: The Debt of Developing Countries: The Devastating Impacts of IMF-World Bank “Economic Medicine”.