Fifty Years is Enough: The Case Against the World Bank and the International Monetary Fund

As the World Bank and the International Monetary Fund (IMF) celebrate fifty years of economic dominion over the Third World, this reader brings the best progressive authors together to critique these two main proponents of neo-liberalism. 50 Years is Enough covers such topics as failed development projects, the feminization of poverty, the detruction of the environment, the internal workings of the World Bank and the IMF, and the struggle to build alternatives to neo-liberal policies.It also includes a guide to the many organizations involved in the struggle to reform the World Bank and the IMF. ACKNOWLEDGMENTS vii PREFACE: Redefining Development ix Muhammad Yunus INTRODUCTION 1 Section I: THE GLOBAL CONTEXT 1. World Bank/IMF: 50 Years Is Enough 6 Bruce Rich 2. Global Economic Counterrevolution: How Northern 14 Economic Warfare Devastates the South Walden Bello 3. IMF/World Bank Wreak Havoc on Third World 20 Davison Budhoo 4. The Free Trade Connection 24 John Gershman 5. The Debt Boomerang 29 Susan George 6. The Doctrine of Odious Debts 35 Patricia Adams, Interviewed by Juliette Majot 7. Whatever Happened to Third World Debt? 39 Doug Henwood Section II: COUNTRY STUDIES 8. Brazil: Drowning in Debt 44 Marcos Arruda, Interviewed by Multinational Monitor 9. World Bank and IMF Adjustment Lending in Chile 51 The International NGO Forum 10. Structural Adjustment and Costa Rican Agriculture 56 Alicia Korten 11. World Bank and IMF Adjustment Lending in the 62 Philippines The International NGO Forum 12. Jamaica: The Showpiece That Didn’t Stand Up 68 Kathy McAfee 13. Ghana: The World Bank’s Sham Showcase ' 78 Ross Hammond and Lisa McGowan 14. Mozambique: In the Coils of Structural Adjustment 83 Mozambique Information Agency 15. Food for Thought: Senegal’s Struggle with 85 Structural Adjustment Abdoulaye Ndiaye 16. From Apartheid to Neoliberalism in South Africa 88 Patrick Bond 17. Zimbabwe: SAP Means “Suffering for African People” 92 Michael O’Heaney 18. Stealing from the State (Mexico, Hungary & Kenya) 95 Natalie Avery Section III: UNHEARD VOICES: ENVIRONMENTALISTS, WOMEN & TRIBAL PEOPLES 19. International Institutions Practicing Environmental 102 Double Standards Vandana Shiva 20. World Bank Takes Control of UNCED’s Environment 107 Fund Patience Idemudia and Kole Shettima 21. The World Bank and Tribal Peoples 112 Survival International 22. Fury Over a River 117 Pradeep S. Mehta 23. The World Bank and the Feminization of Poverty 121 Inge Khoury 24. Women, Structural Adjustment and Empowerment 124 Merle Hodge, Interviewed by Eloise Magenheim 25. Battling the World Bank 128 Nilufar Ahmad, Interviewed by Multinational Monitor Section IV: HOW THE WORLD BANK & IMF WORK 26. Internal Report Card Looks Bad for Structural 135 Adjustments Cameron Duncan 27. World Bank Failures Soar to 37.5% of Completed 137 Projects in 1991 Pratap Chatterjee 28. The World Bank After the Wapenhans Report— 139 What Now? Richard Gerster 29. The World Bank’s New Rules (Same as the Old Rules) 146 Patricia Adams 30. World Bunk 148 John B. Judis 31. Banking on Poverty: An Insider’s Look at the 152 World Bank Michael H. K. Irwin 32. Fighting Poverty at the World Bank 161 Margie Snider Section V: ALTERNATIVES 33. International Tribunal Judges the G-7 165 Peoples’ Tribunal, Tokyo 34. African Alternative Framework to Structural 169 Adjustment United Nations Economic Commission for Africa 35. Reforming the Global Environment Facility 179 Cameron Duncan 36. Little World Banks Jessica Matthews 183 CONCLUSION: WHAT TO DO? 186 SUGGESTED READING 188 RESOURCE GROUPS , 190 CONTRIBUTORS 192 INDEX 195 ABOUT GLOBAL EXCHANGE 208 ABOUT SOUTH END PRESS 210 Preface : Redefining Development / Muhammad Yunus -- Introduction / Kevin Danaher -- World Bank/imf : 50 Years Is Enough / Bruce Rich -- Global Economic Counterrevolution : How Northern Economic Warfare Devastates The South / Walden Bello -- Imf/world Bank Wreak Havoc On Third World / Davison Budhoo -- The Free Trade Connection / John Gershman -- The Debt Boomerang / Susan Strange -- The Doctrine Of Odious Debts / Patricia Adams, Interviewed By Juliette Majot -- Whatever Happened To Third World Debt? / Doug Henwood -- Brazil : Drowning In Debt / Marcos Arruda, Interviewed By Multinational Monitor -- World Bank And Imf Adjustment Lending In Chile / The International Ngo Forum -- Structural Adjustment And Costa Rican Agriculture / Alicia Korten -- World Bank And Imf Adjustment Lending In The Philippines / The International Ngo Forum -- Jamaica : The Showpiece That Didn't Stand Up / Kathy Mcafee -- Ghana : The World Bank's Sham Showcase / Ross Hammond And Lisa Mcgowan --^ Mozambique : In The Coils Of Structural Adjustment / Mozambique Information Agency -- Food For Thought : Senegal's Struggle With Structural Adjustment / Abdoulaye Ndiaye -- From Apartheid To Neoliberalism In South Africa / Patrick Bond -- Zimbabwe : Sap Means Suffering For African People / Michael O'heaney -- Stealing From The State (mexico, Hungary & Kenya) / Natalie Avery -- International Institutions Practicing Environmental Double Standards / Vandana Shiva -- World Bank Takes Control Of Unced's Environment Fund / Patience Idemudia And Kole Shettima -- The World Bank And Tribal Peoples / Survival International -- Fury Over A River / Pradeep S. Mehta -- The World Bank And The Feminization Of Poverty / Inge Khoury -- Women, Structural Adjustment And Empowerment / Merle Hodge, Interviewed By Eloise Magenheim -- Battling The World Bank / Nilufar Ahmad, Interviewed By Multinational Monitor -- Internal Report Card Looks Bad For Structural Adjustments / Cameron Duncan --^ World Bank Failures Soar To 37.5% Of Completed Projects In 1991 / Pratap Chatterjee -- The World Bank After The Wapenhans Report -- What Now? / Richard Gerster -- The World Bank's New Rules (same As The Old Rules) / Patricia Adams -- World Bunk / John B. Landis -- Banking On Poverty : An Insider's Look At The World Bank / Michael H.k. Irwin -- Fighting Poverty At The World Bank / Margie Snider -- International Tribunal Judges The G-7 / Peoples' Tribunal, Tokyo -- African Alternative Framework To Structural Adjustment / United Nations Economic Commission For Africa -- Reforming The Global Environment Facility / Cameron Duncan -- Little World Banks / Jessica Matthews -- Conclusion : What To Do? Edited By Kevin Danaher. Includes Bibliographical References (p. 188-189) And Index. As the World Bank slouches toward its 50th anniversary, more and more voices are questioning its credibility and its legacy.