CAPSULE COMMENTARY: “Abolish the IMF”

“Thousands of protesters have come to Washington, D.C., this week to voice their opposition to IMF and World Bank lending practices. Amidst the graffiti, sit-ins, and traffic delays, the protesters do have a message: Through their lending practices, the IMF and World Bank institutions are subjugating Third World nations. While many of the activists advocate reforming these institutions, they chip away at the branches but fail to cut down the tree. Why not simply abolish the IMF and World Bank? This would help break the interlocking relationships between government and private corporations and help reduce government-sponsored cultures of dependency on Western governments. The protesters are correct: Through the imposition of ever increasing political debt and by reinforcing existing bureaucratic systems, the IMF and World Bank do indeed perpetuate poverty.”