World Bank
Last week, the World Bank was the subject of two differing viewpoints on the topic of public protests against this organization. Here are some facts about the World Bank that were not included:
World Bank loans have strings attached; the larger the loan, the more strings. These strings or conditions include: privatization of public services such as health care, water, and education, laying off government workers, and charging user fees for services. Bankruptcy is not permitted and experts are hired by the World Bank to provide consultation services that are paid for by the loans.
When governments accept loans, they are required to stop subsidizing local products in order to allow foreign goods to compete in their markets. These same foreign goods are often subsidized by the developed nations funding the World Bank loans. Pressure is applied to these developing nations to grow export crops (example: coffee) that cannot be consumed (example: corn, wheat), making them dependent on imports from the developed nations.
The result is that third world countries pay higher prices for essential services like food, water, and health care, resulting in mass poverty and sickness. These countries are forced to pay off the loans by exporting products that are forced on them by the developed nations. For more information on the World Bank, visit www.worldbankboycott.org
Rob MorrisonUniversity Libraries797-1477