...global economy, the formerly developing states were forced to refinance their loans. With commercial loans unavailable, they were driven into the arms of the IMF. New loans were offered, but they came with conditions beyond mere repayment. These new “loan conditionalities” demanded macroeconomic restructuring along neoliberal
lines. Not coincidentally, the IMF and World Bank were each purged of their Keynesian economists over the course of the 1970s. The new conditionalities insisted that the formerly developing states reverse the policies that had brought them a brief period of actual development. The...
11.07.21
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Jason Beckett
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