The failure of the IMF, World Bank and WTO to represent and further the interests of the developing world, through their one-size-fits-all approach, has lead to the collapse of trade negations, widespread criticism of their effectiveness, and bitter international protest. Many countries are rejecting the neoliberal ideologies of the ‘unholy trinity’ with intensifying calls for their reform or decommissioning.
Médecins Sans Frontières and other groups campaigning for access to affordable medicines in developing countries are closely following a case filed by the Swiss pharmaceuticals giant Novartis against Indian patent law.
In recent years, the governments of many Southern countries have come to realise that the international trade and investment regime is thoroughly biased in favour of the interests of the richest and most powerful countries. The World Trade Organisation (WTO) is at an impasse and neo-liberalism in general is in crisis
World Bank President Paul Wolfowitz's anti-corruption crusade could jeopardise those it claims to protect, the poor in developing nations, by letting powerful players off the hook and by not extending corruption probes to the Bank's past lending, a leading U.S. whistleblower group says.
The World Bank receives more from developing countries than what it disburses to them says a new report released Tuesday as finance ministers endorsed a controversial new Bank plan to tackle corruption in developing countries.
This week, the International Monetary Fund will be holding its annual meeting in Singapore. No doubt, the economic restructuring and forced leveraging of Iraq will be a key component of talks surrounding the meeting. In these past few months, free trade zones have been established along the borders with Syria and Iran; foreign investment laws have been vetted and approved; and laws governing investment in the oil sector have been drafted and introduced. Iraq continues to move forward in implementing conditions imposed upon it through the Stand By Arrangement with the International Monetary Fund (IMF) in December of 2005. While the command economy established under Saddam Hussein's regime was unsustainable, it is also highly probable that the benefits of the economic restructuring under way at present will accrue to the benefit of an elite segment of Iraq and of the international community. It is improbable that ordinary Iraqi citizens will be the beneficiaries of these changes.
Devinder Sharma examines the links between globalisation, trade, and corporate interests, arguing that aggressive trade interests have topped the EU economic and political agenda, even though many developing world increasingly seeing through the inequities of international trade.