An infographic on the so-called Washington Consensus is a natural companion to those recently published on neoliberalism and monetarism, so here it is:
Burnham's newly planned loans for environmental change feel horribly like Washington Consensus-inspired policy to me.
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[…] reinforcing his neoliberal belief with an approach reminiscent of the Washington Consensus, which this morning's infographic is […]
Burnham’s environmental loans look like the “perfect” complement to Starmer’s changes to international aid that turned it into a vehicle to (forcibly) sell British goods to the global south.
https://www.gov.uk/government/news/modernised-aid-budget-will-focus-on-impact-value-for-money-and-transparency
Ie another name for colonisation.
Thank you for this. I had never really appreciated how appalling it was.
It is economic colonisation
Perhaps these two concepts and their associated vocabulary could be appropriate here:
neocolonialism and odious debt.
Agreed
Joseph Stiglitz and Naomi Klein have written about this if people wanted a longer account.
This may be a silly question.
How would some countries pay back in a local currency if the investment was to build something internal e.g. a railway. It would, of course, make the whole economy better and perhaps out of that they could repay out of increased exports.
If the investment creates exports to the value the of investment then the investors can reap the reward. Thereafter the profit goes to the country. It looks like a case for Bancor which you have discussed before.
Or, just lending in local currency. The IMF and World Bank could afford that risk.
Thanks
Thankyou, and the layout looks very good without underlining.
This chart explains an awful lot about what has gone drastically wrong here in Northern Ireland since the Belfast Agreement. Imagine Blair and Clinton knowingly signing a peace agreement in a province already broken by political colonisation just to impose neoliberal economic colonisation. How was that ever going to work ?
All these years on you can see exactly who has benefitted from their vast property portfolios and pork barrelled personal remunerations. Not the majority.
We have a Danish windfarm just behind us built on allegedly environmentally protected land (in reality, no environmental protections exist here at all), that was sold as being the first of its kind in Ireland. As it is entirely private and as far as I know its profits are still going solely to Jeff Bezos. It is an experimental first cut for the proposed global corporate city MAGA Boys behind Reform’s Brexit. I assume they are still hoping to use Northern Ireland as an economic bridgehead into the EU via Ireland. Enabled by DUP’s Sammy Wilson either through corruption of idiocy. Or both.
It is all just so exhaustingly grim.
Thanks, Sara. I agree it is exhausting. But I refuse to give up.