Dark Victory
Walden Bello with Shea Cunningham and Bill Rau
Third World Network
ISBN: 983-9747-10-X 148 pages 14x21.5cm US$9.00

Hunger and malnutrition stalk the countries of the South. Over the last twenty years, as the populations of Third World countries have increased, so too has mass poverty on a grotesque scale.

In this fiercely critical study of Western aid giving. Walden Bello offers a persuasive argument that recolonisation of the Third World has been carried out through agencies of the international Banks. Bello argues that the Reagan administration came to power with an agenda to 'discipline the Third World' and the consequences of such a policy has resulted in lower barriers to imports, the removal of restrictions on foreign investments, privatisation of state owned activities, a reduction in social welfare spending, wage cuts and devaluation of local currencies. Recipients of any lending from the World Bank, or any other Western agency, have been forced to accept such policies, with disastrous consequences.

Contents

About the Author and his Associates
Acknowledgements
Foreword by Susan George
List of Acronyms

1 Introduction: the Great Reversal

Springtime of Freedom.....or Time of Troubles?
Global Rollback
Conspiracy or Ideology?
Dismantling the Activist State
Barbarians at the Gates

2 Challenge from the South Southern Sunrise State and the Market in the Third World Diversity and Unity

3 Liberalism and Containment Liberalism and Anti-Communism: the Peculiar Mix The Collapse of Containment Liberalism

4 Reaganism and Rollback The Worldview of Reaganism The Reaganite View of the South The Vulnerable South Harnessing the World Bank Selling SALs The Debt Crisis and the Globalization of Adjustment

5 Adjustment: the Record A sorry Record at Best Explaining Stagnation: 'Macro-Shocks' or Structural Distortions? The Southeast Asian Case Prescription for Stagnation Mexico: Model Reformer? Chile as an Economic Laboratory Ghana: Beacon for Africa?

6 Adjustment: the Costs Misery: a Global Survey Questionable Evidence Adjusting the Environment Intensified Resource Extraction in Chile Adjustment and Deforestation in Costa Rica SAP and Ghana's Environment Intesifying the Philippine Environment Crisis

7 Adjustment the Outcome Ending the Creditors' Crisis The New South

8 Resubordinating the NICs From Allies to Targets Penalizing Success: the Case of South Korea Unilateralism Universalized GATT as a Weapon 'The One and Only Path'

9 Adjusting America Political Economy of the New Deal State Collapse of the Social Contract Reaganism: from Ideology to Policy The Coming of the 'Service Economy' NAFTA: Securing a Cheap Labor Preserve The Third Worldization of America Accelerating Decline The 'Human Capital' Question US Capital and Global Adjustment

10 The Dark Victory Shutting out the South Protracted War The 'Islamic Threat' Heading off Disaster

11 Epilogue: the Battle for the 21st Century The Faces of Barbarism No Room for Nostalgia Checking Capitalism's Logic Cooperation and Competition Internationalizing Cooperative Organization The Struggle for the Future

Notes and References

Appendix: Tables 1: IMF and World Bank Stabilization and Structural Adjustment Loans, 1980-1991 2: Rates of Poverty and Indigence in Selected Latin American Countries 3: External Accounts of Selected Third World Countries, 1982 and 1991 4: Voluntary Export Restraints and Related Measures Imposed by the US, 1980-1991 5: Shares of US Family Income Going to Various Fifths, and to Top 5% 1973-1991 6: Changes in Distribution of US Net World, 1962-1989

Glossary Selected Readings Index

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