Jim D. writes
me:
Sometimes [privatization is] done simply for ideology's sake, as when
the IMF or
World Bank insists on it in return for adjustment loans.
Marv:
True, but beneath the ideology are the hard material interests of
bankers,
commodity producers, and other Western capitalists seeking to defend and
expand their investments in these countries.
in addition, local capitalists stand to gain from it, too. The IMF
couldn't get far if it did not have allies in the countries it picks
on.
====================================
Perhaps some do, but as a rule the currency crises and economic collapse
which precipitate these structural adjustment programs leave the local
capitalists - banks, telecoms, retailers, exporters, etc. - weighed down and
bankrupted by their soaring foreign debt. Viz. East Asia, Russia, Argentina
last time, and the East Europeans today.
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