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Demos sought to gauge the effects of the close relationship between government officials and the economic oligarchy. Their conclusion: in matters of social and economic policy and labour law, the wealthiest citizens share priorities which are largely different from those of the majority of their fellow citizens. But of course the rich have unusual means by which to bring their aspirations to fruition. They are also less favourably disposed towards unions and laws that encourage union activity. Which group prevailed? Finally, Congress and the White House are vying with each other over budget cuts in a country in which the proportion of the population who are actively employed is close to a historic low.

How better to convey the huge footprint the rich leave on the state and the political system? They vote more often, finance electoral campaigns more than others and — in particular — exert constant pressure on politicians. The refusal to create an active employment policy is another manifestation of the same class choice, transmitted through the same oligarchical system. In January , the unemployment rate among mainly middle-class Americans with at least a first degree was just 3.


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If so, tell me! Once the formality of national elections is out of the way, Brussels, the ECB and the IMF send their road map to the new leaders so that particular campaign promises can be ditched immediately. Yet economic policies have changed little in response to one electoral defeat after another. The left has replaced the right; the right has ousted the left. Even the centre right trounced Communists in Cyprus — but the economic policies have largely remained the same: governments will continue to cut spending and raise taxes.

The problem facing newly elected governments is that they operate within the institutions of the Eurozone. National governments must follow macroeconomic directives set by the European Commission. Or the Cayman Islands, which has as many hedge funds as the US. Not forgetting in Europe, Switzerland, Austria and Luxembourg, thanks to which the continent is a volatile mix of harsh austerity policies and tax evasion industries. Not everyone is unhappy about permeable borders. By contrast, the pressure states are under is growing, exerted simultaneously by creditor countries, the ECB, the IMF, credit ratings agencies and financial markets.

Ultimately, citizens will revolt against this de facto dictatorship. But de facto dictatorship can count on the mainstream media to come up with diverting subjects to delay, and then misdirect, collective revolt, and to personalise and thereby depoliticise the most shocking scandals.

Small Island States in the Pacific : the Tyranny of Distance

Illuminating the real workings of what happens, the mechanisms through which wealth and power have been captured by a minority who control both markets and states, requires a constant effort to educate the public. It would remind people that any government ceases to be legitimate when it allows social inequalities to grow, ratifies the crumbling of political democracy, and accepts the subordination of national sovereignty. Yet despite the severity of the crisis, they are groping for alternative proposals, half believing they do not exist, or else would come at too high a price.

Thus the growing frustration and despair. Fresh ways out are urgently required. The question William Easterly wants you to ask is: Why have some markets and some governments—but not others—gotten better over time at delivering the goods, services, and policies that consumers and citizens want? Individual rights force the state to get better and to give us what we want; individual rights and markets do the same thing, forcing the entrepreneurs and the innovators to give us what we want.

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Easterly noted with humility that really his book avoids the question of how much inequality is inevitable or unavoidable. But is there persistent inequality today that is unacceptable? Of that, he is more certain. Myth 3: Focusing on technical solutions that deliver material progress for the poor, such as more education or better health outcomes, is what ensures development. As told in The Tyranny of Experts , Easterly says that this debate has been suppressed for some deep, dark, even disturbing reasons.

The long cherished principles of growth with justice, social responsibility and accountability, equity Equity The capital put into an enterprise by the shareholders.

The Brics development bank can release Africa from World Bank tyranny

The basic argument of this policy is fairly logical within the neo-liberal paradigm but adversely affects peoples lives and depends on the following propositions:. Give absolute precedence to the preservation of macro-economic objectives and policies, while neglecting the social cost to people in their everyday life.

Poverty and exclusion form an integral part in the development model. The developmental model based on the neo-liberal paradigm has not only widened the social and economic disparity but also forced new groups of people into poverty and dislocated local communities and traditional support systems. Marginalisation and exclusion are inherent in the very structure of economic globalism and economic growth which in its present construct cannot solve the problem of poverty for various reasons:. First, economic growth is predicated on a labour saving technological paradigm.

How the IMF Monitors the Global Economy

Two, science and technology has been controlled by the West to suit their resource endowments and interests. Third, labour saving technology is the best way to beat labour and trade unions. Fourth, market responds to the needs of the rich only. By its own logic it excludes those who have no entitlements to participate in the market exchanges and the production pattern is naturally geared to meet the choices of the rich.

This again excludes the defence debt and short-term debt of less than six months duration. Since the adoption of the SAP, figures rose rapidly to Rs. This means the repayment problem is more intractable today than it was in And currently the ratio of debt service Debt service The sum of the interests and the amortization of the capital borrowed. India is now the third highest indebted country in the world, and every Indian family has to pay Rs. Interest is calculated on the amount of the capital invested or borrowed, the duration of the operation and the rate that has been set.

The Tyranny of Political Economy

Exports showed a negative growth of 5. Imports were 9. The New Economic Policy has already shown spectacular results.

Foreign investment is increasing by leaps and bonds. Multinational corporations are entering almost every sector of the economy. Share Share A unit of ownership interest in a corporation or financial asset, representing one part of the total capital stock. Its owner a shareholder is entitled to receive an equal distribution of any profits distributed a dividend and to attend shareholder meetings. Availability of consumer goods - essentially luxurious - has increased.


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The choice of the consumer has multiplied. At the higher levels salaries have shot up. A new affluence is in evidence all over. Economic principles and policies are oriented to meet the demands of the million middle class while neglecting the survival demands of the poor through employment generation. This process is basically the inversion of the Keynesian principle. Much academic debate on poverty and deprivation in India focuses on income-poverty. Current evidence suggests that income-poverty worsened in India between and Using data on consumer expenditure from recent rounds of the NSS, S.

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Gupta suggests that poverty and inequality have worsened in the s. The proportion of poor households declined from In absolute terms, there were mn persons living below the poverty line in By the number of poor had risen to mn. Look at what we are as a nation, million adults and still illiterate and substantial majority of them are females whose capabilities are the key to transforming society: 45 million children were out of Primary Schools in Nearly one third of children under 16 are forced into child labour.

With the globalising of the Indian economy there is a radical reorganisation of manufacturing activity. The manufacturing process is trans-nationalised fragmented and dispersed across country. It becomes extremely capital-intensive and constantly replaces labour. The thrust of contemporary capitalism is more on dead labour than on living labour, on transfer of new values rather than creation of values.

Similarly it is seen that it is not industrial but finance capital which dominates the economic scene. Speculation then becomes more important than manufacturing. The majority of the workforce - both men and women - are employed in the rapidly swelling unorganised sector.

Thomas Sankara, World Bank and CFA Franc: the tyranny of African debt | SOAS University of London

This sector is characterised by uncertain wages and job insecurity. With virtually no legal protection or unionisation, workers in this sector are vulnerable to exploitation. As the SAP unfolded, industries retrenched regular employees in favour of contract and casual workers. In order to reduce product prices to improve global competitiveness, companies shut down divisions and started sub-contracting work to casual workers.

The reforms also led to spiraling inflation Inflation The cumulated rise of prices as a whole e.