Thursday, March 5, 2009

A New Ethical World Economy with an OLD World Bank and IMF?
NYTimes Editorial
The Crisis at Home and Abroad
Published: March 4, 2009
New York Times copyright
My Comment #79.
March 05, 2009 11:55 am

Capital-focused/capital intensive development, as emphasized by both The World Bank and the IMF, has definite longterm drawbacks. Both these entities have produced debtor nation-states. This is particularly so in the so-called 'developing' world (these areas, now liberated sovereign nation-states were deliberately UNDERDEVELOPED and exploited in the recent colonial and now ongoing neo-imperial period).
The capital mainly flows from external elites to internal elites, following a failed trickle down ideology.
As we have seen, growth and development are not the same thing. The world's interlocked economies cannot support unfettered market-driven GROWTH and endless consumption, but they can collectively support equitable DEVELOPMENT, driven by polices and practices of social justice, conservation, resource-sharing and other pro-poor, pro-people initiatives, demilitarization included.
This alternate innovative approach is not idly utopian -- social justice delivers economic benefits. So far, the US, the World Bank and the IMF, and the internal elites of developing civil socities have failed to make that crucial connection.

Chithra KarunaKaran
Ethical Democracy As Lived Practice