this one is an oc
this post was submitted on 22 Oct 2023
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GenZedong
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The developing/underdeveloped countries have been made reliant on foreign investment trought colonialism and coups, making them have no choice but to agree to loan terms. These terms ironically strip away the same ways to develop that modern rich countries used to develop themselves, like high tariffs and infant industry protection.
By market logic the poorer countries then have to compete for investment by cutting wages and social programs. The rich countries can instead subsidise food production, enjoy safety nets and bail out their companies in economic downterms. This doesn't even touch the unequal exchange between the poor and the rich.
Stepping out of line is not an option. The IMF, World bank and WTO have made that clear
Liberals who supported these institutions all through the 90s and 2000s: "Yeah, well, we couldn't have known any of that bad stuff would happen, it's not like somebody wrote a book on it or anything."