ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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India under IMF Rule

Indirect rule in India has a long history: the Rajputs and princely states had a fair degree of autonomy in relation to the British colonial government. In contrast under the IMF-World Bank tutelage, the union minister of finance reports directly to 1818 H Street NW, Washington, DC, bypassing the parliament and the democratic process.

Under the Tutelage of IMF-The Case of Peru

Under the Tutelage of IMF The Case of Peru Michel Chossudovsky The IMF-sponsored macro-economic stabilisation programme in Peru initiated in August 1990 stands out, in terms of its social impact, as the most severe form of 'economic engineering' applied in latin America, Sub-Saharan Africa or Eastern Europe since the 1981-82 world economic recession. The programme was based on the standard IMF 'menu' of macro-economic stabilisation followed by the implementation of economic reforms consisting of liberalisation of trade, privatisation of agricultural land, liberalisation of the banking system, privatisation of stale enterprises, etc. The G-7 and the international financial community have, however, judged the programme as a 'successful' landmark in debt management and macro-economic adjustment. What lessons does the Peruvian case provide for India?

Global Poverty and New World Economic Order

Order Michel Chossudovsky The IMF-sponsored macro-economic stabilisation and 'structural adjustment' programme constitutes a powerful instrument of economic restructuring which bears a direct relationship to the process of global impoverishment which has characterised the 1980s. The application of the IMF's economic medicine has led to the compression of real earnings and the reinforcement of the cheap labour export economy: the same menu of budgetary austerity, trade liberalisation and privatisation is being applied simultaneously in more than 70 indebted countries in the third world and eastern Europe. Debtor nations forego economic sovereignty and control over fiscal and monetary policy, the central bank and the ministry of finance are reorganised, state institutions are undone and an economic tutelage is installed. A parallel government which bypasses civil societe is established by the international financial institutions. Countries which do not conform to the IMF's performance targets are blacklisted.

CHINA-Changing Consumption Patterns

of goods and this would help men and women. She did not see the need for women to be in the executive council and have a voice themselves.
A historical paper described women's struggle for equality in Serbia in the period 1867 to 1914. It quoted from debates in the legislature of those days, women asking for voting rights and the male-dominated legislature laughing at the demand.

HONG KONG-China s Manpower Exports

January 16, 1982 HONG KONG China's Manpower Exports Michel Chossudovsky THE reintegration of the Chinese economy into the capitalist international division of labour is characterised by the rapid development of cheap labour export processing industries. The average industrial wage rate in China is equivalent (at the official exchange rate) to slightly more than one dollar a day (34 US $ a month). In the words of economist Xue Muquiao, in relation to China's foreign trade: "Our strong points are an ample supply of labour power, a low cost of living and rich natural resources..." (interview, Beijing Review, September China's new approach to foreign

HONG KONG- Bidding for China s Off-Shore Oil

The response of the black community to this new attack from the State has been an increasingly strong and broad-based defence campaign. The trials will be a focus of activity not HONG KONG only for black groups but for the British left generally. September and October will see a series of public meetings, pickets and demonstrations in Britain and internationally.

Capital Accumulation in Chile and Latin America

Capital Accumulation in Chile and Latin America Michel Chossudovsky Keynesian theorists would presumably analyse the Chilean recession in terms of a "drastic decline in aggregate demand". While Keynesian economics contains a theory of underconsumption, the relationship between underconsumption, income disirihution and class structure is absent. In this paper we intend to focus on this triangular relationship and more specifically on the contradiction between underconsumption and realisation of economic surplus.

Legitimised Violence and Economic Policy in Argentina

Legitimised Violence and Economic Policy in Argentina Michel Chossudovsky WHILE Pinochet's government aroused international indignation and condemnation, the Argentinian Military Junta has been able to implement


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