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

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The New Colonial Office

The New Colonial Office Ernest Feder The World Bank: A Critical Analysis by Cheryl Payer; Monthly Review Press, New York, London, 1982. THE IMF, about which Cheryl Payer published her famous "The Debt Trap"1 and whose "austerity for the poor" prescriptions for rescuing sick economies have been amply commented world-wide, has been the object of widespread criticism for many years. But adverse comments about the World Bank, the IMF's sister agency, were almost unthinkable only a few years ago. Thus is strange. The economic and financial (pronounce: political) strategies imposed upon third world economies by the IMF are at a high level of implementation and it takes an all- around expert to grasp the full implications of these strategies on the countries which are its victims. In contrast, the activities of the World Bank, monopoly capital's biggest banker and permanent source of gigantic subsidies to transnational corporations, have a direct and immediate impact on the economies of the third world: on its producers, consumers and middlemen; on industrialists, businessmen, bureaucrats and working men, women and children. The loan funds generously granted by the Bank (since its inception in 1945, the Bank has 'invested'2 the neat sum of some 92 billion dollars in the 'development' of the third world) penetrate into all the nooks and corners of these economies

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