Austerity measures are part of a larger process of wealth - TopicsExpress

Austerity measures are part of a larger process of wealth extraction that begins when central banks saddle national governments with debt. The IMF and World Bank, for example, regularly provide loans to developing nations that contain provisions requiring those nations to restructure their economies in line with corporate interests. Referred to as “structural adjustment programs,” these neoliberal requirements often include reducing or eliminating labor and environmental protections, privatizing public utilities and other government services, and allowing foreign corporations to buy up a country’s assets.

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