10
     
    
   
   
    
     
      Ideas
     
    
   
   
    
     
      The
      Cadre
      +
      2February
      1999
     
    
   
   
    
     
       
     
    
   
   
    
     
      International
      development
      increasingly
     
     
      undermined
      by
      wealthy
      investors
     
    
   
   
    
     
      *Continued
      from
      page
      11
     
    
   
   
    
     
      back
      the
      money
      which
      they
      had
     
     
      loaned
      to
      the
      private
      sectors
      in
     
     
      these
      countries.
      At
      the
      same
     
     
      time,
      the
      IMF’s
      conditions
      for
     
     
      these
      bailout
      loans
      included
      a
     
     
      series
      of
      harsh
      measures,
      from
     
     
      raising
      interest
      rates,
      which
      has
     
     
      severely
      contracted
      the
      coun-
     
     
      tries’
      economies,
      to
      cutting
      sub-
     
     
      sidies
      for
      basic
      foods.
     
    
   
   
    
     
      The
      end
      result
      of
      both
     
     
      the
      shock
      of
      capital
      outflows
     
     
      and
      the
      IMF
      programs
      is
      a
     
     
      massive
      increase
      in
      unem-
     
     
      ployment
      and
      poverty.
      Real
     
     
      wages
      in
      Indonesia
      have
      been
     
     
      cut
      in
      half
      and
      the
      number
      of
     
     
      people
      living
      below
      the
      pov-
     
     
      erty
      line
      has
      increased
      from
     
     
      22.5
      million
      to
      118.5
      million,
     
    
   
   
    
     
      comprising
      61
      per
      cent
      of
      the
     
     
      population.
      People
      are
      dying
     
     
      because
      of
      cutbacks
      to
      health
     
     
      care.
     
    

    
     
      But
      while
      the
      poor
      suf-
     
     
      fer,
      those
      who
      preach
      the
      vir-
     
     
      tues
      of
      free
      market
      globaliza-
     
     
      tion,
      such
      as
      Wall
      Street
      in-
     
     
      vestment
      bankers,
      are
      bailed
     
     
      out,
      thanks
      to
      the
      IMF
      use
      of
     
    
   
   
    
     
      our
      taxpayers’
      dollars.
      Per-
     
     
      versely,
      this
      looks
      like
      social-
     
     
      ism
      for
      the
      rich
      and
      capitalism
     
     
      for
      the
      poor.
     
    

    
     
      Fortunately,
      the
      forces
     
     
      of
      globalization
      are
      under
      siege
     
     
      both
      from
      without
      and
      within.
     
     
      Despite
      what
      economist
      Paul
     
     
      Krugman
      refers
      to
      as
      a
      “gag
     
     
      rule”
      on
      anyone
      associated
      with
     
    
   
   
    
     
      the
      current
      strategy
      (bankers,
     
     
      economists,
      major
      institutional
     
     
      investors)
      discussing
      alterna
     
     
      tives,
      increasing
      numbers
      ar
     
     
      calling
      for
      controls
      on
      capital
     
     
      flows.
     
     
      Meanwhile,
      commu-
     
     
      nity-based
      organizations,
     
    
   
   
    
     
      ¢Continued
      on
      page
      13
     
    
   
   
    
     
       
     
    
   
   
    
     
      Spend.
     
    
   
   
    
     
       
     
    
   
   
    
     
       
     
    
   
   
    
     
      I
      baka!
     
    
   
   
    
     
       
     
     
       
     
    
   
   
    
     
      International
      Business
     
    
   
   
    
     
       
     
    
   
   
    
     
        
     
    
   
   
    
     
      ina
      15th
     
    
   
   
    
     
       
     
     
       
     
     
        
     
    
   
   
    
     
      students
      and
      scholars
      studying
      and
      working
     
    
   
   
    
     
       
       
     
    
   
   
    
     
        
       
     
    
   
   
    
     
      i.
      International
      Law
      —
      =
     
    

    
     
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      towards
      common
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