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Contemporary Legacy of Colonial Wealth Extraction

The late1980s and the later years were faced by a considerable transfer of finance from the developing countries to the West in form of interest repayments which always amounted to the third of the government income in any given year. This siphoning of income from the indigent countries was massive than any extracted under previous colonial as well as neo-colonial arrangements. With the same breath, the International Monetary Fund as well as the World Bank had to enforce draconian measures referred to as as “structural adjustment”, which were structured to reduce each government’s financial needs.

The menace towards western banking system was avoided by a wide range of rescheduling accord and secret support to the susceptible banks. The governments of indigent countries were caught unaware without any choice to play along. They had for a long period discarded sense of responsibility for their people in exchange for reliance on the foreign creditors. In the process of this upheaval, which is the specific context for rocketing impoverishment in much of Asia, Africa, and Latin America, the thought of “development” was calmly abandoned.

International agencies currently have just one ambition, the live on of governments which has mission of supervising flaccid international money into the treasury of western banks and firms. Aids echelon have been much dwindled since the 1960s; certainly non-governmental organizations of a baffling numbers and diversity have stepped in to execute functions which neither the developing states nor their international patrons are planned to accept any more.

But the obscene relocation of wealth from the underprivileged to the rich, crediting debts indentured under purely dubious conditions shows how far the world has sunk from the high schemes generated by the downfall of tyranny and colonial territory in the mid-century. Reference Heron Barbara (2007): Desire for development: whiteness, gender, and the helping imperative, ISBN 1554580013, Wilfrid Laurier Univ. Press. .

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