A Game as Old as Empire: The Secret World of Economic Hit Men and the Web of Global Corruption by Steven Hiatt; John Perkins

Author:Steven Hiatt; John Perkins [Unknown]
Language: eng
Format: epub
Tags: Globalization - Social Aspects, Political Corruption, Corrupt Practices, International Business Enterprises, Dependency, Globalization, International Business Enterprises - Corrupt Practices
ISBN: 9781576753958
Publisher: Berrett-Koehler Publishers
Published: 2006-01-01T23:00:00+00:00

8 The World Bank has pushed debt-led economic development, and hundreds

of billions of dollars in Bank loans were supposed to bring progress to the

developing world. Where did the money go?

The World Bank and the $100 Billion Question

Steve Berkman

Fostering a culture of lending without regard for results, the management of the World Bank has built a wall of misinformation around its lending operations, creating the illusion that all is well in the world of development. They have created the myth that they are at the “cutting edge” of development, while they hide the appalling number of failures within the Bank’s portfolio—failures that enrich the governing elites of the Third World, while creating mountains of debt that cannot be repaid. Singing their own praises, they lead the Bank ever farther from its primary mission, ignoring their professional and fiduciary obligations as they advance their individual careers, while the people they have promised to help continue to live in poverty.

What Happened to the $100 Billion?

The International Bank for Reconstruction and Development (IBRD):

Cumulative Lending: $394 billion

The International Development Association (IDA):

Cumulative lending: $151 billion

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