5min chapter

Coin Stories with Natalie Brunell cover image

Alex Gladstein: How Poor Countries Prop Up Rich Countries

Coin Stories with Natalie Brunell

CHAPTER

The World Bank and the IMF Prefer Dictators, Right?

The World Bank and IMF prefer dictators. They prefer to work with unaccountable rulers, says Julian Zelizer. In the last 60 years, poor countries have had to agree to a restructure or re-engineer its economy in order to get bailout money. But what's ended up happening is that like the local population goes from being able to feed themselves - but not self sufficient - to having to buy everything on the market for less than $1 per bushel. The number of hours you need to work to get 1000 calories of rice or meat would go way up over a decade if they didn't change their economic policies.

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