South Africa Meets the World Bank, IMF and International Finance
This book is a wide-ranging, lucid and powerfully argued analysis and critique of neo-liberal economics as formulated and imposed by the World Bank and IMF on developing countries generally, and Africa and South Africa specifically. It shows the extraordinary economic and human damage these policies have wrought over the past decade and more, and how they have displaced the originally radical and pro-people orientation of the African National Congress when it came to power.
• Part One: Powers and vulnerabilities• Global crisis, African oppression• Southern African socio-economic conflict• Bretton Woods bankruptcies in southern Africa• Foreign aid, development and underdevelopment• Part Two: Elite contestation of global governance• The global balance of forces• Ideology and global governance• Pretoria’s global governance strategy• Part Three: Economic power and the case of HIV/Aids treatment• Pharmaceutical corporations and US imperialism• Civil society conquest, state failure• Part Four: Globalisation or internationalism plus the nation state?• The ‘fixit- or-nix-it’ debate• The Third World in the movement for global justice• The case for locking capital down
Patrick Bond shows how the leadership washed its hands of this political legacy and signed up to Washington-approved policies that have cost the South African people a million jobs, stymied their hopes of sustainable access to housing, water, electricity, health and education, dramatically worsened income inequality, and opened up a dangerous gulf of disillusion between voters and government. The author tracks the debates around these issues. He shows how South African civil society has resisted corporate-dominated globalisation in its fight against not only international financial institutions but also the big pharmaceutical corporations over access to HIV/Aids drugs. And he argues that there is another way to more socially just and economically rapid development – namely via deglobalisation which would entail cutting loose from dependence on global institutions and foreign capital, and locking financial resources down in order to put them to work productively within national boundaries.“An excellent contribution to a small but growing list of publications that seek to redraw the focus of South Africa’s transition to non-racial democracy, away from the nature of the political negotiations to the political economy of the process.” Stephen Hurt, International Affairs