Capitalism, the big winner

The International Monetary Fund (IMF), the international organization of the United Nations system that assists in developing the world economy and were responsible for many of the countries in the 70's and 80's breakdown because of their extortionate interest rates, is back on business. If they were kind of out of fashion in the recent years, itr seems that they will have their revival now.

World Bank

The World Bank is not a “bank” in the common sense. It is another one of the United Nations’ specialized agencies, aka International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA). Together these organizations provide high-interest loans, and grants to developing countries - at their coast, of course!

Both institutions - World Bank and IMF - are known collectively as the Bretton Woods Institutions after the remote village in New Hampshire, U.S.A., where they were founded in July 1944. The World Bank and the IMF are twin intergovernmental pillars responsible for the vast majority of the money borrowed by developing and developed countries. To the international community and to the rest of the world, the niceties of the division of labor are even more mysterious than are the activities of the two institutions... apart from exploiting poor countries.