Dark Victory - Walden Bello

A critique of why Third World poverty is so prevalent. Hunger and malnutrition stalk the countries of the South. Over the last twenty years, as the populations of these countries have increased, so too has mass poverty on a grotesque scale. In this critical study of Western aid giving, Bello offers a pursuasive argument that re-colonization of the Third World has been carried out through the agencies of the International Banks. Bello argues that "the Reagan Administration came to power with an agenda to discipline the Third World" and in pursuing this policy, the United States pushed the World Bank to shift its resources to "structural adjustment" lending. Such power, Bello asserts, was "used by the Reagan treasury Department to blast open Third World economies" and the consequence of such actions has resulted in lower barriers to reduction of social welfare spending, wage cuts and devaluation of local currencies. Recipients of any lending from the West have been forced to accept these policies, with disastrous consequences.