April 13, 2024

The worldwide motion towards free commerce and capitalism that burst into public consciousness on the 1999 protests towards the World Commerce Group coalesced round the concept that Western elites had ensnared Third World nations in a debt entice to coerce them into adopting neoliberal insurance policies. 

When poor nations could not afford to repay what they owed the World Financial institution and the Worldwide Financial Fund (IMF), these Washington-based organizations agreed to restructure the loans of debtor nations, if they might agree to maneuver within the route of privatization, deregulation, and free commerce—a coverage agenda pejoratively termed “shock remedy.”

Leftist leaders like Hugo Chávez claimed that this was half of a sample of elite subjugation of Latin America that stretched again to Christopher Columbus. He used it as proof to help Venezuela’s flip towards Cuba-style socialism.

Columbia College’s Joseph Stiglitz, a former chief economist on the World Financial institution and a Nobel Prize–profitable critic of free market capitalism, promoted the identical narrative. He blamed the Washington Consensus for pushing insurance policies he deemed too radical and wrongheaded to ever get by way of within the U.S.

In contrast to Stiglitz, Alex Gladstein identifies as a classical liberal. The Human Rights Basis, the place he works as chief technique officer, condemns socialist dictators like Chávez for his or her crimes towards humanity. 

But in his latest guide Hidden Repression: How the IMF and World Financial institution Promote Exploitation as Improvement, Gladstein argues that the story instructed by the unconventional left about these two organizations is essentially right. 

His work over the previous few years has centered on “financial colonialism,” during which the U.S. and European nations use their management of world foreign money to override the sovereignty of poor nations in Latin America and Africa. The repair, he says, is for the world to transition to bitcoin, a type of freedom cash that no nation or company can manipulate or management.

Cause sat down with Gladstein on the Miami Bitcoin Convention in Could to speak about his new guide.

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