There are no easy paths for countries like El Salvador. This might be bad too, but at least its a different attempt.
1- https://www.cnbc.com/amp/2022/10/13/el-salvadors-bitcoin-hol...
Certainty, or at least a level of high confidence, is when businesses invest and consumers spend.
> From 1992 to 2005, foreign investment increased 316.9%, and India's gross domestic product (GDP) grew from $266 billion in 1991 to $2.3 trillion in 2018[6][7] According to one study, wages rose on the whole, as well as wages as the labor-to-capital relative share.[5]
> As an effect of the liberalisation in 1991, extreme poverty reduced from 36 percent in 1993-94 to 24.1 percent in 1999-2000.[8]
Too often despots and their cronies get countries into economic trouble, countries that have been taken advantaged by Western interests for hundreds of years.
When the country collapses, the IMF and World Bank subjugate the country to Western interests further often to the destruction of the environment and detriment to upward mobility of the population.
Using statistics like reduction of extreme poverty or wage growth when not taking into account other factors like inflation or mortality for example does not help when discussing the complex topic of the IMF and the World Bank and if these institutions are a net benefit to the impoverished.
Agreed.
> When the country collapses, the IMF and World Bank subjugate the country to Western interests further often to the destruction of the environment and detriment to upward mobility of the population.
Can you give me any concrete examples of IMF reforms making a country worse off economically?
> Using statistics like reduction of extreme poverty or wage growth when not taking into account other factors like inflation or mortality for example
Okay, mortality in India has fallen steadily from 1% in 1991 to 0.7% in 2020. And inflation doesn’t have a clear pattern but it’s never returned to its 1991 peak of 13.5%.
I’m not just cherry-picking stats here! India has actually gotten way way better in the last few decades, and the rate of improvement rose dramatically after the 1991 reforms!
It also makes sense that this would happen. Despot takes loan from IMF, spends it on random crap that doesn't benefit the citizens. Despot gets thrown out. IMF still wants its money back. Cue austerity, making the citizens pay for what the despot did.
Note: I'm not the GP commenter and I'm not trying to start an argument or denounce the IMF, if there's good reasons why these aren't good examples that's totally OK :)
"Here, have this big pile of money to pay for your more urgent and higher-interest-rate debts, and here are some policies for you to implement so you stop having inflation once and for all. But it's ok if you cook the books, or don't comply with the policies, you're a big economy anyways so we have to keep you going and not catastrophically fail anyways".
Alex Gladstein (Chief Strategist at Human Rights Foundation) has written and spoken about this and provides examples.
https://www.youtube.com/watch?v=DnHOxZgvdWM https://bitcoinmagazine.com/culture/imf-world-bank-repress-p...
The fact that this core infrastructure - law, higher education, political systems - hasn't changed that much since 1991 (the best colleges in 1991 are still the best colleges today, for instance) is proof that India's foundations were solid.
That can't be said for most countries.
Those fuckers purport to be helping when they are really doing a lot more harm than good.