Western Development Finance Institutions: The Misuse of Aid to Ukraine Risks Serious Consequences

Western Development Finance Institutions: The Misuse of Aid to Ukraine Risks Serious Consequences

In May this year at a meeting in Japan, the G7 development finance institution (DFI) decided to create the Ukraine Investment Platform. At the heart of the idea is a good cause – to help rebuild Ukraine. If you look at it from the outside, there is no problem, the development banks, including the European…

Deconstructing Globalization, A Historical Perspective. Towards “The Privatization and Financialization of Everything”

Deconstructing Globalization, A Historical Perspective. Towards “The Privatization and Financialization of Everything”

The privatization and financialization of everything For centuries the ‘common land’ that was under shared ownership by the people worldwide for the welfare and sustenance of all. However, power hungry groups of early modern times instigated the destruction, and takeover, of the common land, in order to create a culture of dependence in which the…

Sudan’s Crisis and the Hidden Hands of the IMF

Sudan’s Crisis and the Hidden Hands of the IMF

As the people of Sudan continue to experience conflict and violence, the role played by international financial institutions is often ignored. Decades of IMF-imposed austerity policies and cuts on spending played a huge role in the deterioration of living conditions in the country Sudan is experiencing its fourth week of conflict between two military factions,…

The Rise of the Global South: Can BRICS Triumph Over the IMF and World Bank?

The Rise of the Global South: Can BRICS Triumph Over the IMF and World Bank?

Who would have expected that the BRICS nations could rise as the potential rival of the G7 countries, the World Bank and the IMF combined? But that once seemingly distant possibility now has real prospects which could change the political equilibrium of world politics. BRICS is an acronym for Brazil, Russia, India, China and South…

G7 vs BRICS — Off to the Races

G7 vs BRICS — Off to the Races

Last summer, the Group of 7 (G7), a self-anointed forum of nations that view themselves as the most influential economies in the world, gathered at Schloss Elmau, near Garmisch-Partenkirchen, Germany, to hold their annual meeting. Their focus was punishing Russia through additional sanctions, further arming of Ukraine and the containment of China. At the same…