the crisis of imperialism:
Things reached a crisis in the mid 1980s when, to stave off the prospect of a world depression due to the bad debts incurred by Third World countries, the IMF and WB stepped in and took over responsibility for those debts from the big private banks like Barclays, Credit Lyons, Chase Manhattan, etc., which were threatened with collapse. It was a move which put the IMF and WB into an unassailable position of power which they have never relinquished since.
(...) These austerity programs pave the way for transnational corporations, always looking to reduce costs and access cheap sources of raw materials, to come in and set up their manufacturing operations, driving people, including children in many cases, from the land into factories, where they are forced to labour long hours under horrendous conditions for starvation wages. This serves two purposes: it destroys the agro-economies of the Third World, which are now required to import their food from the First World, and ensures the outward flow of wealth to First World transnational corporations and their international investors.
(...) The case of Nigeria is typical. Today, life expectancy in this oil-rich, aid-dependent nation is 47 years for males and 52 years for females. Of a population of 120 million, 89 million people live on less than a dollar a day, this despite the fact that the Niger Delta region contains large deposits of oil. One IMF loan of $12 billion has become a continuous unpaid debt of $27 billion.
(...) Six million children under the age of 5 die each year in the Third World as a whole due to hunger and preventable disease.