The Effectsofthe Second World Waronthe World Economy
9800 words 4 pages
... the South have been confronted with higher barriers and, low prices of goods, which attack the poor producers and increase unemployment. In addition, they do not really own the technology accompanied by the trade and, in contrast natural resources and cheap labour have been extracted in production. In terms of privatization of utility, the situation of poor people may not get better, because, firstly, the SOEs with poor performance have always been sold with several concessions, including raising prices later secondly, the foreign companies care more about profit maximization than improving conditions of the poor, and, thus, as the historical evidence tells us, the distributional effect of privatization is small raising prices, selecting consumers and rising unemployment. Finally, in the process of building hegemony, the Bank would meet more critics, as it is shown in some countries that the effect on poverty reduction is not ideal. The Bank really should be careful in case its new strategy becomes another version of the SAPs. According to the World Development Report 2000 2001, the inflation rates decreased from 15 percent to 7 percent in the period from the early 1980s to 1997, and the black market premium on foreign exchange dropped from 25 percent to 5 percent from the mid-1980s to late 1990s (WDR 2001, 9). For instance, in Mexico demonstrations and hunger riots occurred, and in Algeria people began to support the Islamists - who claimed to overturn the government by military action after seeing the difficult economy and a high level of unemployment (Willett 1999, 22). The ten core reforms of the Washington Consensus include - Fiscal discipline, reordering public expenditure priorities, tax reform, liberalizing interest rates, a competitive exchange rate, trade liberalization, liberalization of inward foreign direct investment, privatization, deregulation and property rights (Williamson 2009, 3-4).
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