| Preface to the Second Edition |
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xxi | |
| Introduction |
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1 | |
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The Post Cold War Recession |
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1 | |
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Demise of the "Asian Tigers" |
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2 | |
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Poverty and Economic Dislocation in the West |
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3 | |
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A Thriving Criminal Economy |
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4 | |
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Wall Street Bankers behind the Scenes |
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5 | |
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5 | |
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Accumulation of Wealth, Distortion of Production |
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7 | |
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Overproduction: Increased Supply, Reduced Demand |
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8 | |
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Global Integration, Local Disintegration |
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8 | |
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Destroying the Local Economy |
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9 | |
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10 | |
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Disarming the New World Order |
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11 | |
| PART I GLOBAL POVERTY AND MACRO-ECONOMIC REFORM |
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Chapter 1 The Globalization of Poverty |
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17 | |
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17 | |
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Social Polarization and the Concentration of Wealth |
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18 | |
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18 | |
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Economic Genocide Destroying the National Economy |
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20 | |
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The Dollarization of Prices |
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20 | |
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The "Thirdworldization" of the Former Eastern Bloc |
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21 | |
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The Role of Global Institutions |
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22 | |
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Entrenched Rights for Banks and Multinational Corporations |
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22 | |
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Chapter 2 Global Falsehoods |
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27 | |
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Manipulating the Figures on Global Poverty |
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28 | |
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Defining Poverty at "a Dollar a Day" |
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29 | |
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The United Nations' Poverty Figures |
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29 | |
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Double Standards in the "Scientific" Measurement of Poverty |
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30 | |
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Concealing Country-level Realities |
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32 | |
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Chapter 3 Policing Countries Through Loan "Conditionalities" |
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35 | |
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35 | |
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A Marshall Plan for the Rich Countries |
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42 | |
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42 | |
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43 | |
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44 | |
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The Policy Framework Paper |
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45 | |
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The IFIs' Lending Facilities |
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47 | |
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International Monetary Fund |
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47 | |
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47 | |
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Phase One: "Economic Stabilization" |
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47 | |
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Destroying A Nation's Currency |
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47 | |
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The Social Consequences of Devaluation |
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48 | |
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The "Dollarization" of Domestic Prices |
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49 | |
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The Deindexation of Wages |
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49 | |
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Analyzing the Impact of Devaluation |
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49 | |
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Taking Control of the Central Bank |
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50 | |
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Destabilizing a Nation's Public Finances |
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51 | |
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The Budget Deficit: A Moving Target |
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51 | |
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Engineering the Collapse of State Investment |
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52 | |
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52 | |
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The Pricing of Petroleum Products and Public Utilities |
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53 | |
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Phase Two: "Structural Reform" |
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54 | |
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54 | |
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Divestiture and Privatization of State Enterprises |
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55 | |
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55 | |
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Land Tenure and the Privatization of Agricultural Land |
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55 | |
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Deregulation of the Banking System |
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56 | |
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Liberalizing Capital Movements |
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57 | |
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Recycling Dirty Money towards Debt Servicing |
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57 | |
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"Poverty Alleviation" and the "Social Safety Net" |
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58 | |
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"Good Governance": Promoting Bogus Parliamentary Institutions |
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58 | |
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The Consequences of Structural Adjustment |
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59 | |
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The IMF Tacitly Acknowledges Policy Failure |
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60 | |
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The Counterfactual Argument |
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60 | |
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The Social Impact of Macro-economic Reform |
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61 | |
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The Restructuring of the Health Sector |
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62 | |
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The Resurgence of Communicable Diseases |
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62 | |
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Chapter 4 The World Bank and Women's Rights |
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65 | |
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The World Bank's Gender Perspective |
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65 | |
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Derogating Women's Educational Rights |
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66 | |
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67 | |
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67 | |
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Chapter 5 The Global Cheap-Labor Economy |
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69 | |
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69 | |
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Macro-economic Reform Supports the Relocation of Industry |
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70 | |
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Industrial Export Promotion |
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71 | |
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71 | |
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"Decomposition" of National Economies |
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72 | |
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73 | |
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74 | |
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Plant Closures and Industrial Delocation in the Developed Countries |
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74 | |
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The Worldwide Compression of Consumer Spending |
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75 | |
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Relocation within Trading Blocs |
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76 | |
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The Dynamic Development of Luxury Consumption |
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77 | |
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78 | |
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The Globalization of Manufacturing |
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79 | |
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Import-led Growth in the Rich Countries |
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79 | |
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The Appropriation of Surplus by non-Producers |
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80 | |
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An Example: the Garment Industry |
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81 | |
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Wages and Labor Costs in the Developed Countries |
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82 | |
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Mobile and Immobile Sectors |
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90 | |
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90 | |
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The Sectors of non-Material Production |
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90 | |
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The Impact of the Scientific Revolution |
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91 | |
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The Delocation of the Services Economy |
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91 | |
| PART II SUB-SAHARAN AFRICA |
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Chapter 6 Somalia: the Real Causes of Famine |
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95 | |
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The IMF Intervention in the Early 1980's |
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95 | |
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Towards the Destruction of Food Agriculture |
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96 | |
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Collapse of the Livestock Economy |
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96 | |
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97 | |
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Famine Formation in sub-Saharan Africa: The Lessons of Somalia |
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99 | |
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100 | |
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Chapter 7 Economic Genocide in Rwanda |
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103 | |
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Part A The IMF and the World Bank set the Stage |
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103 | |
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The Legacy of Colonialism |
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104 | |
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The Economy since Independence |
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106 | |
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The Fragility of the State |
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107 | |
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The IMF-World Bank Intervention |
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107 | |
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Part B Installing a US Protectorate in Central Africa |
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111 | |
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112 | |
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Militarization and the Ugandan External Debt |
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112 | |
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Financing both Sides in the Civil War |
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113 | |
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115 | |
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In the Wake of the Civil War: Reinstating the IMF's Deadly Economic Reforms |
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115 | |
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Post War "Reconstruction and Reconciliation" |
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116 | |
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117 | |
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American Mining Interests |
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118 | |
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118 | |
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Chapter 8 "Exporting Apartheid" to sub-Saharan Africa |
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125 | |
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The Expropriation of Peasant Lands |
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126 | |
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Derogating Customary Land Rights |
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128 | |
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Afrikaner Farms in Mozambique |
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128 | |
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Creating "Rural Townships" |
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130 | |
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Foreign Aid Supports the Establishments of White Farms |
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131 | |
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132 | |
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Carving up the National Territory |
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133 | |
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Chapter 9 Wreaking Ethiopia's Peasant Economy, Destroying Biodiversity |
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137 | |
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137 | |
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The Promise of the "Free Market" |
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138 | |
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Wrecking the Peasant Economy |
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139 | |
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Laundering America's GM Grain Surpluses |
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141 | |
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142 | |
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143 | |
| PART III SOUTH AND SOUTHEAST ASIA |
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Chapter 10 India: The IMF's "Indirect Rule" |
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149 | |
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149 | |
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Crushing the Rural and Urban Poor |
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151 | |
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"Eliminating the Poor" through Starvation Deaths |
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152 | |
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The IMF Supports Caste Exploitation |
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154 | |
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Poverty Supports Exports to the Rich Countries |
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154 | |
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Towards Political Collapse |
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155 | |
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155 | |
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Chapter 11 Bangladesh: Under the Tutelage of the "Aid" Consortium |
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159 | |
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159 | |
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The Establishment of a Parallel Government |
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160 | |
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Establishing a Bogus Democracy |
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160 | |
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Supervising the Allocation of State Funds |
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161 | |
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Undermining the Rural Economy |
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161 | |
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Dumping US Grain Surpluses |
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162 | |
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Undermining Food Self-Sufficiency |
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163 | |
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The Fate of Local Industry |
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163 | |
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The Recycling of Aid Money |
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164 | |
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"The Social Dimensions of Adjustment" |
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164 | |
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Chapter 12 The Post-War Economic Destruction of Vietnam |
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167 | |
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Rewriting the History of the War |
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168 | |
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169 | |
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Reimbursing the "Bad Debts" of the Saigon Regime |
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170 | |
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Destroying the National Economy |
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171 | |
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Excluding Domestic Producers from their Own Market |
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173 | |
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Thwarting the Channels of Internal Trade |
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173 | |
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The Disintegration of the State's Public Finances |
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174 | |
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Collapse of State Capital Formation |
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175 | |
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Reintegrating the Japanese Empire |
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176 | |
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177 | |
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179 | |
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Into the Net of International Agri-business |
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180 | |
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Vietnam as a Major Exporter of Rice |
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180 | |
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The Concentration of Land |
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181 | |
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The Destruction of Education |
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183 | |
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Collapse of the Health System |
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185 | |
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The Resurgence of Infectious Diseases |
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186 | |
| PART IV LATIN AMERICA |
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Chapter 13 Debt and "Democracy" in Brazil |
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191 | |
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Brazil's Debt Saga: Act I: Plan Collor |
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193 | |
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Act II: Conforming to "The Washington Consensus" |
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194 | |
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Act III: In the Aftermath of Collor's Impeachment |
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196 | |
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Act IV: A Marxist Sociologist as Finance Minister |
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197 | |
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Act V: Rescheduling the Commercial Debt |
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198 | |
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Act VI, Epilogue: The Management of Poverty at Minimal Cost to the Creditors |
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200 | |
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Consolidating a Parallel Government |
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203 | |
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Chapter 14 IMF Shock Treatment in Peru |
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207 | |
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208 | |
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The APRA's Non Orthodox Economic Policy (1985-87) |
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211 | |
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The APRA's Debt-Negotiating Strategy |
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212 | |
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The Economic Program Enters a Deadlock |
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213 | |
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De Facto "Shock Treatment" (1988-90) |
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214 | |
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Failure of the APRA's Non-orthodox Economic Package |
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215 | |
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The Restoration of IMF Rule |
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215 | |
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The August 1990 IMF-Fujishock |
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216 | |
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The IMF-World Bank Tutelage |
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218 | |
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The Granting of Fictitious Money |
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219 | |
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219 | |
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The Collapse of the State |
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220 | |
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The Plight of the Rural Economy |
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221 | |
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The Concentration of Land |
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221 | |
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The Illegal Narco-economy |
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222 | |
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The Anti-Drug Agreement with Washington |
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223 | |
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US Military and Security Objectives |
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225 | |
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Chapter 15 Debt and the Illegal Drug Economy: The Case of Bolivia |
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229 | |
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Bolivia's New Economic Policy |
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229 | |
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Economic and Social Impact |
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230 | |
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Programmed Economic Stagnation |
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231 | |
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The Impact on the Rural Economy |
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231 | |
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The Laundering of Dirty Money |
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232 | |
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"Eradication" of Coca Production |
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231 | |
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231 | |
| PART V THE FORMER SOVIET UNION AND THE BALKANS |
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Chapter 16 The "Thirdworldization" of the Russian Federation |
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239 | |
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Macro-Economic Reform in the Russian Federation |
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239 | |
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Phase I: The January 1992 Shock Treatment |
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239 | |
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The Legacy of Perestroika |
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241 | |
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Developing a Bazaar Bourgeoisie |
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242 | |
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Distorting Social Relations |
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242 | |
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Pillage of the Russian Economy |
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243 | |
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Undermining Russian Capitalism |
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243 | |
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Acquiring State Property "at a Good Price" |
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244 | |
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Weakening Russia's High-Tech Economy |
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245 | |
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Inking Over Russia's Banking System |
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246 | |
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Undermining the Ruble Zone |
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247 | |
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Phase II: The IMF Reforms Enter an Impasse |
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247 | |
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Abolishing the Parliament in the Name of "Governance" |
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248 | |
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"Western Aid" to Boris Yeltsin |
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250 | |
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Into the Strait-Jacket of Debt-Servicing |
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251 | |
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The Collapse of Civil Society |
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251 | |
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Chapter 17 Dismantling Former Yugoslavia, Recolonizing Bosnia-Herzegovina |
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257 | |
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258 | |
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259 | |
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Mr. Markovic goes to Washington |
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261 | |
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Crushed by the Invisible Hand |
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262 | |
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Overhauling the Legal Framework |
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262 | |
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263 | |
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"Shedding Surplus Workers" |
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264 | |
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The Political Economy of Disintegration |
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265 | |
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266 | |
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Post War Reconstruction and the "Free Market" |
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267 | |
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Reconstruction Colonial Style |
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269 | |
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270 | |
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Taking over Kosovo's Mineral Wealth |
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272 | |
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The Installation of a Mafia State |
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273 | |
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Neoliberalism, the Only Possible World? |
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273 | |
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Chapter 18 Albania's IMF Sponsored Financial Disaster |
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279 | |
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Historical Background of the Crisis |
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279 | |
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The IMF-World Bank Sponsored Reforms |
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280 | |
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An "Economic Success Story" |
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281 | |
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282 | |
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283 | |
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The Scramble for State Property |
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286 | |
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Selling Off Strategic Industries |
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286 | |
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Foreign Control over Infrastructure |
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287 | |
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287 | |
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288 | |
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290 | |
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The Outbreak of Endemic Diseases |
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291 | |
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Criminalization of the State |
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291 | |
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"Guns and Ammo for Greater Albania" |
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292 | |
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Organized Crime Invests in Legal Business |
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293 | |
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Recycling Dirty Money Towards Western Creditors |
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294 | |
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What Prospects under the Socialists? |
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295 | |
| PART VI THE NEW WORLD ORDER |
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Chapter 19 Structural Adjustment in the Developed Countries |
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301 | |
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Dismantling the Welfare State |
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301 | |
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The Conversion of Private Debts |
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302 | |
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Towards a Narrowing of the Tax Base |
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303 | |
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Under the Political Trusteeship of Finance Capital |
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304 | |
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The Illusory "Independence" of the Central Bank |
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304 | |
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305 | |
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Chapter 20 Global Financial Meltdown |
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309 | |
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The 1987 Wall Street Crash |
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309 | |
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The Institutional Speculator |
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310 | |
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The 1997 Financial Meltdown |
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311 | |
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314 | |
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314 | |
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The 1998 Stock Market Meltdown |
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315 | |
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315 | |
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316 | |
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Financial Deregulation at a Global Level |
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317 | |
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Chapter 21 Economic Warfare |
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321 | |
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Manipulating the "Free Market" |
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321 | |
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The Demise of Central Banking |
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322 | |
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Creditors and Speculators |
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323 | |
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Who Funds the IMF Bailouts? |
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324 | |
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325 | |
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Deregulating Capital Movements |
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326 | |
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Speculators Call the Shots on Crisis Management |
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326 | |
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The Concentration of Wealth |
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327 | |
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Chapter 22 The Recolonization of Korea |
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331 | |
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The IMF Mission Arrives in Seoul |
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331 | |
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Shuttling back to Washington |
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333 | |
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"Arm Twisting" in the wake of the Presidential Race |
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334 | |
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Enforcing "Enabling Legislation" though Financial Blackmail |
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334 | |
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Wall Street Bankers meet on Christmas Eve. |
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337 | |
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No Capital Inflows under the Bailout |
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337 | |
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The Macro-Economic Agenda |
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337 | |
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338 | |
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Wall Street on a Shopping Spree |
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339 | |
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Taking over Korea's Commercial Banks |
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340 | |
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California and Texas Tycoons to the Rescue |
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340 | |
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US and German Capitalists share the Spoils |
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342 | |
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Instating a System of Direct Colonial Rule |
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343 | |
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Reunification and the "Free Market" |
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343 | |
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344 | |
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Chapter 23 The Brazilian Financial Scam |
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|
347 | |
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348 | |
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Background of the IMF Agreement |
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|
348 | |
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349 | |
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"A Marshall Plan for Creditors and Speculators" |
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|
350 | |
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Wall Street in Charge of Brazil's Central Bank |
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|
351 | |
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"Dollarization" of Latin America |
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351 | |
| SELECTED BIBLIOGRAPHY |
|
355 | |
| INDEX |
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369 | |
