Term Paper: Curative Remedy to the Problem of Poverty
Curative Remedy to the Problem of Poverty
In search for a curative remedy to the problem of poverty, in the last two decades the IMF and the World Bank prescribed some medicine for the troubled third world economies:
- Governments were advised to reduce the money supply through increased internal interest rates as long as they managed to stabilize the value of the local currencies (Monetary austerity)
- The World Bank urged governments to increase their tax collections and reduce government expenditure (Fiscal austerity).
- Similarly, the governments were urged to lay off their stake in public enterprises to the private sector (Privatization).
- Most importantly, governments were encouraged to remove regulation and restrictions on external investors (Financial Liberalization) to allow inflow and outflow of capital.
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