IMF/World Bank Hindering Africa’s Evolution
These UWS Social Sciences students explored that, following WWII, the allied nations came to an agreement at the Breton Woods conference, USA to produce organisations that could rebuild Europe's economy and stabilise failing economies in the future. Some years later, the World Bank and IMF (International Monetary Fund) then started offering conditional loans to under-developed countries and implementing policies that gave western corporations access to their raw materials and markets. The loan conditions came with Structural Adjustment Programmes that required already struggling governments to dramatically cut public spending. This resulted in cuts to subsidies for food, education and medical care.
This student group presented that these SAP’s and loan conditions had caused major challenges in numerous countries, including Greece and Iraq, but that the hardest hit continent was Africa. Examining a variety of micro and macro-economic factors, and with particular case-study focus on Ghana, the Ivory Coast and Zimbabwe, these students investigated whether the IMF and World Bank are helping to evolve the continent.
Students: Sean Myerscough, Manmeet Kaur, James Lambie, Jamie McLaughlan