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Quote by Noam Chomsky

“Under the rules of the Western-run international economy, investors make loans to third world tyrannies, and since the loans carry considerable risk, make high profits. Suppose the borrower defaults. In a capitalist economy, the lenders would incur the loss. But existing capitalism really functions quite differently. If the borrowers cannot pay the debts, then the IMF steps in to guarantee that lenders and investors are protected. The debt is transferred to the poor population of the debtor country, who never borrowed the money in the first place and gained little if anything from it. The method is called “structural adjustment.” And taxpayers in the rich country, who also gained nothing from the loans, sustain the IMF through their taxes. These doctrines do not derive from economic theory; they merely reflect the distribution of decision-making power.”

Quote by Noam Chomsky

Book:Hopes and Prospects
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Hopes and Prospects

This book delves into various aspects of societal, economic, and environmental trends, offering insights into the prospects of humanity's future. more

Author

Noam Chomsky
Noam Chomsky

Noam Chomsky, born on December 7, 1928, is a renowned linguist from the United States. His research in generative grammar and transformational grammar has had a profound impact on modern linguistics. Chomsky's academic achievements extend beyond linguistics, as he is also an active political commentator and philosopher, known for his unique perspective and profound insights. more

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