It’s difficult to understand why our new government leaders are celebrating getting on to an International Monetary Fund (IMF) programme. It reminds me of the PF government’s celebrations over getting the Euro bonds. Can one really celebrate getting kaloba! Is that something to really celebrate? . . .
The deeper issues are usually traced to colonial economic interactions and the introduction of capitalism in developing countries. There were concerted efforts to build and maintain economic relations, in which the colonies were made into permanent producers of raw materials to satisfy the requirements of metropolitan countries. The established links between the producers and the colonial metropoles meant that colonies became dependent on other countries to purchase and dictate the prices of products. Colonies, as a result, were left without the infrastructure to process the raw materials and only purchased ready-made goods from the associated colonial power. The result was that colonies produced what they did not consume and consumed what they did not produce. . . .