By fatima and Will
Just as in the US, where capitalists have been straining their eyes looking for green shoots in the stock market, while ignoring the deepening recession among ordinary people, economists consider the relatively stable GDPs of countries like China and India as a sign that people in those countries are not as affected by the economic crisis. They even go so far as to say that working people in the third world have “safety nets” to fall back on during hard times.
As the article below from New Left Review points out, the IMF and co. promote the informal sector as a way to be self reliant until the economy improves. If true, that would be nice, since these same people contributed to rolling back any job security and collective bargaining rights that workers had fought for. Or they say that returning to the rural farm that people had originally migrated from will serve as a temporary solution. The article asks the obvious question, “Why did they leave in the first place?” Continue reading Economic Crisis in the Third World