this post was submitted on 28 Jan 2025
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Belt and roads is China's attempt to do exactly what we've been doing with the global south, invest for influence and put them on a debt treadmill. Build infrastructure, pressure them to take on more debt with new projects, say it's time for austerity, open up more foreign investments, use pressure to buy up raw resources, etc
It's worth mentioning Coca-Cola... You can get American products everywhere, opening them up as a new market isn't a different strategy, it's part of the process
Is there actual evidence of these debt traps, or is that just an assumed motivation? Again, China's financial Capital is largely held by the State, not private entities. Big difference in motivation compared to, say, US finance Capital, which is largely Private. Furthermore, Coke largely produces in the Global South, China produces in its own country.
Yes, the World Bank and the IMF. I've even seen it personally, which is what led me to dig down the rabbit hole - I got interviewed by a world Bank employee to explain why I was installing a system for an airport, and they kept trying to guide me to explain why it was helpful...I couldn't, because it was only useful if the Internet is down, and if that happens it's probably not useful because the system had to be taken down if there's bad weather, and the airport regularly flooded during storms anyways
They were constant protests and news coverage of projects being pushed on them, and it was an open secret for the airport workers. It was for things they didn't need or want, even though they had plenty of infrastructure in disrepair already
Argentina is the classic example, they resisted and had their currency destroyed, which makes international trade hard. Other countries go so deep in debt they have IMF officials installed in their government to implement austerity measures, some even are forced to hand over their currency printing powers
Sometimes countries get into our good graces, like Peru, and they are let off the treadmill in exchange for beneficial trade deals. That's after having their resource rights sold off and letting in foreign investments to extract wealth moving forward, but mostly they're kept in perpetual debt as leverage
It's a wild and very deep rabbit hole. The information isn't hidden, it's just spun in a positive light
Yes, the World Bank and the IMF are major actors in post-WWII neocolonialism.
Guess which is the sole country with veto power in both the World Bank and the IMF?