Michael Chossudovsky, The Globalization of Poverty: and The New World Order, Pincour, Global Outlook; 2nd edition (September 9, 2003) ISBN: 0973110910 The Globalization of Poverty and the New World Order is based on Canadian Economics Professor Michel Chossudovsky’s actual experiences. Professor Chossudovsky, prior to writing this book, had spent decades researching and teaching around the world in places such as Latin America, Africa, the Middle east and Eastern Europe. Having first hand experienced the political change and imposed economic reform in the countries he had taught and researched within, he explains in great detail how this has negatively affected the population. In addition, Chossudovsky’s research goes in great detail on how
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He explains that due to the manipulation of the economy, the country was sent into abysmal poverty. With the economists in power of the economy, wages were frozen to ensure “economic stability to stave off inflationary pressures.”, prices were hiked and interest rates were manipulated. For example, within a year, the price of bread rose from eleven to forty escudos, a thirty-six percent increase while eighty-five percent of the Chilean population had fallen below the poverty line. This made it very hard for the average Chilean worker to provide food for their family. Thus, due to the imposed economic changes, people’s lives were destroyed, an entire nation’s economy was destabilized and the country was pushed into globalization without any …show more content…
Since it first began, the globalization of poverty has been extended to all the continents of the world, now including countries in North America and Western Europe. Poverty continues to rise amongst developing third world countries, and even in the middle and lower classes in the west. Public debt has risen out of control, institutions have collapsed and accumulation of private wealth by the rich has continued to progress as the number of billionaires in the US grew from 13 in 1982 to 300 in 2000. In addition, the Global billionaire club has nearly doubled to over 800 members from the original 450 members they originally had. Chossudovsky has a firm stance on the highly controversial 2003 invasion of Iraq. He argues that the United States invaded Iraq to secure oil reserves for American oil giants and to secure the Dollar as the trading currency for Oil. With Iraq holding 11% of the 70% of available oil and being located in a prime location, the forced acquisition of Iraq was not made under the belief that they had weapons of mass destruction but rather in order to protect US interested. Without Iraq, they would not have been able to secure uninterrupted allied access to Gulf
He explains that due to the manipulation of the economy, the country was sent into abysmal poverty. With the economists in power of the economy, wages were frozen to ensure “economic stability to stave off inflationary pressures.”, prices were hiked and interest rates were manipulated. For example, within a year, the price of bread rose from eleven to forty escudos, a thirty-six percent increase while eighty-five percent of the Chilean population had fallen below the poverty line. This made it very hard for the average Chilean worker to provide food for their family. Thus, due to the imposed economic changes, people’s lives were destroyed, an entire nation’s economy was destabilized and the country was pushed into globalization without any …show more content…
Since it first began, the globalization of poverty has been extended to all the continents of the world, now including countries in North America and Western Europe. Poverty continues to rise amongst developing third world countries, and even in the middle and lower classes in the west. Public debt has risen out of control, institutions have collapsed and accumulation of private wealth by the rich has continued to progress as the number of billionaires in the US grew from 13 in 1982 to 300 in 2000. In addition, the Global billionaire club has nearly doubled to over 800 members from the original 450 members they originally had. Chossudovsky has a firm stance on the highly controversial 2003 invasion of Iraq. He argues that the United States invaded Iraq to secure oil reserves for American oil giants and to secure the Dollar as the trading currency for Oil. With Iraq holding 11% of the 70% of available oil and being located in a prime location, the forced acquisition of Iraq was not made under the belief that they had weapons of mass destruction but rather in order to protect US interested. Without Iraq, they would not have been able to secure uninterrupted allied access to Gulf