Unholy Trinity
The IMF, World Bank and WTO
By: Richard Peet
Our lives are all affected by three hugely powerful and well financed, but undemocratic, organizations: the International Monetary Fund, the World Bank and the World Trade Organization. These institutions share a common ideology. They aggressively promote "corporate" capitalism, neoliberalism, giving free rein to the interests of a small number of transnational corporations. This book presents the history and fundamental ideas of this economic ideology. Describing each member of the "unholy trinity," it shows how neoliberalism hijacked the IMF, World Bank and WTO in relation to their global financial, development and trade management roles.
AI Overview
Title: "Unholy Trinity: The IMF, World Bank and WTO" by Richard Peet
Key Themes:
- Critique of Global Financial Institutions: The book provides a critical examination of the International Monetary Fund (IMF), the World Bank, and the World Trade Organization (WTO). It argues that these institutions have been twisted from their original mandates to serve the interests of corporate globalization.
- Neoliberal Ideology: Peet critiques the neoliberal ideology that these institutions promote, which includes policies like free trade, government austerity, export-led development, and deregulation and privatization of the economy.
- Social and Economic Consequences: The book details the disastrous social and economic consequences of these policies, including slow growth, environmental devastation, and rising poverty and inequality.
- Power Dynamics and Hegemony: It explores concepts of power, political interest, hegemony, discourse, and responsibility in examining how these institutions exert control over the global economy.
Plot Summary: The book delves into the institutional histories of the IMF, World Bank, and WTO from their origins at the post-war Bretton Woods Conference to their current roles in many Third World economies. Peet argues that these institutions have become standard-bearers for neoliberal ideology, imposing policies that benefit international corporations and investors but harm the people of these countries. He maintains that these undemocratic organizations assert unprecedented levels of control over a wider segment of the world's population, often through draconian structural adjustment programs.
Critical Reception: The book has received widespread acclaim for its thorough research and analytical incisiveness. Key endorsements include:
- David Harvey, CUNY: Describes the book as a "timely and razor-sharp analysis" that shows why neoliberal orthodoxy got it so wrong and details its disastrous social and economic consequences.
- Erik Swyngedouw, University of Manchester: Praises the book for providing an important history lesson on how the IMF, World Bank, and WTO were twisted to serve corporate globalization interests.
- John Cavanagh, Institute for Policy Studies: Calls it "invaluable to students and activists alike" as the essential introduction to the unelected government of the world economy.
- Mike Davis, author of Planet of Slums: Acknowledges the book's value in critiquing the global financial order and its impact on the world's population.
Overall, "Unholy Trinity" is recognized for its academically sophisticated yet accessible critique of global financial institutions and their role in promoting neoliberal policies with devastating consequences for many countries.