Joseph E. Stiglitz
International financial institutions have weaponized free market ideology, imposing rapid privatization and fiscal austerity that devastate developing economies while protecting Western capital.
The imposition of rigid neoliberal policies, such as rapid privatization and deregulation, routinely fails because it ignores the inherent imperfections of markets and the necessity of targeted government intervention.
Forcing developing nations to open their capital markets before establishing robust regulatory frameworks and social safety nets creates devastating financial volatility and massive unemployment.
Wealthy nations champion free trade to open foreign markets for their own corporations but maintain steep tariffs and agricultural subsidies that block developing countries from earning vital export revenue.