Joseph E. Stiglitz
International financial institutions have often imposed rapid privatization and fiscal austerity in ways that destabilize developing economies while protecting Western capital.
The imposition of rigid neoliberal policies, such as rapid privatization and deregulation, often fails because it ignores the imperfections of markets and the need for targeted government intervention.
Forcing developing nations to open their capital markets before establishing robust regulatory frameworks and social safety nets creates severe financial volatility and 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.