Wealthy or in Debt? Privatization and its Impacts
Hoping to reduce poverty in developing and underdeveloped countries, the International Monetary Fund (IMF) and the World Bank used economic incentives to “assist” these countries in large scale privatization. They stepped in to clean up the existing financial messes and helped these countries to restructure their financial systems. However, the introduction to free market also brought with it side effects. While international organizations served as rescuers, they were also walking a fine line between disaster and success. As global citizens, it is time for us to contemplate on the pros and cons of privatization.
About the Documentary
The Big Sellout
An electricity supplier in Soweto, South Africa has been privatized. Electricity price becomes so high that those who can no longer afford it are disconnected. In Manila, the Philippines, a mother is struggling to find money to pay for her son’s regular dialysis. She has not been able to afford the increased medical charges since health care was privatized. In Cochabamba, Bolivia, clashes arise because the government and U.S. corporations are trying to privatize food services and water supply. The IMF and the World Bank have put great efforts in promoting privatization of basic public services such as electricity, transportation, health care, and water. But who have they helped?