Argentina's Election
'Over the last five years Argentina, which previously enjoyed the highest living standards in Latin America, has suffered through the worst economic decline in its history. The majority of the country now lives below the official poverty line, and unemployment is 22 percent... Under Menem's leadership, the country experimented with an extreme version of what Argentines call "neoliberalismo," including an indiscriminate opening to foreign capital and trade, large-scale privatization, and a "currency board" system much like a gold standard that fixed Argentina's peso at one per U.S. dollar... Argentina under Menem was [the IMF's] poster child, and the Fund supported the government's policies right up to the cliff and over the edge.'

The post-coldwar doctrine of neo-liberalism - privatization, 'free trade', deregulation and WB and IMF involvement - is shaping up to be one of the worst economic disasters ever inflicted on the world's population. With the collapse of Marxist ideology, there was nothing that could challenge the triumphal march of neoliberalism across the globe. The need however for a revived and reinvigorated progressive economic critique of 'capitalism' is immense.

Argentina's Election
'Over the last five years Argentina, which previously enjoyed the highest living standards in Latin America, has suffered through the worst economic decline in its history. The majority of the country now lives below the official poverty line, and unemployment is 22 percent... Under Menem's leadership, the country experimented with an extreme version of what Argentines call "neoliberalismo," including an indiscriminate opening to foreign capital and trade, large-scale privatization, and a "currency board" system much like a gold standard that fixed Argentina's peso at one per U.S. dollar... Argentina under Menem was [the IMF's] poster child, and the Fund supported the government's policies right up to the cliff and over the edge.'

The post-coldwar doctrine of neo-liberalism - privatization, 'free trade', deregulation and WB and IMF involvement - is shaping up to be one of the worst economic disasters ever inflicted on the world's population. With the collapse of Marxist ideology, there was nothing that could challenge the triumphal march of neoliberalism across the globe. The need however for a revived and reinvigorated progressive economic critique of 'capitalism' is immense.