Workers Solidarity Movement

This article tells the story of the historical development of the regime of global financial order under US hegemony. It begins by examining how the centre of capital accumulation shifted from Europe to the US in the first half of the twentieth century, and how following World War II the global financial order became centred around the US through the Bretton Woods system. It then looks at how the Bretton Woods System was undermined, concentrating as much on the role of workers militancy as on the role of the Eurodollars market. After considering the response to the crisis of Bretton Woods, it concludes by looking at the Clinton boom, bringing us up to the current situation of the US’s current heavy dependence on foreign borrowing

The World Bank and its sisters organisations of global capitalism, the IMF and WTO have their origins in the United Nations Monetary and Financial Conference at Bretton Woods, New Hampshire, in July 1944. Although the World Bank attempts to present the goal of the organisation as “reducing poverty”, this has never been their objective. Their main objective is to fund large-scale power and infrastructure projects in the third world to prepare the way for the exploitation of these countries natural resources and cheap labour by northern corporations.

Any honest account of the September 26 (S26) demonstrations in Prague would start off by saying that the numbers that took part in the demonstrations, some 12,000 people, were a little disappointing. But it should go on to say that those 12,000 people succeeded in not only completely disrupting the World Bank/International Monetary Fund (WB-IMF) congress but in causing it to be abandoned by the majority of delegates on the second day and the last day was then cancelled. In short we closed it down. It says a lot that you would be hard pushed to find any media, mainstream or 'left' that makes these two points.

If you've ever owed money to a bank, you'll know it's not a pleasant experience. Depending on whether they think you're good for the money, the bank will either screw you in the short term or milk you dry over the longer haul. Banks are in the business of making money and generally they'll stop at nothing to get their way.

The Czech anarchist organisation Solidarita/Organisation of Revolutionary Anarchists is working as part of INPEG, the Czech alliance organising the protests in Prague this September. In October one of their members will be speaking in Ireland about these protests. Vadim Barek, Solidarita's international secretary explains what the IMF means to workers in the Czech republic and why they are organising against the summit.

IT HAS BECOME increasingly fashionable to use the term globalisation as a description of the international economy and international political relations. Globalisation is meant to have taken over from imperialism, when a handful of large states openly and directly ran most or the world. [In Spanish]