Powerful countries may try to reshape things only in so far as they can get themselves out of trouble and if they can avoid it, they will try to limit how much power they concede to others.
Smith notes, every rich nation today has developed because in the past their governments took major responsibility to promote economic growth. The past two decades of World Bank and IMF structural adjustment in Africa have led to greater social and economic deprivation, and an increased dependence of African countries on external loans.
Most rich countries do this. States later prevented Loyalists from collecting any debts that they were owed. Instead, pressured by US representatives, the IMF took to offering loans based on strict conditions, later to be known as structural adjustment or austerity measures, dictated largely by the most powerful member nations.
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For now, however, developing countries generally have a common agenda of more voice and will therefore champion common principles of better democracy and accountability. And sometimes I still do.
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It ensures access to other peoples’ raw materials and infrastructure on the cheapest possible terms.
Dozens of countries must compete for shrinking export markets and can export only a limited range of products because of Northern protectionism and their lack of.
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