The Shocking Truth About US Strategies to Control Developing Countries: Confessions of an Economic Hitman
Interesting insights by John Perkins
“Confessions of an Economic Hit Man" by John Perkins is a book that really makes you think about the way that the United States has been able to gain control over developing countries through economic and political power. The book is based on Perkins' own experiences working as an economic hitman in the 1970s, a role where he was responsible for convincing leaders of developing countries to accept loans from international financial institutions.
Perkins explains that the loans were often in the form of large sums of money that these countries could never realistically repay. These loans were then used to fund big infrastructure projects that only benefited a small group of people, rather than the majority of the population. The countries were left with huge debts that they could not repay, which led to economic crises and political instability.
Perkins describes how he and other economic hit men used bribery, extortion, and threats to persuade leaders to accept these loans. Leaders of developing countries were often willing to go along with the program because they believed that these infrastructure projects would benefit their countries and their people. But in reality, the infrastructure projects were designed to benefit a small elite and foreign corporations, rather than the majority of the population.
Perkins also talks about how he and other economic hit men worked with the CIA and other US government agencies to overthrow or undermine leaders of countries that refused to go along with the program. These techniques were used in countries like Iran, Panama, and Indonesia. The goal was to create economic and political instability that would allow the United States to gain control over the countries' resources.
The book gives a disturbing look at how the United States has used its economic and political power to control other countries, often to the detriment of the people living there. Perkins argues that the US has created a global economic power system that serves the interests of a small elite at the expense of the majority.
One of the main themes of the book is the role of international financial institutions such as the World Bank and the International Monetary Fund. Perkins argues that these institutions are controlled by the United States and other developed countries, and their policies often serve the interests of these countries rather than the people of the countries they are meant to be helping.
Perkins also argues that the global economic system is inherently unfair and perpetuates poverty and inequality. He points out that the richest 20% of the world's population consume 86% of its resources, while the poorest 20% consume just 1.3%.
While reading this book, I couldn't help but think about the current economic crisis in Pakistan. One major factor responsible for the ongoing crisis is the mega infrastructure projects undertaken by government of Pakistan from China and other countries. Unfortunately, these projects only benefited the elite, and the rest of Pakistanis are left with the burden of repaying the enormous debt. The GREAT CPEC, which was presented as an economic miracle and panacea for all economic evils, has turned out to be another money-making opportunity for the Pakistani elite. After 10 years into CPEC, Pakistan is now on the verge of economic default.
Despite the controversy surrounding the book, "Confessions of an Economic Hit Man" provides a valuable perspective on the workings of the global economic system and the role of the United States in shaping it. Perkins' account is a sobering reminder that the pursuit of global economic power can have severe consequences for the people of developing countries and that there is a need for a more equitable and sustainable approach to international economic development.