What is the contemporary legacy of the systems of colonial wealth-extraction imposed by the colonial powers?

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Contemporary Legacy of Colonial Wealth Extraction

The late1980s and the later years were faced by a considerable transfer of finance from the developing countries to the West in form of interest repayments which always amounted to the third of the government income in any given year . This siphoning of income from the indigent countries was massive than any extracted under previous colonial as well as neo-colonial arrangements . With the same breath , the International Monetary Fund as well as the World Bank had to

enforce draconian measures referred to as as structural adjustment , which were structured to reduce each government 's financial needs . The menace towards western banking system was avoided by a wide range of rescheduling accord and secret support to the susceptible banks . The governments of indigent countries were caught unaware without any choice to play along . They had for a long period discarded sense of responsibility for their people in exchange for reliance on the foreign creditors

In the process of this upheaval , which is the specific context for rocketing impoverishment in much of Asia , Africa , and Latin America , the thought of development ' was calmly abandoned . International agencies currently have just one ambition , the live on of governments which has mission of supervising flaccid international money into the treasury of western banks and firms . Aids echelon have been much dwindled since the 1960s certainly non-governmental organizations of a baffling numbers and diversity have stepped in to execute functions which neither the...