Word: third world
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...several key respects. For one thing, unlike Seattle, organized labor decided to sit this one out (instead focusing on lobbying the Clinton administration against China's entry into the WTO), which meant there are far fewer protesters in the streets. And many of the attendees in Seattle from Third World countries agreed with some of the protesters' points, making it easier to disrupt the meeting there. All of which means the police action could be a bit of overkill. Shutting down the staging area looked petty, and it's not a tremendously effective tactic against a protesting organization with...
...latter point is amplified by Third World advocates (and even the World Bank after the Asian bailouts), who point out that the harsh austerity package that typically accompanies an IMF loan or bailout cuts government social spending and therefore transfers the burden of inept decision-making by governments and investors onto the backs of society's poorest and most vulnerable members...
...course there are plenty of Third World trade unionists on board, although they don't see eye to eye with their American cousins when it comes to tariff protections. And needless to say, the governments of developing countries are hostile to having First World labor standards applied in their countries, which they see as a device to eliminate their competitive advantages...
...Founded after World War II to fund reconstruction efforts, the World Bank later evolved into the primary lending institution for Third World development. Having disbursed some $400 billion in loans since its inception, the bank makes loans on a project basis, tied to "good governance." The bank generally requires its clients to follow policies designed to open markets for trade and investment. It emphasizes that while the primary beneficiaries are impoverished countries, the bank's loans also serve the interests of industrialized countries both because of the procurement opportunities provided by the loans and the potential long-term markets opened...
...Should Third World debt be canceled...