commondreams.org : "In the McNamara era, the bank began to make loans on the condition that nations privatize public services and allow foreign money to move in and out of the country with little regulation. The idea was to create a climate in which private investment would lift people out of poverty. For the next 30 years, the World Bank and the International Monetary Fund followed this market-oriented strategy, which came to be known as 'the Washington Consensus.'
Before the McNamara years, the poorest people didn't get much richer. But during the Washington Consensus years, they got poorer and poorer.
I saw how that could be possible when I became a shareholder in the French water company Suez, which took over the water system of Johannesburg, South Africa.
To get ready for privatization, South African communities followed the World Bank/IMF suggestion that water rates be raised so consumers would get used to paying the full cost. The water of many people w...