In the service of empire

The NY Times has a snarky article belittling the efforts of Latin American countries to keep or make public utilities public. They still seem to pretend, after decades of evidence to the contrary, that foreign investment actually offers hope to poor countries.

In Peru, despite major economic growth, foreign investment fell to $1.3 billion last year from $2.1 billion in 2002. Ecuador has also seen investments sag, as oil companies that once saw the country as a rosy destination have faced the increasingly determined opposition of Indian tribes and environmental groups.

Argentina, which has taken a decidedly leftist path in the economic recovery following its 2001 collapse, has recouped only a fraction of the investments it attracted just a few years ago.

Across the region, companies are more than ever weighing political risks when considering expansion plans. Political leaders, meanwhile, are having to weigh the need for foreign investment against the demands of citizens who are increasingly quick to hit the streets.

The "need" for foreign investment is in reality the desire by the wealthy elite in both rich and poor countries to reinstate the colonial system of exploitation. The IMF, World Bank and globalization in general have done incalculable damage to the abilities of people and their countries to be self-sustaining.