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The failure of structural adjustment programs Many bankers and economists view the Third World as places where the economies have yet to take off All they need are resources to stimulate the imminent prosperity To alleviate the immense poverty unemployment and destitution that afflicts the vast majority of people the poor and the working class in these nations economists and bankers look toward the free market as the solution As developing nations debts accumulate to point where some must declare bankruptcy the international banks the International Monetary Fund IMF and the World Bank began giving loans to these with the aim of stimulating the economy Attached to these loans are conditions meaning the debtor nation must adhere to stringent domestic social and economic policies if they were to continue to qualify for future loans and food aid These financial aid programs are dubbed structural adjustment programmes SAPs and are designed to put developing nations on solid footing within the global economy so they could repay their loans The economic policies that the IMF and the World Bank favour are those which aims producing products as cheaply and abundantly as possible for export And in turn jobs would be created and a considerable revenue would be generated According to their theory this is supposed to raise the overall standard of living of the people in these nations and help the local economy expand Since the implementation of them in the 70s though SAPs have not remedied the plight of the poor and the working class nor caused the economic growth the IMF and World Bank economists have predicted In fact evidence shows that SAPs have exacerbated the very problems they were designed to solve poverty dependence and debt Using Jamaica as a particular example the following will outline the origins of SAPs and the general effects they have had on countries where they have been implemented Firstly it would be appropriate to briefly explain
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