Items related to Peace Without Profit: How the Imf Blocks Rebuilding...
Synopsis
Where is the boom which should have followed the end of Mozambique's war? Post-war reconstruction is slow. The economic crisis continues. Peasants returned to the countryside; nobody came to buy their crops. Workers went back to their factories; there was no money to buy their products.
History demonstrates that deflation is the opposite of what is needed. Mozambique has followed the IMF/World Bank prescription of structural adjustment: free market and deflation; deregulation and demand reduction. Wages, credit and government spending have been cut. This stops Mozambique rebuilding. It even prevents an active role by the private sector.
The donors have launched an attack on the excesses of stabilization. In 1995 the representative of the donors launched an unprecedented attack on the Bretton Woods institutions. This book explains the donor case. There was even an unexpected fight between the IMF and the World Bank.
Can aid ameliorate the distortions imposed by the IMF? Mozambique is one of the first African countries to try to rebuild after the war under the burdens of structural adjustment. What lessons are there for other African countries which must follow: Liberia, Rwanda, Zaire, Somalia, Sudan and Angola?
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About the Author
JOSEPH HANLON has published influential and provocative books on Mozambique and the battle against apartheid in southern Africa such as Beggar Your Neighbours and Mozambique: Who Calls the Shots?
Review
The Mozambique news agency AIM reported that on a visit to Mozambique in February 1997 the World Bank president, James Wolfensohn 'had friendly words to say about one of the harshest critics of the Bank's policies towards Mozambique, writer and journalist, Joseph Hanlon, whose latest book Peace without Profit is a scathing indictment of IMF and World Bank operations. 'Some of Hanlon's criticisms I have taken to heart', said Wolfensohn. The central argument of Hanlon's book is that the policies of the International Monetary Fund in Mozambique are the main factor hampering reconstruction and development...The much touted peace dividend, illusory everywhere since the end of the Cold War, certainly has been absent in Mozambique. Hanlon's goal...is to bring Mozambique at least one step closer to realizing such a dividend by exposing the ill-conceived policies of the IMF. Seen in these terms, the book is a welcome addition to the burgeoning debate on the nature of post-war Mozambique and current development prospects. The language is engaging and Hanlon makes economic concepts easy to understand. And witnessing Hanlon chastise that paragon of monetarism and neo-liberalism, the IMF, for being bad capitalists is well worth the admission price. --Southern Africa Report
... he does a very good job of combining his own interviews, thorough reading of the work of other researchers (including that of Mozambican scholars) and concise presentation of difficult ideas to construct a compelling sense of the senselessness of donors lining up behind IMF/World Bank conditionalities in Mozambique. --Journal of Development Studies
... it looks set to play a significant part in debates about the course of Mozambican politics and development. Like his earlier work, Peace without Profit eschews academic analysis for a readable and polemical journalism. Straightforward and easy to read... --Journal of Southern African Studies
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