... leverage to impose general austerity, cut public services to finance tax cuts to the rich, and demand privatization--which involves selling state assets to transnational capital, and contracting with for-profit companies for services once provided by the state. As a result, services are reduced, as are the wages and benefits paid to the workers involved. At the global level, debtor nations are required to repay foreign banks for loans made to local elites. Other aspects of neoliberalism include: the World Trade Organization (WTO) forcing open the markets of developing countries for transnationals while allowing the rich countries to create barriers excluding agricultural and labor-intensive manufactured goods where the poorer countries have the comparative advantage; and the International Monetary Fund's (IMF) insistence on financial liberalization which has resulted in financial crises in most countries of the third world. The demands of these global political-economic institutions are used to force the privatization of ...

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