Pink Tide

Do you read on both the right and left? We do.

It is worth noting, perhaps, that the allocation of increased resource rents to domestic economic and social development strategies contrasts sharply with the way such rents were used in the heyday of neoliberalism. When Third World petroleum producers formed OPEC, the Organization of Petroleum Exporting Counties, in the mid-1970s as a cartel to increase the national income generated by oil exports, much of the new wealth appropriated by the semi-feudal Middle Eastern regimes or neoliberal elites in countries like Venezuela was deployed not to national development but as deposits in imperialist financial institutions — which then loaned out this money to other semi-colonial countries, locking them into debt peonage that furthered neoliberal practices when higher interest rates in the 1980s forced them into new borrowing and onerous debt repayment terms coupled with demands for regressive "structural adjustments.

via 'Latin America's Turbulent Transitions': compelling contribution to our understanding of the 'pink tide' | Links International Journal of Socialist Renewal.

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  • Tom Usher

    About Tom Usher

    Employment: 2008 - present, website developer and writer. 2015 - present, insurance broker. Education: Arizona State University, Bachelor of Science in Political Science. City University of Seattle, graduate studies in Public Administration. Volunteerism: 2007 - present, president of the Real Liberal Christian Church and Christian Commons Project.
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