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Assignment Questions

International Monetary fund and World Trade Organization

Although most of the countries colonized by the Western powers gained their political independence several decades ago, many of them remained very poor, with a very low standard of living for the average person. Please abbreviate the names of the three organizations.
Answer/address the three questions separately.
a) What does the concept “neocolonialism” mean, and how does it help is understand why these countries remain so poor?
b) Most of these poor former colonies have been loaned large amounts of money by the World Bank [WB], The international Monetary Fund [IMF], and other international financial institutions. For what various reasons have the loans not resulted in a high standard of living for the average person in these countries.
c) Briefly explain hoe the World Trade Organization [WTO] can play a part in undermining a poor country’s economy, using specific example of Jamaica’s banana industry.

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