by How the advocates of capitalism twist logic. If the third world embraced more markets they would become richer, like us in the first world, they say, but the IMF and the World Bank have forced open free markets on them which has enslaved them into poverty, while also saddling them with loans they can never repay because their economies can't grow.Many Indian farmers have committed suicide over the last few decades when India opened up its markets to Western competition after pressure from the West. Local farmers grew crops and rice on their small family farms which they sold in the local markets, which kept their local economy going, but Western companies were able to flood their markets with cheap, mass produced crops and rice grown on massive farms using lots of technology with very
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Many Indian farmers have committed suicide over the last few decades when India opened up its markets to Western competition after pressure from the West. Local farmers grew crops and rice on their small family farms which they sold in the local markets, which kept their local economy going, but Western companies were able to flood their markets with cheap, mass produced crops and rice grown on massive farms using lots of technology with very few workers. Rural Indian farmers lost their livelihood and many committed suicide.
China has done the opposite of the IMF and World Bank recommended neoliberal reforms, and has protected its markets from foreign competition while the government has massively spent on building up its infrastructure, just like the U.S. did at the beginning of the last century, and Britain had done in the century before that.
For further information on this sort of thing I recommend '23 things they didn't tell you about Capitalism' and 'The Entrepreneurial State'.