Will the Global South take the opportunity to rewrite the rules of the global economy amid the climate crisis?
Tubing awaits removal for recycling at a lithium mine in the Atacama Desert on August 24, 2022, in Salar de Atacama, Chile. The North Carolina-based Albemarle Corporation is expanding mining operations at their Salar plant to meet the rising global demand for lithium carbonate, a main component in the manufacture of batteries for electric vehicles.In a fit of foolishness or just plain desperation, you’ve enrolled in a get-rich-quick scheme.
Still, I’m sure you won’t be surprised to learn that there’s a catch. If you don’t sell a pile of products or sign up a ton of friends to do the same, the odds are that you’ll end up losing money, no matter how hard you work, especially if you take out loans to build your “business.” The founders of multi-level marketing schemes always make a lot of money. Some of their friends become wealthy, too. Butwho sell the products, whether cosmetics or dietary supplements, lose money. That’s worse than a conventional pyramid scam, which fleeces only nine out of every 10 people involved.
Now, imagine that you’re a poor country. The international financial institutions promise that, if you follow a simple formula, you, too, will become a wealthy nation. In a fit of desperation, you take out loans from those same IFIs and commercial banks, invest in building up your export industries, and cut back on government regulations. Then you wait for the good news.
But of course, there’s a catch. You have to sell a staggering number of exports to actually make money. Meanwhile, you have to repay those loans, while covering the compounding interest payments that accompany them. Soon you’re caught in a debt trap and falling ever further behind the wealthy countries of the north. The main winners? The corporations that flooded into your country in search of tax incentives, cheap labor, and lax manufacturing and mining regulations.
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