The Contract with America and downsizing are neoliberalism. The International Monetary Fund and the World Bank implement neoliberal policies around the globe, especially in the developing countries. And it is. For developing countries, SAP is the late 20th-century version of sharecropping. Once entangled with the IMF, it's almost impossible to get out of debt.
Independence is sacrificed.
The debt burden was 110 percent of the region's Gross National Product in 1991. The IMF and World Bank, which control vast amounts of finance capital, agree to lend money to cash-starved developing countries only in exchange for a thorough reorganization of that country's economic, political and police structures. The loan, which is needed for industrial development, is actually a noose. Fidel is so right. SAPs also destroy national industries by first privatizing and then selling them to foreign investors.