In a recent Fox article, a speech given by President Bush in late October is covered. Bush discusses our constant obligation to provide aid for developing nations. The policies and beliefs that President Bush follows are all under the Millenium Challenge Account which provides aid to countries that have democracy, invest in education and health, and most of all are within the free market.
As far as loans go under Bush’s list of given “aid,” billions and billions of dollars has been spread across the map. These loans include: $16 billion for food, $1 billion for water sanitation, and $5.5 billion for means of addressing the global food crisis.
Although this money may help developing nations for a short amount of time, in the long run it only creates mroe poverty when they are unable to pay any of the money back. In turn, if a country refuses to pay back their loans, the World Bank may fine them even more. This creates more inquality on a global scale and fuels practices and institutions of globalization such as the race to the bottom and the development and sustainabilty of sweatshops.
