Chapter ThreeThe Unholy TrinityThe World Bank, the International Monetary Fund, and the World Trade Organization

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THE THREE MAJOR GLOBAL INSTITUTIONS that create and express the rules of economic globalization are the World Bank, the International Monetary Fund, and the World Trade Organization, variously called the “unholy trinity” or the “iron triangle.” It is their fundamental job to align all of the world’s formerly disparate national economies behind a central formula, to create the standard gauge railway by which corporate-led economic growth can more easily fulfill the mandate of Bretton Woods.

Each has its own basic function. The World Bank funds large-scale projects, promotes structural adjustment policies, and dominates the development ...

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