For instance, the World Bank is essentially an American instrument, and the United States is a food-surplus nation threatened with loss of foreign markets for farm products as modernization of European agriculture proceeds. For the World Bank to finance such institutional reforms in developing nations as would lead them toward self-sufficiency on food account would run counter to American interests. U.S. farm surpluses would become unmanageable as the overseas market for U.S. farm products dwindled. Hence, the World Bank prefers perpetuation of world poverty to the development of adequate overseas capacity to feed the peoples of developing countries.
There is a yet more subtle point to be considered. Mineral resources represent diminishing assets. It is in the interest of developing peoples to conserve such assets for their own ultimate use in manufacturing industries, as these develop within the borders of nations rich in raw materials but backward in general development. In the short run such domestic use of mineral resources is not possible because of inadequate industrial capital and consumer markets place. The specter is thus raised that in the long run these countries will find themselves depleted of resources as World Bank programs accelerate the exploitation of their mineral deposits for use by other nations.
The long-term prospect is thus for these countries to be unable to earn foreign exchange on export account sufficient to finance their required food imports. The World Bank has foreseen this. Its proposals for population limitation in these countries is a cold-blooded attempt to extort from them their mineral resources, without assuming responsibility for the sustenance of these peoples once the industrialized West has stripped them of their fuel and mineral deposits.
Consider the alternative, that World Bank loans and technical assistance foster agricultural self-sufficiency among these peoples. Assume substantial success in this endeavor in, say, a decade. Thereafter, exportation of fuels and minerals would become a matter of choice by these peoples, not a necessity. Such export might continue at current levels; it might increase, or it might diminish. The decision to conserve or to dissipate exhaustible resources would be autonomous, a matter of choice by these peoples and their governments, not something imposed upon them from outside. The decision about desirable levels of population also would be a local matter, not something demanded among the terms on which capital resources are obtained from foreign suppliers. The peoples now dependent would escape that trap. This is not intended or desired either by the World Bank or by the government of the United States and its client regimes….
Excessive industrialization in the United States, coupled with increasingly wasteful uses of resources on armaments and on personal luxuries that are essentially trivial in terms of human well-being, makes essential the U.S. exploitation of the developing countries, their resources and peoples. The United States is in deficit on raw-materials account, but is unwilling to limit its industrial expansion correspondingly. It is in surplus on farm products account, but is unwilling to limit its agriculture accordingly. The peoples of developing countries therefore are to be turned into the instrument through which the otherwise untenable U.S. economic process is perpetuated.
Michael Hudson, Super-Imperialism
jp morgan fired him for writing this stuff in the early 70s