China, a legitimate contender to the U.S.-led world order, fundamentally challenges the doctrine of American exceptionalism – the basic tenet of U.S. national identity.
These are relationships that the IMF and World Bank have left on the table for one reason or another.
Michael Hudson has written on how Western financial institutions treat loans to the third/developing world as tools for keeping the states in line rather than as profit devices. Recoupments get kicked down the road, unless a government comes into power that threatens international capital. Then the loans become due, domestic spending dries up as wealth flows out, continue until the Western-friendly opposition is elected or couped into power.
Michael Hudson has written on how Western financial institutions treat loans to the third/developing world as tools for keeping the states in line rather than as profit devices. Recoupments get kicked down the road, unless a government comes into power that threatens international capital. Then the loans become due, domestic spending dries up as wealth flows out, continue until the Western-friendly opposition is elected or couped into power.