Transnational Corporations:
Large corporations (such as Nike, Hanes, Dole, Exxon, etc.) who have operations around the world. They are not closely regulated by any international body, and, because making a profit is their main responsibility, they often move factories to, or subcontract factories in, nations that offer the lowest wages, environmental standards, taxes, etc., to make the most profit for their shareholders. Of the world’s primary economic financial powers (with the largest revenue), 49 are countries—and 51 are corporations.

Investors:
Large banks, investment firms, mutual funds, hedge funds, etc., who “move” money around constantly, buying and selling internationally. They also have little international regulation. (Note: The assets of the world’s top 3 billionaires are more than the combined economies of all of the world’s least developed countries and their 600 million people.)

World Trade Organization:
The WTO grew out of GATT, the General Agreement on Tariffs and Trade, an international trade agreement which developed at the Bretton Woods Conference after World War II. This conference also created the United Nations, the World Bank and the International Monetary Fund. The WTO develops and enforces trade rules for all member nations; for example, it can decide that certain countries’ environmental standards are unfair barriers to trade. Another example is the banana controversy. With the U.S. backing, the WTO recently ruled that the European Union could not give a preference to buying bananas from its former colonies in the Caribbean. However, the small farmers in those islands can not compete with the lower prices of large corporations (Chiquita, Dole, etc.) who mainly operate in Latin America. Thus the Caribbean farmers are not selling their bananas, are losing their land and livelihood, and their families are falling into poverty.

World Bank:
The World Bank makes loans for development purposes (roads, power plants, etc.) to developing countries to move people out of poverty and into self-sufficiency. When poor countries fall behind in loan payments (they cannot seek bankruptcy protection like corporations such as Enron can), the Bank makes additional loans that dictate the poor country’s economic system so it can pay back the growing interest. These structural adjustment policies (SAPs) have meant countries in Africa, for example, have had to cut back funding for health care, education, and social services. People in these counties must now grow food for export to pay off loans rather than for feeding their own people.

International Monetary Fund (IMF):
The IMF’s mission is to maintain financial stability throughout the world. The IMF provides “bailouts” to save economies in severe trouble. It also lends money to developing countries and sets SAPs. The IMF, like the World Bank, is funded by developed countries, who control much of the decision-making, but it also receives millions every year from poor countries paying part of their evergrowing interest.

U.S. Treasury Department:
Because of its economic power and financial input, the U.S. controls 17 % of the World Bank and IMF decision-making power, giving it a larger share of power than any other country in decisions. It also plays a dominant role in the WTO. Many of its decisions in these bodies are shaped by the U.S. Treasury Department, which handles financial and currency matters for the U.S. Government. The current director, Paul O’Neill, was the head of a multinational corporation, Alcoa, before joining the Bush Administration.

NGO’s:
Non-governmental organizations (NGOs) are a wide range of non-profit groups representing different communities and segments of civil society (citizens as opposed to governmental officials). They include large organizations such as Oxfam and the Sierra Club; faith-based groups such as the Center of Concern and the Maryknoll Office for Global Concerns; and community groups such as the Council of Neighborhood Women (Brooklyn, NY). Such groups are increasingly working together through growing networks to bring positive change and economic justice to people in poverty and without power.

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