IS PRIVATIZATION THE TRUE ECONOMIC ANSWER FOR THE DEVELOPING NATIONS TODAY?

Privatization is the principal economic policy that the World Bank, the IMF and other western financial agencies (London and Paris clubs) have forced on the throats of the many developing nations that took their so called developmental loans from these banks in the last 30-40 years. These global financial institutions have successfully enforced this economic doctrine of privatization to be the true practical answers for any realistic national economic developments in those developing nations.  Privatization is an economic way to transfer any nation's common national resources or wealth into the hands of the few individuals and foreign corporations. 

Privatization transfers the economic control from the hands of the governments of the developing nations into the private hands of the few but very rich individuals and the big corporations. Privatization demanded that all government owned or controlled state corporations should be privatized to make them more effective and profit-oriented by reducing wastes and internal bureaucracies. Privatization policies maintained that all government subsidies on all the social service programs for their citizens should be removed, the nations' civil service should be downsized, the national currencies of those nations should devalued, most of the governments' revenues in those nations should be used to service those high-interest loans and the importation of certain important commodities should be banned or increased taxes on them.

Privatization in my own judgement is a tricky and a deceptive way of  transferring wealth or economic opportunities from the hands of the working class people to the corporations and the few rich individuals. Privatization creates massive wealth gap, kills trade unions, promotes national unemployment, creates inflation, supports monopoly instead of consumers' access to many choices, encourages brain drain, advances income inequality and massive poverty in any developing nation that have taken these loans from those banks and then implemented their economic policies . It is the biggest anti-poor people economic agenda of the World Bank and the IMF to the so called developing nations for the so called economic developments that have only enriched the few and the corporations in all reality, but had also left many behind today in social crises, abject poverty and hopelessness in all reality.