Confessions of an Economic Hit Man - Book Review Example

Introduction

The book, Confessions of an Economic Hit Man, analyzes the unfair practices propagated by powerful patties in the world economy. A few people are in control of the majority of the resources available in countries; they use them for their selfish benefits. Furthermore, economies of developed countries enrich their interests based on loans and grants to underdeveloped nations. The aid's role is to advance their interests in various parts of the world, which is the developed nations' agenda. Throughout the book, there is a highlight of multiple activities by leading economies to sabotage the normal operations in developing countries. There are terms attached to the loans and grants, making them a source of obedience and manipulation. The book mainly highlights the adverse effects associated with the help countries receive from developed nations.

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Reason Author Is Writing At That Time

The author wrote the book at the time of choice because of the significant influence that the developed nations had on the underdeveloped countries. The power was unfair, although the larger picture or impression created was justified. There is a massive burden that the developing nations bear from the developed nations. The responsibility comes from the financial aid they receive. At that time, the author wrote because of the increasing financial assistance that the developed countries were offering the developing and underdeveloped countries. The increased support meant the developed nations controlled and manipulated the recipients of the help even more. Therefore, it was worth highlighting the adverse effects associated with the aid the countries received. Thus, the author chose to highlight the issue of manipulation because it was growing more than ever. The developed nations were forcing their ideologies on the underdeveloped countries. Furthermore, at that time, the debt burden of the underdeveloped countries was huge and rising. Therefore, there was a need to highlight the conditions surrounding the aid developed nations were offering. The revelation would help inform the parties responsible for reducing the manipulation of the resultant adverse effects from developed nations' support.

Learning Expectations

Throughout the book, there are various issues the author expects the readers to understand. First was the deception surrounding the financial aid offered by the developed nations. There had been an idea that the developed nations were committed to ensuring the underdeveloped countries have better welfare with time. Their welfare would have been improved by providing they built their infrastructure and living conditions. However, the author intimates that was false, as the development has hidden interests by the developed nations. The developed nations wanted the less developed countries to abide by their preferences to qualify for their financial assistance. Therefore, the author expects readers to learn about the conditions attached to the developing nations' financial aid. The conditions were unfair; they meant the developing nations had to abide by the developed nations' preferences. Therefore, that was considered a country; it was inconsistent with the sovereignty of the developing states.

The other issue the author wanted the readers to learn about was the unfair allocation of resources and benefits in societies. A minority of parties were in control of a significant part of the resources in the developed and underdeveloped nations. The minority was in charge of the policies used to manipulate the developing economies. That was considered unfair because society should enjoy benefits from its resources moderately. Furthermore, the author's other learning point was that most parties are not interested in the welfare of the general society. The significant interest that parties have is the benefits they derive from other parties in the community. In this case, the rich people hired individuals to advance their interests and not society's general welfare. However, there was the perception that society's welfare was taken care of by their development and humanitarian efforts. However, the fact was that they were looking after their interests; to gain financial benefits in the long run.

Workings of Major Financial Institutions

Financial institutions are at the center of the book's arguments because of their financing and advisory role. The financial institutions hired the best experts in all fields to advance their interests. They have financial analysts, communication, and development experts who were interviewed, trained, and developed along with the institutions' selfish interests. For example, the author interviewed for a position at a financial institution. The nature of the interview was crafted to enable the interviewee to advance the financial interests of the financial institutions. The financial institutions have the goal of increasing their wealth and influence on their recipients, used by powerful parties to exert their power and influence. The financial institutions were used to channel financial resources to underdeveloped nations to enable the developed nations to have more influence in the long run.

Financial institutions' role is wealth maximization; through the investment and operating activities they engage in. Therefore the Financial institution's role in taking care of the interests of the developed nations is as an intermediary. For example, the loans offered to the developing nations were too large to be repaid comfortably. Therefore, the developing nations had to compromise their stand on a wide variety of issues to benefit the country's nations. In that case, the financial institutions were used as intermediaries by the developed nations to offer financial assistance to the developing countries the financial institutions offered financial assistance; the developed nations gained influence indirectly. Therefore, they were better positioned to control the countries' interests and the underdeveloped nations' vulnerability.

Key Revelations by Powerful Entities

Through the book, various revelations have been highlighted, which highlight the workings of the powerful entities. First, there is the aspect of ownership, whereby they are owned by the minority in the society but have massive control. Second, there is the issue of their hiring practices, where they source the best talent to advance their interests. That was shown by the interview and work of the author for a leading firm. Furthermore, there is a highlight of the selfish interests of the powerful entities, which they serve well given their influence. With the power and financial advantage, the powerful entities are in a great position to advance their ideologies. Hidden or secondary agendas are the other revelations highlighted. The primary reason for the powerful entities offering financial assistance is not to improve the state of the underdeveloped nations. After advancing their interests, the powerful entities are pegged on the financial burden in the underdeveloped countries. The fifth revelation is about the growing debt burden that exposes underdeveloped countries to their financiers' adverse conditions. That makes them lose their sovereignty to a large degree.

Corruption is the other revelation highlighted in the book, where powerful entities exert undue influence on underdeveloped nations to get unfair benefits. The corruption is advanced by the clauses attached to the financial assistance. Furthermore, there is a revelation about political involvement by the developed nations in the underdeveloped nations' political instability. The developed countries exert their preferences on the local leadership, which creates unstable leadership. Furthermore, the economic development of the developed nations is based on the manipulation of the underdeveloped countries. The underdeveloped nations are coerced into treaties that advance the economic preferences of the developed nations. Moreover, there is a highlight of controlling natural resources. The developed nations control the underdeveloped nations' financial resources to their advantage based on the manipulation of the contracts they enter. Lastly, there is the issue of flawed contractual processes awarded to the developed countries. The contracts for infrastructural development are offered to powerful entities, which reverts the financing provided to underdeveloped countries. The revelations highlight the unfair control by the developed nations on underdeveloped ones.

Credibility of Revelations

The book's revelations are credible, based on the consistency with other authors and parties that have aired their opinions about the influence of financial institutions and powerful nations. The developed countries have interests they always need to advance, with the underdeveloped countries being the target basis for their preferences. Currently, there is an issue with the debt burden of underdeveloped nations. The debt is so enormous that the sovereignty and freedom of the underdeveloped countries are compromised. Therefore, the problems highlighted by the author are credible. There are always hidden interests in the contracts with superior parties that offer help to underdeveloped nations. That can be seen through their influence on their politics and humanitarian issues. Therefore, the book's problems are credible, based on the consistency with the prevailing issues in underdeveloped nations.

Several aspects have been highlighted in the book, which points to the world's leading economies' adverse effects. They have hidden agendas that they advance based on the financial assistance they offer underdeveloped countries. Based on the evidence of the operations of the leading economies and their financial institutions, that is a fact. Therefore, the author is reporting about the truth associated with the developed nations' aid and influence. Furthermore, wealthy individuals in society have interests to protect. Their support advances the protection of the interests of other underdeveloped economies. Therefore, the author is reporting the truth associated with the influence of wealthy parties. The issues are worth highlighting because they adversely affect people's welfare in underdeveloped nations in the long run. Therefore, the motive of the author is sensitization about the hidden interests of the privileged parties.

Impact on World Overview

The book is insightful, based on highlighting the real effect associated with financial assistance from the developed economies to the underdeveloped ones. Therefore, by reading it, I have a better understanding of how the world works. The drivers and motivations in the world are mainly the wealth and influence of the privileged parties. The powerful parties have interests they need to protect. Furthermore, they need to control the underdeveloped countries to assert their power and influence. Through their power and influence, the developed nations and powerful parties get their preferences and interests addressed. Therefore, most powerful parties use their privileges to control the underdeveloped countries. The control and influence are based on the financial assistance they provide. Some interests are protected or enhanced based on financial aid. With an increasing debt burden, the developed countries coerce the underdeveloped ones into abiding by their preferences. Therefore, that is the world order, based on power and influence by the powerful entities. Consequently, it is essential to understand how the word governance and influence framework is based on some developed nations' unfair practices.