Economic repression

Economic repression comprises various actions to restrain certain economical activities or social groups involved in economic activities. It contrasts with economic liberalization. Economists note widespread economic repression in developing countries.

The main goal of economic repression is protectionism, the instruments for which include fines and ceilings on interest rates or exchange rates.

A common type of economic repression against individuals is blacklisting.

The Security Council with the veto of its five permanent members has infinitely more power than the General Assembly of the UN, and UN decisions may fade into insignificance beside those of the International Monetary Fund (IMF) and the World Bank, where representation on the governing bodies is determined by wealth. These two bodies increasingly exercise control over the economic and development policies of poor South countries and do little to influence influence those economic decisions made by the Group of Seven rich countries which affect the whole world. Poor developing countries are forced by IMF conditions to abandon all subsidies to move rapidly towards uncontrolled free trade while the rich countries of the North on the other hand, continue or even increase the subsidies to their agricultural producers and exporters, persist in great imbalances in their national and foreign accounts, and have increased their open or disguised protectionism. Whilst the "automatic rules of the market" govern world prices of things like coffee, tea, cotton, and other primary commodity exports of the least developed countries, the prices of manufactured goods they import are determined by the major transnational corporations, some of them so wealthy and powerful that even governments of developed countries find it virtually impossible to control their activities.