From Poverty to Power Green, Oxfam 2008 - weman

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5 THE INTERNATIONAL SYSTEM FINANCEActive citizens played a large role in obliging governments in bothrich and poor countries to move on the debt issue. The Freedom fromDebt Coalition in the Philippines and Koalisi Anti Utang in Indonesiaboth campaigned against ‘illegitimate debt’. In May 1998, 70,000Jubilee 2000 supporters formed a human chain around the G8 summitin Birmingham, UK and – as politicians inside the meeting laterconfirmed – forced debt onto the summit agenda, which culminatedin the Enhanced HIPC programme a year later. Global campaigningby Make Poverty History and the Global Call to Action against Povertyachieved a similar breakthrough at the G8 summit in Scotland in2005. Each time, governments swore that the latest debt relief initiativewould be the last. Luckily, citizens refused to believe them and, whenthe plight of debtor nations failed to improve, continued to campaignfor more.Naturally, creditors continued to try to set the terms of thenegotiations, but effective states proved themselves able to negotiatebetter terms. Argentina played hardball with the IMF and other creditorsafter its 2002 crisis, and was thus able to rebuild its economy atrecord speed.With HIPC, the creditors began to break new ground by actuallywriting off debts, rather than simply rescheduling them; by includingmultilateral, rather than just bilateral, debt; by dividing relief equitablyamong creditors; and, in the Enhanced HIPC initiative, by basing debtrelief on a ‘poverty reduction strategy’ drawn up by the government inconsultation with civil society (see page 301). The most recent incarnation,the MDRI, has gone still further by offering full cancellation ofcountries’ debts to the IFIs incurred up to certain dates, a limitedapplication of the ‘100 per cent cancellation’ that campaigners hadlong called for and which creditors had long claimed was impossible.Serious concerns remain about both the HIPC and the MDRI, notleast the extent to which they have entrenched the force of, in particular,IMF conditions. Countries must comply with these to get debt relief,which forces them to spend years implementing painful structuraladjustment policies in order to access the debt cancellation that waspromised to them as a solution to an urgent crisis. This is connected tothe fact that the HIPC and the MDRI are designed, implemented, andmonitored by the IFIs, with creditors treated as generous benefactors307
FROM POVERTY TO POWER– rather than those responsible for often irresponsible or self-interestedlending that contributed to the crisis in the first place – and debtors aserrant children who need to behave.Nonetheless, debt relief has translated into big money. The totaldebt relief for the 22 countries that had completed HIPC by mid-2007is estimated to be worth $70.7bn in today’s money, combining agreementswith multilateral institutions and bilateral and commercialcreditors. Because it directly frees up funds for governments to spendover many years, debt relief is a very efficient form of aid: the additionaldebt relief agreed in 2005 provided these countries with an estimated$1.3bn of extra funds in 2007 alone. 27It should be remembered, however, that debt relief is oftendwarfed by the amount that poor countries have already paid on theseloans. In 2004, the Nigerian government reported that the countryhad had original loans of $17bn, had repaid $18bn, and still owed$34bn. Its much-trumpeted 2005 debt-relief deal finally led to significantdebt cancellation, but the deal required the country to make adown payment of a further $12bn. 28Indebted countries face new threats in the shape of so-called‘vulture funds’. In 1999, as Zambia was trying to negotiate clearance ofthe debt it owed to Romania, a company called Donegal International,registered in the tax haven of the British Virgin Islands, swooped inand bought up the debt – then valued at around $30m with accruedinterest – for a knockdown price of $3.3m. The company then suedZambia in the UK courts for the full amount of the debt,plus compoundinterest, demanding a staggering $55m in total. In the end the judgeordered the Zambian government to hand over $15.5m.So far at least 40 such lawsuits have been launched by vulture fundsagainst highly indebted poor countries, and many of them are stilloutstanding. The debts known to be subject to litigation amount to$1.9bn. The bad news is that, in many cases, the law is on the side of thevulture funds: $991m has been awarded so far.A few major corporations have attempted similar legal arm-twisting.In 2003 the Big Food Group, at that time owner of the UK-basedIceland supermarket chain and other companies, sued Guyana forover £12m, only to drop the case after an outcry by UK NGOs.308
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OXFAM INTERNATIONALOxfam Internatio
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First published by Oxfam Internatio
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PART 4 RISK AND VULNERABILITY 197Li
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LIST OF ACRONYMSAIDSARTARVASEANAUCA
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ACKNOWLEDGEMENTSThe word ‘editor
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FOREWORDGeorge Bernard Shaw argued
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FOREWORDThis book, which I hope wil
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PART ONE
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1 INTRODUCTION THE UNEQUAL WORLDEnd
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1 INTRODUCTION THE UNEQUAL WORLDExt
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1 INTRODUCTION THE UNEQUAL WORLDPOV
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1 INTRODUCTION THE UNEQUAL WORLDSuc
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1 INTRODUCTION THE UNEQUAL WORLDACT
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1 INTRODUCTION THE UNEQUAL WORLDpeo
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1 INTRODUCTION THE UNEQUAL WORLDcom
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PART TWOThe political roots of deve
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2 POWER AND POLITICS THE POLITICAL
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2 POWER AND POLITICS THE POLITICAL
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I HAVE RIGHTS, THEREFORE I AMThe hi
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2 POWER AND POLITICS I HAVE RIGHTS,
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FROM POVERTY TO POWERThe attitudes
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FROM POVERTY TO POWERJain: ‘A man
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FROM POVERTY TO POWERI READ, THEREF
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FROM POVERTY TO POWEREven where pub
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FROM POVERTY TO POWERplayed a pivot
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FROM POVERTY TO POWERDespite some p
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FROM POVERTY TO POWERof sub-Saharan
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FROM POVERTY TO POWERIn water servi
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FROM POVERTY TO POWERI SURF, THEREF
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FROM POVERTY TO POWERDespite the hy
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FROM POVERTY TO POWERresearch effor
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FROM POVERTY TO POWERWE ORGANISE, T
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FROM POVERTY TO POWERreinforce disc
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FROM POVERTY TO POWERThe bedrock of
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FROM POVERTY TO POWERwith imperviou
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FROM POVERTY TO POWERgovernments an
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FROM POVERTY TO POWERCASE STUDYand
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FROM POVERTY TO POWERI OWN, THEREFO
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FROM POVERTY TO POWER‘breathe lif
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FROM POVERTY TO POWERLAND REFORM‘
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FROM POVERTY TO POWERled to the cou
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FROM POVERTY TO POWERthese things.
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FROM POVERTY TO POWERwhile Benin an
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FROM POVERTY TO POWERWhere flawed d
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FROM POVERTY TO POWERstarted to att
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FROM POVERTY TO POWERI STEAL, THERE
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FROM POVERTY TO POWERTHE CURSE OF W
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FROM POVERTY TO POWERI RULE, THEREF
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FROM POVERTY TO POWERthe turn of th
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FROM POVERTY TO POWERBOX 2.2ARE EFF
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FROM POVERTY TO POWER‘embedded au
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FROM POVERTY TO POWERIn the face of
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FROM POVERTY TO POWERcost incurred
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FROM POVERTY TO POWERIn the Horn of
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FROM POVERTY TO POWERFROM POVERTY T
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FROM POVERTY TO POWER106
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FROM POVERTY TO POWERAN ECONOMICS F
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FROM POVERTY TO POWERpicture it off
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FROM POVERTY TO POWERthe work of wo
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FROM POVERTY TO POWERWhile the envi
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FROM POVERTY TO POWERcan be broaden
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FROM POVERTY TO POWERbut are largel
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FROM POVERTY TO POWERaltogether. Ru
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FROM POVERTY TO POWERFIGURE 3.2: MO
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FROM POVERTY TO POWERin their relat
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FROM POVERTY TO POWERliving from lo
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FROM POVERTY TO POWERenvironments.
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FROM POVERTY TO POWERthem farming o
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FROM POVERTY TO POWERThe jury is al
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FROM POVERTY TO POWERor credit to i
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FROM POVERTY TO POWERplanned mill.
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FROM POVERTY TO POWERto begin with.
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FROM POVERTY TO POWERprogrammes (SA
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FROM POVERTY TO POWERfertilisers to
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FROM POVERTY TO POWERDomestic and r
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FROM POVERTY TO POWERHOW CHANGE HAP
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FROM POVERTY TO POWERTHE CHANGING W
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FROM POVERTY TO POWERThe nature of
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FROM POVERTY TO POWERNOBODY’S FOR
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FROM POVERTY TO POWERFordist mass p
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FROM POVERTY TO POWERand Palau have
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FROM POVERTY TO POWERA similar situ
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FROM POVERTY TO POWERMany unions ha
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FROM POVERTY TO POWERBOX 3.5INDIA
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FROM POVERTY TO POWERrather than di
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FROM POVERTY TO POWEROne trade agre
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FROM POVERTY TO POWERPRIVATE SECTOR
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FROM POVERTY TO POWERothers see the
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FROM POVERTY TO POWERlocal producer
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FROM POVERTY TO POWERWhile China’
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FROM POVERTY TO POWERcountries rock
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FROM POVERTY TO POWERLocal NGOs and
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FROM POVERTY TO POWERbetter off eve
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FROM POVERTY TO POWERTwenty years o
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FROM POVERTY TO POWERcompanies (for
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FROM POVERTY TO POWERhigh- and midd
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FROM POVERTY TO POWERtheir comparat
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FROM POVERTY TO POWERchange is such
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FROM POVERTY TO POWERCASE STUDYThe
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FROM POVERTY TO POWERseason, or whe
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FROM POVERTY TO POWERLIVING WITH RI
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FROM POVERTY TO POWERInsecurity and
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FROM POVERTY TO POWERand withstand
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FROM POVERTY TO POWERcomprehensive
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FROM POVERTY TO POWERFIGURE 4.2: CA
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FROM POVERTY TO POWER(although deli
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FROM POVERTY TO POWERfailure, notab
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FROM POVERTY TO POWERhave a dignifi
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FROM POVERTY TO POWERStandard beare
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FROM POVERTY TO POWERWhile more exp
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FROM POVERTY TO POWERCASE STUDYtwo
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FROM POVERTY TO POWERFINANCE AND VU
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FROM POVERTY TO POWERas the insuran
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FROM POVERTY TO POWERHUNGER AND FAM
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FROM POVERTY TO POWERfirewood for s
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FROM POVERTY TO POWERthe 1973 droug
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FROM POVERTY TO POWERA human securi
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FROM POVERTY TO POWERof the Black D
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FROM POVERTY TO POWEREveryone has a
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FROM POVERTY TO POWERstate-of-the-a
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FROM POVERTY TO POWER24-hour advice
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FROM POVERTY TO POWERTherefore when
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FROM POVERTY TO POWERgovernment to
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FROM POVERTY TO POWERwhether in the
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FROM POVERTY TO POWERIn regions pro
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FROM POVERTY TO POWERThe key to suc
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FROM POVERTY TO POWERBOX 4.5:CUBA V
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FROM POVERTY TO POWERdisaster-drive
Page 273 and 274: FROM POVERTY TO POWERIn enhancing h
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Page 277 and 278: FROM POVERTY TO POWERIn Africa’s
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Page 281 and 282: FROM POVERTY TO POWERcommunity and
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Page 303 and 304: FROM POVERTY TO POWERSHOCKS AND CHA
Page 305 and 306: FROM POVERTY TO POWERMajor changes
Page 307 and 308: FROM POVERTY TO POWERpassed from be
Page 309 and 310: FROM POVERTY TO POWERWHO RULES THE
Page 311 and 312: FROM POVERTY TO POWERPowerful state
Page 313 and 314: FROM POVERTY TO POWERThroughout the
Page 315 and 316: FROM POVERTY TO POWERinflationary p
Page 317 and 318: FROM POVERTY TO POWERWhen critics r
Page 319 and 320: FROM POVERTY TO POWERFund now both
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Page 329 and 330: FROM POVERTY TO POWER• Sudden inf
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Page 333 and 334: FROM POVERTY TO POWERto reduce the
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Page 337 and 338: FROM POVERTY TO POWERPatents: Intel
Page 339 and 340: FROM POVERTY TO POWERdumping on wor
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Page 343 and 344: FROM POVERTY TO POWERprotectionism
Page 345 and 346: FROM POVERTY TO POWERThe vast major
Page 347 and 348: FROM POVERTY TO POWERPrices for som
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Page 351 and 352: FROM POVERTY TO POWERborder, or at
Page 353 and 354: FROM POVERTY TO POWERBOX 5.1MIGRANT
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Page 357 and 358: FROM POVERTY TO POWERFor example, q
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Page 361 and 362: FROM POVERTY TO POWERIn the Uruguay
Page 363 and 364: FROM POVERTY TO POWERlong-term deve
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Page 367 and 368: FROM POVERTY TO POWERUN Global Comp
Page 369 and 370: FROM POVERTY TO POWERThe drivers of
Page 371 and 372: FROM POVERTY TO POWERMore broadly,
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FROM POVERTY TO POWERThe heightened
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FROM POVERTY TO POWERThe aid optimi
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FROM POVERTY TO POWERThe aid optimi
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FROM POVERTY TO POWERand 2006/07, f
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FROM POVERTY TO POWERgovernment dow
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FROM POVERTY TO POWERpractice, but
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FROM POVERTY TO POWERWithholding ai
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FROM POVERTY TO POWER1950s and 1960
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FROM POVERTY TO POWERchanged. Simil
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FROM POVERTY TO POWERremain in the
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FROM POVERTY TO POWERand the UN pro
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FROM POVERTY TO POWERA decade on, t
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FROM POVERTY TO POWERCASE STUDYFebr
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FROM POVERTY TO POWERTHE INTERNATIO
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FROM POVERTY TO POWERThe humanitari
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FROM POVERTY TO POWERThe wrong kind
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FROM POVERTY TO POWERlead agencies
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FROM POVERTY TO POWERgovernment in
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FROM POVERTY TO POWERThe only probl
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FROM POVERTY TO POWERopportunity is
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FROM POVERTY TO POWERREFUGEESPeople
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FROM POVERTY TO POWERWest African S
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FROM POVERTY TO POWERdrivers of con
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FROM POVERTY TO POWERCASE STUDYgrou
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FROM POVERTY TO POWERCLIMATE CHANGE
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FROM POVERTY TO POWERwithout heavy
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FROM POVERTY TO POWERunless the wor
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FROM POVERTY TO POWERcap the aspira
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FROM POVERTY TO POWERreduce the qua
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FROM POVERTY TO POWERThe CDM is bes
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FROM POVERTY TO POWERAccused variou
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FROM POVERTY TO POWERemissions by 8
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FROM POVERTY TO POWERBangladesh and
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FROM POVERTY TO POWERGLOBAL GOVERNA
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FROM POVERTY TO POWERNew Zealand wa
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FROM POVERTY TO POWERA NEW DEAL FOR
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FROM POVERTY TO POWER430
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FROM POVERTY TO POWERHow change hap
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FROM POVERTY TO POWER• Family str
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FROM POVERTY TO POWERTHE DYNAMICS O
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FROM POVERTY TO POWERseeking change
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FROM POVERTY TO POWERWithin many de
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FROM POVERTY TO POWERSecond, becaus
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FROM POVERTY TO POWER15 For a more
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FROM POVERTY TO POWER41 WaterAid (2
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FROM POVERTY TO POWER121 UNDP (2007
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FROM POVERTY TO POWER46 R. Offenhei
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FROM POVERTY TO POWER106 M. Rama (2
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FROM POVERTY TO POWER172 P. Chaudhr
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FROM POVERTY TO POWER37 FAO (2007).
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FROM POVERTY TO POWER94 IPCC (2007)
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FROM POVERTY TO POWER155 UN OCHA (2
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FROM POVERTY TO POWER34 UN (2006)
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FROM POVERTY TO POWER101 M. Chen (2
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FROM POVERTY TO POWER168 D. Rodrik
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FROM POVERTY TO POWER215 UN Framewo
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FROM POVERTY TO POWERBIBLIOGRAPHYAc
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FROM POVERTY TO POWERBoko, M., I. N
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FROM POVERTY TO POWERCiconello, A.
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FROM POVERTY TO POWERDFID (2005)
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FROM POVERTY TO POWERGaleano, E. (1
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FROM POVERTY TO POWERHopkins Leishe
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FROM POVERTY TO POWERKeynes, J.M. (
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FROM POVERTY TO POWERMoran, T. (200
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FROM POVERTY TO POWEROxfam Intermó
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FROM POVERTY TO POWERRama, M. (2003
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FROM POVERTY TO POWERStockbridge, M
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FROM POVERTY TO POWERUNESCO (2007)
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FROM POVERTY TO POWERWorld Bank (20
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FROM POVERTY TO POWEROxfam Australi
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FROM POVERTY TO POWERGLOSSARYAccoun
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FROM POVERTY TO POWEREffective stat
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FROM POVERTY TO POWERNeoclassicalec
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FROM POVERTY TO POWERINDEXPage numb
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FROM POVERTY TO POWERfinancial inst
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FROM POVERTY TO POWER303, 304, 305,
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FROM POVERTY TO POWERgrowth 114, 18
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FROM POVERTY TO POWERIndia:access t
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FROM POVERTY TO POWERJapan:climate
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FROM POVERTY TO POWERPacific region
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FROM POVERTY TO POWERtransnational
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FROM POVERTY TO POWER241; human sec
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