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From Poverty to Power Green, Oxfam 2008 - weman

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GLOSSARYStructuraladjustmentprogrammeSustainabledevelopmentTerms of tradeTransfer pricingVulnerabilityVulture fundWashing<strong>to</strong>nConsensusIn the 1980s and 1990s, SAPs were agreed betweenmany developing-country governments and theWorld Bank and the International Monetary Fund.In return for economic assistance, countries werefrequently forced <strong>to</strong> accept conditions of economicrestructuring that undermined their social servicesand their ability <strong>to</strong> develop viable industrial oragricultural sec<strong>to</strong>rs of their own.Defined by the Brundtland Report of 1987 as‘development that meets the needs of the presentwithout compromising the ability of futuregenerations <strong>to</strong> meet their own needs’.Economic term describing the rate of exchangebetween different kinds of goods, such as rawmaterials and manufactured goods; presented, forexample, as the number of bags of coffee or barrelsof oil needed <strong>to</strong> buy a truck.A manoeuvre used by transnational corporations <strong>to</strong>minimise their tax liability. It involves either underorover-charging for trade within different companyaffiliates <strong>to</strong> reduce the amount of tax liable in aparticular jurisdiction.The reduced ability of communities or households <strong>to</strong>cope either with personal stresses such as death in thefamily, sickness, robbery, eviction, or the loss of a jobor a crop, or a major event such as a drought or aconflict that affects the whole community.A private company that buys the debt of a developingcountrygovernment at a low price, and then attempts<strong>to</strong> sue the government for the full amount, plusinterest.Economic orthodoxy embraced by economists,politicians, and institutions such as the World Bankand the International Monetary Fund in the 1980sand 1990s. It held that developing countries couldsolve their economic problems by curbing inflation,reducing the power of the state, and unleashingmarket forces. It led <strong>to</strong> market liberalisation and theimplementation of structural adjustment programmesin dozens of developing countries, oftenwith negative outcomes for development.505

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