Neocolonialism: The Role of the IMF and World Bank
Neo-colonialism is a term that emerged after World War II, first coined by Kwame Nkrumah, the former president of Ghana. In Post-Colonial Studies: The Key Concepts, Ashcroft et al. note, “Nkrumah argued that neocolonialism was more insidious and more difficult to detect and resist than the direct control exercised by classic colonialism.” This idea highlights the ongoing influence former colonial powers wield over their previous colonies, perpetuating cycles of dominance. The concept gained traction in scholarly discourse as researchers examined how colonialism, rather than vanishing, continued in disguised forms. As stated in “Introduction to a Critical Response to Neocolonialism”, no one could claim that colonialism has passed away. Instead, its legacy manifests through economic, political, and cultural mechanisms that maintain control over developing nations. The continuation of colonial practices under a new guise aligns with the widely accepted definition of neocolonialism: “It is the continuity of colonialism.”
Historically, neocolonialism can be understood as a coalition of former colonial powers and other developed nations working to impede the progress of developing countries. It closely aligns with the Cold War era and policies like the Truman Doctrine. Additionally, transnational corporations and multilateral institutions often act as vehicles for neocolonial influence, exploiting the resources of less developed nations. International financial institutions such as the International Monetary Fund (IMF) and the World Bank are frequently criticized for enabling neocolonial practices. For instance, the Filipino-American War exemplifies this dynamic, as the United States intervened in the Philippines without its consent, imposing control over the region. Kwame Nkrumah’s book © The Spine Times
