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.
The high living standard of industrialized countries require extensive violence on the part of regimes of developing countries to gear their capital, soil and labour to the interests of developed countries. The economic repression is exercised by privileged regimes, but it is caused by the excessive consumption of the developed countries.
The burden of solving the debt crisis has been disproportionately borne by the debtor countries and within the debtor countries, particularly by the lower-income group. Neither the lending institutions nor the Governments of the creditor countries have assumed sufficient responsibility for the financial imbalances caused by excessive ending at high real rates of interest at a time of slower growth in the volume of world trade.