Author | John Perkins |
---|---|
Language | English |
Publisher | Berrett-Koehler Publishers |
Publication date | 2004 |
Pages | 250 |
ISBN | 0-452-28708-1 |
OCLC | 55138900 |
Confessions of an Economic Hit Man is a semi-autobiographical book written by American economist and essayist John Perkins, first published in 2004. [1] [2] [3]
The book provides Perkins' account of his career with engineering consulting firm Chas. T. Main in Boston. Perkins claims that the NSA arranged for him to be hired by the firm, and that he was subsequently seduced and trained as an "economic hitman" by a businesswoman named Claudine Martin, who worked for Chas. T. Main. Perkins writes that his primary role at Chas T. Main was to convince leaders of underdeveloped countries to accept substantial development loans for large construction and engineering projects, thus trapping them in a system of American influence and control.
The book was a commercial success, but critics expressed doubts about the accuracy and validity of claims Perkins made in the book. Perkins was referred to as a conspiracy theorist by one reviewer, while a number of former colleagues at Chas T. Main disputed or disagreed with some of his allegations. Several reviewers discussed a lack of documentation or verification for Perkins' claims.
The book provides Perkins' account of his career with engineering consulting firm Chas. T. Main in Boston. Perkins claims the involvement of the National Security Agency (NSA), with whom he had interviewed for a job prior to joining Main. According to the author, this interview effectively constituted an independent screening that led to his subsequent hiring as an 'economic hit man' by Einar Greve, [4] vice president of the firm (and alleged NSA liaison). Perkins claims that he was seduced and trained as an "economic hitman" by a Chas. T. Main businesswoman named Claudine Martin, who used his NSA personality profile to manipulate and control him. [5]
According to Perkins, his job at the firm was to convince leaders of underdeveloped countries to accept substantial development loans for large construction and engineering projects. Ensuring that these projects were contracted to U.S. companies, such loans provided political influence for the US and access to natural resources for American companies, [1] : 15, 239 thus primarily helping local elites and wealthy families, rather than the poor.
The book heavily criticizes U.S. foreign policy and the notion that "all economic growth benefits humankind, and that the greater the growth, the more widespread the benefits." [1] : xii Perkins suggests that, in many cases, only a small portion of the population benefits at the expense of the rest, pointing to, as an example, an increase in income inequality, whereby large U.S. corporations exploit cheap labor, and oil companies destroy local environments. [1] : xii
Perkins describes what he calls a system of corporatocracy and greed as the driving forces behind establishing the United States as a global empire, in which he took a role as an "economic hit man" to expand its influence. In this capacity, Perkins recounts his meetings with some prominent individuals, including Graham Greene and Omar Torrijos. Perkins describes the role of an economic hit man as follows:
Economic hit men (EHMs) are highly paid professionals who cheat countries around the globe out of trillions of dollars. They funnel money from the World Bank, the U.S. Agency for International Development (USAID), and other foreign "aid" organizations into the coffers of huge corporations and the pockets of a few wealthy families who control the planet's natural resources. Their tools included fraudulent financial reports, rigged elections, payoffs, extortion, sex, and murder. They play a game as old as empire, but one that has taken on new and terrifying dimensions during this time of globalization. [6]
Although "the veracity of some of his dreamier contentions" has been questioned, the book did well in terms of sales, placing on the best-seller lists of both the New York Times and Amazon. The New York Times wrote that Perkins' book followed "a rich literary tradition, spanning more than 80 years, of corporate insiders writing books in a confessional vein that puncture the secretive, less seemly aspects of their professions". [7]
Columnist Sebastian Mallaby of The Washington Post wrote "This man is a frothing conspiracy theorist, a vainglorious peddler of nonsense, and yet his book, Confessions of an Economic Hit Man, is a runaway bestseller." [8] Mallaby said that Perkins' conception of international finance is "largely a dream" and that his "basic contentions are flat wrong" because "the poor don't always lose" when developing countries borrow money. Mallaby wrote that Indonesia reduced its infant mortality and illiteracy rates by two-thirds after economists persuaded its leaders to borrow money in 1970. He also disagrees with Perkins' statement that 51 of the top 100 world economies belong to companies. [8]
A press release issued by the U.S Department of State (DOS), said there was a lack of documentary or testimonial evidence to corroborate Perkins's statement that the NSA was involved in his hiring by Chas T. Main. The DOS release stated that the NSA "is a cryptological (codemaking and codebreaking) organization, not an economic organization" and that its missions do not involve "anything remotely resembling placing economists at private companies in order to increase the debt of foreign countries." [9]
Economic historian Niall Ferguson discusses some of Perkins's statements in the 2008 book The Ascent of Money (2008). According to Perkins, the leaders of Ecuador (President Jaime Roldós Aguilera) and Panama (General Omar Torrijos) were assassinated by U.S. agents for opposing the interests of the owners of their countries' foreign debt. Both men died in air-plane crashes in 1981. According to Ferguson, Perkins's allegations "seems a little odd." [10] Ferguson wrote that, in the 1970s, the amount of money that the US had lent to Ecuador and Panama accounted for less than 0.4% of the total U.S. grants and loans, while in 1990, exports from the US to those countries accounted for approximately 0.4% of total U.S. exports (approx. US$8 billion). Ferguson contends those "do not seem like figures worth killing for." [10]
BostonMagazine wrote that, when asked for evidence for his statements, Perkins produced "a "flimsy package of materials", including an article related to Chas. T. Main's former vice president, Einar Greve. [11] Greve, who first offered Perkins a job at the firm, [1] : 10 agreed that foreign debt represented a poor economic strategy for developing nations: [12]
Basically his story is true.… What John's book says is, there was a conspiracy to put all these countries on the hook, and that happened. Whether or not it was some sinister plot or not is up to interpretation, but many of these countries are still over the barrel and have never been able to repay the loans.
Greve said that he knew no one from the NSA and that Perkins "has convinced himself that a lot of this stuff is true". [11] Frank Fullerton, one of Perkins' supervisors at MAIN, said that Perkins left Chas T. Main because he "thought he was worth more than he was." [11]
Perkins continued with writing four other books on the 'economic hit man' topic, focusing on other aspects:
In 2009, Stelios Kouloglou directed a Greek–U.S. co-produced documentary titled Confessions of an Economic Hit Man, featuring interviews with Perkins filmed between 2007 and 2008. The film was shown at movie festivals around the United States.
David C. Korten is an American author, former professor of the Harvard Business School, political activist, prominent critic of corporate globalization, and "by training and inclination a student of psychology and behavioral systems". His best-known publication is When Corporations Rule the World. In 2011, he was named an Utne Reader visionary.
Chuck Collins is an American author and a senior scholar at the Institute for Policy Studies in Washington, DC, where he directs the Program on Inequality and the Common Good. He is also co-founder of Wealth for Common Good. He is an expert on economic inequality in the US, and has pioneered efforts to bring together investors and business leaders to speak out publicly against corporate practices and economic policies that increase economic inequality.
Sir Niall Campbell FergusonFRSE is a Scottish–American historian who is the Milbank Family Senior Fellow at the Hoover Institution and a senior fellow at the Belfer Center for Science and International Affairs at Harvard University. Previously, he was a professor at Harvard University, the London School of Economics, New York University, a visiting professor at the New College of the Humanities, and a senior research fellow at Jesus College, Oxford. He was a visiting lecturer at the London School of Economics for the 2023/24 academic year and at Tsinghua University, China in 2019–20. He is a co-founder of the University of Austin, Texas.
Thomas Carl Hartmann is an American radio personality, author, businessman, and progressive political commentator. Hartmann has been hosting a nationally syndicated radio show, The Thom Hartmann Program, since 2003 and hosted a nightly television show, The Big Picture, between 2010 and 2017.
John Perkins is an American author. His best known book is Confessions of an Economic Hit Man (2004), in which Perkins describes playing a role in a process of economic colonization of Third World countries on behalf of what he portrays as a cabal of corporations, banks, and the United States government. The book's claims were contested by some involved parties. The book spent more than 70 weeks on the New York Times bestseller list.
Margaret (Meg) Wheatley is an American writer, teacher, speaker, and management consultant who works to create organizations and communities worthy of human habitation. She draws from many disciplines: organizational behavior, chaos theory, living systems science, ancient spiritual traditions, history, sociology, and anthropology.
Chas. T. Main Inc. was an engineering company of the United States founded in 1893 and specialized in power generation—mainly hydroelectric power. In 1985, the company was bought by Parsons Corporation.
A financial crisis is any of a broad variety of situations in which some financial assets suddenly lose a large part of their nominal value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and many recessions coincided with these panics. Other situations that are often called financial crises include stock market crashes and the bursting of other financial bubbles, currency crises, and sovereign defaults. Financial crises directly result in a loss of paper wealth but do not necessarily result in significant changes in the real economy.
Simon Anholt is an independent policy advisor who has worked to help develop and implement strategies for enhanced economic, political and cultural engagement with other countries.
Economic diplomacy is a form of diplomacy that uses the full spectrum of economic tools of a state to achieve its national interests. The scope of economic diplomacy can encompass all of the international economic activities of a state, including, but not limited to, policy decisions designed to influence exports, imports, investments, lending, aid, free trade agreements, among others.
The Panic of 1847 was a major British commercial and banking crisis, possibly triggered by the announcement in early March 1847 of government borrowing to pay for relief to combat the Great Famine in Ireland. It is also associated with the end of the 1840s railway industry boom and the failure of many non-bank lenders. The crisis was composed of two phases, one in April 1847 and one in October 1847, which was more serious and known as 'The Week of Terror'.
Charles Derber is an American Professor of Sociology at Boston College. His work focuses on the crises of capitalism, globalization, corporate power, neo-fascism, American militarism, the culture of hegemony, the climate crisis, and the new peace and global justice movements.
Kenneth Hartley Blanchard is an American author, business consultant and motivational speaker who has written more than 70 books, most of which were co-authored. His most successful book, The One Minute Manager, has sold more than 15 million copies and been translated into many languages. He is the co-creator with Dr. Paul Hersey of Situational Leadership, a theory they developed while working on the textbook Management of Organizational Behavior.
Barbara "BJ" Gallagher Hateley is an author and speaker who lives in Los Angeles, California. She writes business books, women's books, gift books, and children's books.
The Ascent of Money: A Financial History of the World is a 2008 book by then-Harvard professor Niall Ferguson, and an adapted television documentary for Channel 4 (UK) and PBS (US), which in 2009 won an International Emmy Award. It examines the long history of money, credit, and banking.
Sebastian Christopher Peter Mallaby is an English journalist and author, Paul A. Volcker senior fellow for international economics at the Council on Foreign Relations (CFR), and contributing columnist at The Washington Post. Formerly, he was a contributing editor for the Financial Times and a columnist and editorial board member at The Washington Post.
On July 31, 1981, a de Havilland Canada DHC-6 Twin Otter of the Panamanian Air Force crashed in Marta Hill, in the community of Coclesito, in adverse weather conditions while on its final approach to Coclesito airport. All seven people on board, including General Omar Torrijos Herrera, who led the country's military dictatorship between 1968 and 1981, were killed.
John Izzo is a businessman, corporate advisor, speaker, bestselling author and an advocate for sustainable living. He is an adjunct professor at the University of British Columbia where he is a co-founder of Blueprint''. He writes and speaks about the "World of work". Izzo is the author of nine books.
Debt-trap diplomacy is a term to describe an international financial relationship where a creditor country or institution extends debt to a borrowing nation partially, or solely, to increase the lender's political leverage. The creditor country is said to extend excessive credit to a debtor country with the intention of extracting economic or political concessions when the debtor country becomes unable to meet its repayment obligations. The conditions of the loans are often not publicized. The borrowed money commonly pays for contractors and materials sourced from the creditor country.
Transaction Man: The Rise of the Deal and the Decline of the American Dream is a non-fiction book which chronicles the role of corporations in relation to the American economy and shifts in public policy by Nicholas Lemann, who is a veteran journalist and a The New Yorker staff writer.
{{cite book}}
: CS1 maint: location missing publisher (link)