The World Bank was created in the aftermath of World War II with the intention of helping all countries in Europe rebuild in a positive and prosperous manner. Since this time, the World Bank has undergone many changes and refocused its strategies for development. Today, the World Bank takes part in hundreds of development projects in almost every country in the world. As the international community's largest lender, the World Bank has become a powerful entity working to improve living conditions in all developed and developing nations. Through the projects undertaken by this organization, governments of developing nations all across the globe have been able to receive the financial support that they need to advance their social and economic development.
Despite the fact that the World Bank appears to have altruistic motives for advancing the development of Third World countries research into the policies and practices used by the World Bank seems to suggest that there are significant problems that may actually promulgate financial hardship for developing nations.
[...] Considering first of the specific body like the programs that are operated by the World Bank, the organization notes that: The World Bank's two closely affiliated entities—the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA)—provide low or no interest loans and grants to countries that have unfavorable or no access to international credit markets. Unlike other financial institutions, we do not operate for profit. The IBRD is market-based, and we use our high credit rating to pass the low interest we pay for money on to our borrowers—developing countries. [...]
[...] According to the World Bank, the Millennium Development Goals have been established for the purposes of both improving life for citizens in developing nations and as a means to quantify the progress of developing nations over the course of time.[xii] Reviewing the specific development indicators that are currently being utilized by the World Bank organization, the following are seen as the most important outcomes for the MDG initiative: To cut half the number of people whose income is less than per day. [...]
[...] The World Bank and Crimes of Globalization: A Case Study. Social Justice (2002): 13-36. “Good intentions, road to Economist, 337(7935). (1995): 91-92. Hilson, Gavin M. “Structural adjustment in Ghana: Assessing the impacts of mining sector reform.” Africa Today, (2004): 52-57. “History.” The World Bank. . Accessed March at:
[...] Additionally, by establishing or equity in the overall organization, the World Bank would be able to ensure that all of its future policies are fully focused on the development of altruism in the international community. In spite of the fact that there is notable reason for the World Bank to consider the specific issues for reform, researchers have noted that the organization remains steadfast in its position to provide financial and social service to the international community. In particular, it has been noted that the World Bank currently operates in a precarious state as significant changes in social or economic discourse in any given country can have a detrimental impact on the ability of the World Bank to function effectively. [...]
[...] Specifically, the critics argue that developing nations covered under PRSPs do not accurately define poverty, making it difficult for analysts to effectively identify the number of citizens living in poverty.[xxx] Proposed Changes to the World Bank With the realization that the World Bank currently has a number of policies in place that are a detriment to the overall development of Third World countries, experts exhibiting these issues have argued that there is some room for reform is the organization. The most notable reforms that have been presented by scholars include: Giving underdeveloped countries the ability to engage in decision-making processes that will impact the policies adopted in a specific country. [...]
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