The Action of the World Bank: Has it helped promote the development of assisted countries?
- Eisenhower administration
- Eisenhower's mandatory
- Mutually Assured Destruction (M.A.D.)
During the last decade, the integration of developing countries on the path of globalization has faced financial crises, the increasing burden of external debt and impoverishment. The primary financiers of the "developing" world are the World Bank and the IMF, but they are increasingly being blamed for the failures of development. International financial institutions such as World Bank and IMF are at the heart of these contradictions and other criticisms.
The World Bank is the most powerful bank in the world. Today it is the holder of the fantastic intellectual monopoly on development. It wants to secure the Third World market rules in the belief that the hard facts of history and geography have a smaller role in the destiny of their country's economic choices. Financial crises are undermining the financial orthodoxy. The paranoiac debt of some countries, aid crises, and the declining economic difficulties of countries revising their official development assistance, are landmarks of the 2000s which saw the South facing a new turmoil born of globalization.
From its inception in 1944 to the early 80s, the Bank helped first to rebuild Europe ravaged by the impact of the 2nd GM, before taking an interest in the stage of decolonization, to the implementation of projects within the Third World such as the construction of dams, rehabilitation of areas devastated. But at the turn of the 80s, the WB has changed its objective: it has decided pl ay a role with respect to the Council of Ministers and to set conditions (as too hard) against the money it lends.
This true empowerment can now control the WB government spending states. Bank hustled and state sovereignty, these countries supported. We will see that the WB has over time divided into two institutions: the IBRD dealing with middle-income countries and the IDA of the poorest countries without access to capital. Faced with often tragic consequences of the drastic structural adjustment plans in place in the 80's, international financial institutions, World Bank head (and that is the subject of special analysis in this paper), had to find a new socio-economic approach, by adopting such a policy to fight against poverty a priority.
IMF policies with respect to the World Bank (the two institutions born of the Bretton Woods Conference) are, for some years, subject to strong criticism, both by reformers as preservatives, relayed by NGOs, new players have emerged on the international economic scene, but also by the South, seeking more and more insistent reform.
The concept of development is at the heart of the subject; although Barber Conable, former president of the World Bank said in April 1990, "Development is our business at the World Bank," the action of the World Bank has helped to promote developing countries help them.
At its inception, Keynes exclaimed: "This is the first attempt to combine meticulous and detailed the benefits of free trade with safeguards against the disastrous consequences of a system of "laissez-faire" that does no directly account to the preservation of balance and is based simply on the possible operation of blind forces.?
Tags: World Bank, IMF, financial crises, socio-economic approach, development