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The World Bank: its origin, mandates and its structure

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Founded in 1944, the World Bank was originally a single institution. Today there are five development agencies working closely together. While initially, the Bank was responsible for supporting the process of reconstruction and development after the war, (hence the name IBRD -International Bank for Reconstruction and Development), it is now aimed at fighting against world poverty.

This first report therefore aims to present the World Bank, wondering why such an institution was set up and how it works. It aims to understand how the new economic order after the war has demanded the establishment of a new institution capable of meeting the economic challenges, and how, in contemporary times, it is mandated and structured to cope.

This report will be mainly based on the Guide to the World Bank published in 2005, to better understand how the World Bank defends its program of activities. The background and discussions that gave birth to the World Bank.

One must understand the origin of the Bretton Woods conference before the stock market crash of 1929. Indeed, this is what caused the explosion of the gold exchange standard system, and each country had to resort to protectionist measures to try to get out of this crisis. It is these policies that are inconsistent to a U.S. economic recession and the global economic downturn continues.

To reduce the deficit of trade balance, the states were quick to devalue their currencies, but it leads to deflationary spirals that result in lower revenues and therefore in consumption, rising unemployment and therefore a general decline in world trade. That is why at the end of the war, the United States began to think about a new economic system.

Yet in 1944, the United States set up the Bretton Woods conference to establish a new international monetary system, allowing a solid framework for reconstruction and economic expansion, the U.S. and the dollar became the pillars of this system, as once were the British and the book before the First World War.

So in July 1944, 700 delegates representing not less than 44 states went to Bretton Woods in United States as part of the Monetary and Financial Conference of the United Nations. It was while addressing the problem of reconstruction of Europe that they also began to address some important issues such as monetary instability in exchange rates and the protectionist practices that were destabilizing the global economy.

The World Bank is the result of the struggle between two economic visions of the world and at the same time the idea of peace through the market, the United States is convinced that Europe must quickly get back up if it does not want to have another major crisis between the European states.

Tags : World Bank; origins, structure; mandates of the bank

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