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A critical evaluation of the World Bank’s policy towards developing nations

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  1. Introduction
  2. World Bank as a specialized agency
  3. The beneficiaries of the World Bank
  4. The three branches of the World Bank
  5. The economic policy steps
  6. The impact of increased debt relief by World Bank
  7. Example of the liberalization of trade
  8. The effects of over supply
  9. Conclusion
  10. References

The World Bank was first established during World War II at Bretton Woods, New Hampshire. The emphasis in the early stages of the World Banks development was during the time of post war rebuilding. The first loan provided by the World Bank was to France in 1947 for $250 million to help it recover from the devastation's of war. The World Bank (03) states that despite lending to countries, post conflict or in other similar humanitarian emergencies, it has evolved into a lending institution whose main agenda involves bringing relief to third world poverty.

[...] She contends that much of what has been done in the name of development has served to reinforce the intellectual, material and financial dependence of those on the receiving end. Some argue that the very concept of development is essentially a vehicle in which cultural values and social norms as well as resources are exported from one part of the world to another, along a one-way route from rich to poor. Aid becomes a means by which unequal relationships of power are maintained and patronage is fostered. It is not through just the decision point documents that the poorest and most indebted countries' economic policies are influenced. [...]

[...] The next stage of HIPC requires countries to produce a 'Poverty Reduction Strategy Paper' (PRSP) and the receipt of World Bank loans under its 'Poverty Reduction Support Credit' (PRSC) scheme. The rhetoric surrounding these schemes is one of ?participation' for the developing countries however in reality these proposals are all strictly governed by the World Bank and it is only the pace at which the reforms are put into place which can be negotiated rather than the reforms themselves. Here again the disproportionate measures of power over economic policy is displayed. [...]

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