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Submitted by maxx55 on April 14, 2007
Category: Business
Words: 2898 | Pages: 12
Views: 279
Popularity Rank: 40,016
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The World Bank Since the 1950 s the World Bank has had an indifferent, to say the least,
affect on the Third World. The actions of the Bank have always come under severe scrutiny because of the important role it plays in many lives of Third World peoples. This paper will outline the role of the Bank, some of the arguments against its policies, power, and influence, reasons why the Bank has found it difficult to achieve favorable outcomes in its policies; and whether it has in fact been beneficial to the people it claims to help. The World Bank was set up initially as an aid organization to help foster the reconstruction of Europe, and later guarantee loans made by private banks for projects in the poorer, developing countries 1. The former of the objectives never eventuated to the extent of its founder's hopes. The World Bank otherwise known as The Bank was subjugated to a minor role in the post war reconstruction of Europe, due to the more robust influence and attraction of the Marshall Plan. Of the 41.8 billion in loans, made in the decade after the end of the war, only 497 million was disbursed from The Bank. This was a result of the war-torn countries needing rapidly disbursed grants and concessional loans for balance of payments support and imports necessary to meet basic needs. 2 The Bank, on the other hand, provided loans for specific projects that required lengthy preparation. Thus, the Banks diminished role in Europe, lead it to focus its lending to Third World countries, and this became the core of its operations from the 1950 s. The World Bank's goals reduce poverty and improve living standards by promoting sustainable growth and investments in people. 3 This has been challenged by many, who all see the role of the Bank being either detrimental to the economy s of the countries it is supposed to help, or the social cost being too high for the economic programs being put in place. A number of arguments, have been developed that make...
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