We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Nobody downloaded yet

The World Bank of the Unheard - Essay Example

Comments (0) Cite this document
World Bank (WB) has over the years become known to some of its proponents as a credit world club (Birdsall 50). It resembles a type of a credit union where its members are countries (Birdsall 50)…
Download full paper
The World Bank of the Unheard
Read TextPreview

Extract of sample
The World Bank of the Unheard

Download file to see previous pages... Based in Washington D.C., it is comprised of developed and developing countries. All have a say, though an unequal one. Though first created to assist the Western European countries after the World War II, WB has become involved in a wide array of development projects. Despite the criticism and relatively powerless voices of the poor countries, WB will continue to service the poorest of this planet. WB architects envisioned a system that would benefit the poor. John Maynard Keynes, Harry Dexter White, and others at Bretton Woods in 1944 designed this institution to fully include the Western world into its functioning. They envisioned that the Western countries would be full members and partners in helping the developing countries. WB was not conceived as a development agency (Birdsall 51). However, WB became a global credit club, where developing countries rely on contributions from the wealthy (Birdsall 51). Later, another club for the rich was created: the International Development Association (IDA), where only rich countries can contribute and become members (Birdsall 51). WB was intended for the “war -ravaged countries of Europe—and the poorer countries of Latin America, and Africa” (Birdsall 51). ...
Still, they wanted to avoid a system in which there would be a one-to-one relationship between financial capacity and influence in WB. As a result, the architects introduced basic votes. They were distributed equally to all WB members. Each member has 250 votes irrespective of shares. Additional shares are won through the amount of shares owned in WB (Birdsall 53). Double majority voting is required to get anything changed in the Articles of Agreement (Birdsall 53). The country taking the largest risk, which was the US at the time of the WB inception, was given the right to “define the key boundaries within which the club would operate” (Birdsall 53). The US also had a duty to ensure all WB members had a say, regardless of their political and economic influence. In the beginning, there were only a few debtors. In the 1947–48 period, WB made loans to only six countries. These were France, the Netherlands, Denmark, Luxembourg, Chile, and India (Birdsall 54). Now, the International Bank for Reconstruction and Development (IBRD) and the IDA alone have around 150 countries as their debtors (Birdsall 54). However, WB benefits the rich. WB capital comes from its wealthy contributors. Largest contributors are the U.S. government, and the United States, Japan, and Germany (Birdsall 51). They are also its guarantors. They back all of the borrowing from WB, regardless of the outcome of the loan (Birdsall 51). WB has had a history of very low default rate, implying that with low levels of the deposits, it can “can borrow outside at good rates and lend at good rates to its less wealthy members” (Birdsall 51). The type of a global credit agency envisioned by its architects never happened. Instead, the developed countries ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“The World Bank of the Unheard Essay Example | Topics and Well Written Essays - 2250 words”, n.d.)
Retrieved de https://studentshare.org/macro-microeconomics/1449636-what-is-world-bank-and-how-it-works
(The World Bank of the Unheard Essay Example | Topics and Well Written Essays - 2250 Words)
“The World Bank of the Unheard Essay Example | Topics and Well Written Essays - 2250 Words”, n.d. https://studentshare.org/macro-microeconomics/1449636-what-is-world-bank-and-how-it-works.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document
The IMF and the World Bank “The International Monetary Fund (IMF) and the World Bank are institutions in the United Nations system and are composed of member countries, 188 countries. Their approaches to this goal are complementary, with the IMF, focusing on macroeconomic issues and the World Bank concentrating on long-term economic development and poverty reduction” (IMF, 2012, p.
5 Pages(1250 words)Essay
World Bank- Globalization
The World Bank is also an international institution that has its activities spread across the globe. These activities are performed under the World Bank's mission "a world free of poverty". World Bank has in real sense a great contribution towards globalization in most of its activities.
12 Pages(3000 words)Essay
World Bank Anti-Corruption
Studies contend that the phenomenon of corruption severely inhibits socio-economic growth to have drastic consequences for developing nations through distortion of law and an undermining of institutions that are fundamental to development (Kaufmann & Vicente, 2005; World Bank, 2006a).
4 Pages(1000 words)Essay
International Monetary Fund and World Bank
These institutions were designed to be pillars of the post world war global economic order. Crisis prevention and conflict management became established as an important aspect of development policy in the 1990s. It is often assumed that the World Bank and International Monetary Fund in particular have considerable potential in establishing and maintaining peace and stability.
9 Pages(2250 words)Essay
World Bank
It is no doubt the best tool for managing globalization but there is also the danger of declining of this tool when it is needed the most - in present times. The study deals with all such policies of World Bank, their implementation, its role in global economic reforms and the emerging challenges and the consequent evolving roles to handle the tough situations.
12 Pages(3000 words)Essay
Case study World Bank
(Kotler, Philip. Marketing management: analysis, planning, implementation and control 8th ed. Prentice-Hall, 1994) ( Webber) Globalization and International investment on the rise, the premier business publication Forbes magazine undertook the responsibility of evaluating the world trend in investment and marketing on some sound ground rules which would govern their role in the arena of international player in the world market.
3 Pages(750 words)Essay
October 2007 IMF-World Bank Annual Meeting
The disruptions confirmed "the potential for rapid and destabilizing spillovers among markets and countries and raised the prospect of a more challenging environment to come". He observed that the possibility of negative consequences of further adjustments originating from the U.S.
4 Pages(1000 words)Essay
World Bank and the International Monetary Fund
Through lending money to developing countries, social and economic development is also assured. These make the value of the World Bank and International Monetary Fund. As a bank of
1 Pages(250 words)Essay
Compare the IMF and the World Bank
As such, whereas the World Bank focuses on poverty reduction and long term economic development, the IMF concentrates on only the macroeconomic issues. Subsequently, the paper will compare and contrast these two institutions
4 Pages(1000 words)Essay
World Bank project
Senegal is a poor country and therefore funding of the training project by the World Bank was inevitable. The central purpose of the project
3 Pages(750 words)Essay
Let us find you another Essay on topic The World Bank of the Unheard for FREE!
Contact us:
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us