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development, namely, means for a long and a healthy life, access to education and access to physical resources which help in a better sustenance of life (Sagar & Najam, 1997, p. 250). Human development thus, is multidimensional in nature, which is automatically served out of overall economic and social progress.
The World Bank, however, had been actively involved in alleviating all elements which have been responsible for an underprivileged human life, through implementing investment projects in various aspects. Creation of the organization had been the consequence of the Bretton-Woods Commission held in 1944 following the World War II, to resolve issues such as financial insolvency arising out of depreciation in currency values. Developmental economics supports two approaches to prop up overall growth in an economy, namely, balanced and unbalanced. Though an external push is required in both the cases, in case of balanced growth, the effect is often considered to be a diluted one, which is why unbalanced growth is preferred more in nations suffering from a scarcity of resources.3 Unbalanced growth in fact, had been supported by a large number of economists. Rosenstein Rodan, the proponent of Big Push theory established the importance of unbalanced growth which he regarded to be essential for the developing nations to break out of the low level equilibrium trap, i.e., for economies which did not have high growth potentials. These investments however, were emphasized for industrial or infrastructural development, which is considered as a fundamental area which can trigger economic growth. But given the lack of investible resources, it was not possible for the national governments themselves to carry on with their investments; in fact they had to seek the help of international organizations like the World Bank which were responsible for resource mobilization activities. The bank established in 1944, had been involved in such development activities hitherto, which
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This paper purports to understand the relationship between the foreign direct investment and the growth and development of the underdeveloped and developing countries. The aim of the research project is to identify and explore the trends and patterns of Chinese foreign direct investment in Africa, with special focus on Nigeria and Ethiopia.
It is evidently clear from the discussion that among the various policies, the Investment Policy of UNCTAD is directed towards the developing countries in order to enhance their investment policies as well as to publicize the governments and the international private sector with an individual country’s business atmosphere.
What has been the impact of World Bank upon development in the south?
Can the economic growth of the country be ascertained through external borrowing? Or it becomes just another burden for the future generation? International debts are debts owned by the countries to the non-residents.
ade preferential schemes imposed by the EU for many years in a variety of circumstances. For instance, in the year 2003, it was argued by the researchers Brenton and Manchin2 that EU preferential treatments for developing nations in the field of trade by EU have not succeeded in providing better entrance to the market of EU due to extremely stringent rules of source.
According to Banerjee, Hanna, and Mullainathan, corruption generally means deviation from the ideal principles, or engaging in acts of moral or spiritual impurity. They further argue that corruption takes two major dimensions namely economic and political.
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.
According to the paper since the 1980s, foreign investment in developing countries has been directed increasingly at export-oriented projects. Most theories of foreign investment do not address the issue of the direction of foreign direct investment flows. Investment takes place rather than why it flows to a particular group of countries.
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.
The loan provided by these and other interlinked institutions are used as leverage to prescribe, dictate and in some cases impose the policies and reforms for improving economic conditions of these debt-ridden impoverished countries. Following the “one dollar, one