Social Change and the Developing World - Essay Example

Download file to see previous pages... From this discussion it is clear that developed countries meet certain socioeconomic criteria based on economic theory and have a high level of economic development as stated by UN, IMF and World Trade Organization. Moreover, globalization has made a significant impact on shaping the prospects of developing countries mainly in terms of economy and creation of new opportunities. Structural adjustments that are stimulated by the studies and influenced by the World Bank and other global institutions have started in most of the developing countries. It has also brought a lot of new opportunities to developing nations and access to markets and technology, which promotes productivity and better living standard.This essay discusses that the International Financial Institutions (IFIs) such as the IMF, multilateral development banks, World Bank, and other international development agencies respond effectively to the needs of developing countries. They also ensure that the growth opportunities they create reach even the poorest people in the world. Both the World Bank and the IMF form part of the United Nations system, and they share the same goal of promoting the living standards in their member countries. However, the IMF focuses on the issues of macroeconomic while the World Bank focuses on eradication of poverty and long-term economic development. IMF and World Bank can work individually, but they collaborate regularly at many levels in order work together on certain initiatives and help their member countries. ...
Moreover, globalization has made a significant impact on shaping the prospects of developing countries mainly in terms of economy and creation of new opportunities. Structural adjustments that are stimulated by the studies and influenced by the World Bank and other global institutions have started in most of the developing countries. It has also brought a lot of new opportunities to developing nations and access to markets and technology, which promotes productivity and better living standard (Helleiner 26). The International Financial Institutions (IFIs) such as the IMF, multilateral development banks, World Bank, and other international development agencies respond effectively to the needs of developing countries. They also ensure that the growth opportunities they create reach even the poorest people in the world (World Bank 2003). Both the World Bank and the IMF form part of the United Nations system, and they share the same goal of promoting the living standards in their member countries. However, the IMF focuses on the issues of macroeconomic while the World Bank focuses on eradication of poverty and long-term economic development. IMF and World Bank can work individually, but they collaborate regularly at many levels in order work together on certain initiatives and help their member countries. Thus, they both work together in reducing debt burdens of poor countries that are heavily indebted. For example, in 2010, about 39 countries were found eligible for relief of their debts under the Heavily Indebted Poor Countries (HIPC) initiative in which about $76 billion was to be spent. Such countries included Chad, Comoros, Ethiopia, Somalia, ...Download file to see next pagesRead More