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The World Bank Group is a group of five international organizations responsible for providing finance to countries for purposes of development and poverty reduction, and for encouraging and safeguarding international investment. The group and its affiliates are headquartered in Washington, D.C.. File links The following pages link to this file: World Bank Categories: Logos ...
File links The following pages link to this file: World Bank Categories: Logos ...
An international organization (also called intergovernmental organization) is an organization of international scope or character. ...
Washington, D.C., officially the District of Columbia (also known as D.C., Washington, the Nations Capital, or the District, and historically, the Federal City) is the capital city and administrative district of the United States of America, and as such, the word Washington is often used as a...
Together with the separate International Monetary Fund (IMF) (which provides finance to alleviate balance of payments problems), the World Bank organizations are sometimes called the Bretton Woods institutions, after Bretton Woods, New Hampshire , where the international conference that led to their establishment took place (1-22 July 1944). The flag of the International Monetary Fund (IMF) The International Monetary Fund (IMF) is the international organization entrusted with overseeing the global financial system by monitoring foreign exchange rates and balance of payments, as well as offering technical and financial assistance when asked. ...
The Bretton Woods system of international economic management established the rules for commercial and financial relations among the major industrial states. ...
Bretton Woods, New Hampshire is an area within the town of Carroll whose principal points of interest are three leisure and recreation facilities. ...
The Bank came into formal existence on 27 December 1945 following international ratification of the Bretton Woods agreements. Commencing operations on 25 June 1946, it approved its first loan on 9 May 1947 ($250m to France for postwar reconstruction, in real terms the largest loan issued by the Bank to date). The IFC was created on 20 July 1956, the IDA on 24 September 1960, the ICSID on 14 October 1966 and the MIGA on 12 April 1988.
Though repeatedly relied upon by impoverished governments around the world as a contributor of development finance, the Bank and its affiliates have been criticised by opponents of globalisation for undermining the national sovereignty of recipient countries through its pursuit of economic liberalisation and guarantees for private international investment.
The World Bank's activities are currently focused on developing countries, (since 2000, the preferred term is Less Developed Country (LDC)), in fields such as education, agriculture and industry. It provides loans at preferential rates to member countries who are in difficulty. In counterpart, it also asks that political measures be taken to, for example, limit corruption or foster democracy. A developing country is a country with low average income compared to the world average. ...
This article is about the year 2000. ...
The work of the Bank is subject to long-standing and strong criticism from a range of NGOs and academics, and in some cases from the Bank's own internal evaluations. It has been accused of being a US or western tool for imposing economic policies that support western interests. Critics argue that the free market reform policies - which the Bank advocates - in practice are often harmful to economic development if implemented badly, too quickly, in the wrong sequence, or in an inappropriate environment (e.g. very weak, uncompetitive economies). A non-governmental organization (NGO) is an organization that is not part of a government and was not founded by states. ...
Economic development is the development of economic wealth of countries or regions for the well-being of their inhabitants. ...
Organizational structure
 Inside the main hall of the headquarters of the World Bank Group in Washington D.C. Together with four affiliated agencies created between 1956 and 1988, the IBRD is part of the World Bank Group. The Group's headquarters are in Washington, D.C.. It is a non-profit-making international organisation owned by member governments. Download high resolution version (1200x1600, 469 KB) Photographer: Vince Lortho Source: Stock. ...
Download high resolution version (1200x1600, 469 KB) Photographer: Vince Lortho Source: Stock. ...
1956 was a leap year starting on Sunday of the Gregorian calendar. ...
1988 is a leap year starting on a Friday of the Gregorian calendar. ...
Washington, D.C., officially the District of Columbia (also known as D.C., Washington, the Nations Capital, or the District, and historically, the Federal City) is the capital city and administrative district of the United States of America, and as such, the word Washington is often used as a...
The International Monetary Fund, a sister organisation of the World Bank, is also a Bretton Woods Institution and was founded at the same time as the World Bank in the Bretton Woods Agreement. The flag of the International Monetary Fund (IMF) The International Monetary Fund (IMF) is the international organization entrusted with overseeing the global financial system by monitoring foreign exchange rates and balance of payments, as well as offering technical and financial assistance when asked. ...
The Bretton Woods Institutions (BWIs) consist of the World Bank (originally International Bank for Reconstruction and Development, IBRD) and the International Monetary Fund (IMF), founded in July 1944 at a meeting of delegates of 44 countries in Bretton Woods, New Hampshire (USA). ...
The Bretton Woods system of international economic management established the rules for commercial and financial relations among the major industrial states. ...
Technically the World Bank is part of the United Nations system, but its governance structure is different: each institution in the World Bank Group is owned by its member governments, which subscribe to its basic share capital, with votes proportional to shareholding. Membership gives certain voting rights that are the same for all countries but there are also additional votes which depend on financial contributions to the organisation. The United Nations, or UN, is an international organization established in 1945 and now made up of 191 states. ...
As a result, the World Bank are controlled primarily by developed countries, while clients have almost exclusively been developing countries. Some critics argue that a different governance structure would take greater account of developing countries' needs. As of November 1, 2004 the United States held 16.4% of total votes, Japan 7.9%, Germany 4.5% and UK and France each held 4.3%. As major decisions require an 85% super-majority, the US can block any change.
World Bank Group agencies The World Bank Group consists of Governments can choose which of these agencies they sign up to individually. The IBRD has 184 member governments, and the other institutions have between 140 and 176 members. The institutions of the World Bank Group are all run by a Board of 24 Executive Directors, with each Director representing either one country (for the largest countries), or a group of countries. Directors are appointed by their respective governments or the constituencies. Logo of the World Bank The International Bank for Reconstruction and Development (IBRD, in Romance languages: BIRD), better known as the World Bank, is an international organization whose original mission was to finance the reconstruction of nations devastated by WWII. Now, its mission has expanded to fight poverty by means...
The International Finance Corporation (IFC) promotes sustainable private sector investment in developing countries as a way to reduce poverty and improve peoples lives. ...
The International Development Association (IDA) was created on September 24, 1960, is a UN specialized agency. ...
The Multilateral Investment Guarantee Agency (MIGA) is an institution of the World Bank group. ...
The International Centre for Settlement of Investment Disputes (ICSID), an institution of the World Bank group, was founded in 1966 under the Convention on the Settlement of Investment Disputes between States and Nationals of Other States. ...
The Bank also serves as one of several Implementing Agencies for the UN Global Environment Facility (GEF). The Global Environment Facility (GEF), established by donor governments in 1991 to pre-empt politically more radically alternative models of conservation finance proposed at the Rio Earth Summit, helps developing countries fund projects and programs that are claimed to protect the global environment. ...
Presidency The World Bank Group is headed by Paul Wolfowitz from June 1 2005. The current president, a former United States Deputy Secretary of Defense and well-known neo-conservative, was nominated by George W. Bush to replace James D. Wolfensohn. By convention, the Bank president has always been a US citizen, while the Managing Director of the IMF has been a European. Paul Dundes Wolfowitz (born December 22, 1943) is an American academic and political figure. ...
The United States Deputy Secretary of Defense is the second-highest ranking official in the United States Department of Defense. ...
Neoconservatism is a somewhat controversial term referring to the political goals and ideology of the new conservatives (ultraconservative) in the United States. ...
George Walker Bush (born July 6, 1946) // Personal life, service and education Bush is the son of George H. W. Bush and Barbara Bush. ...
James Wolfensohn (b. ...
The flag of the International Monetary Fund (IMF) The International Monetary Fund (IMF) is the international organization entrusted with overseeing global financial system‘s current trade account balances of member states. ...
Goals The World Bank Group’s mission is to fight poverty and improve the living standards of people in the developing world. It provides long term loans, grants, and technical assistance, to help developing countries implement their poverty reduction strategies. As such, World Bank financing is used in many different areas, from reform of health and education sector, to environmental and infrastructure projects, including dams, roads, and national parks. In addition to financing, the World Bank Group provides advice and assistance to developing countries on almost every aspect of economic development. A loan is a type of debt. ...
A developing country is a country with low average income compared to the world average. ...
Since 1996, with the appointment of James Wolfensohn as Bank President, and consequently, the World Bank Report 'Helping countries combat corruption: progress at the World Bank since 1997'[1], the World Bank Group has been focused on combatting corruption in the countries that it works in. This has been seen as a move away from Article 10 Section 10 of the World Bank's Articles of Agreement which outlines the 'non-political' mandate of the Bank1. Although the move has been couched in socio-economic terms it has seen World Bank involvement in state reform, including elections. James Wolfensohn James Wolfensohn (b. ...
Socioeconomics is the study of the social and economic impacts of any product or service offering, market intervention or other activity on an economy as a whole and on the companies, organization and individuals who are its main economic actors. ...
In recent years the World Bank Group has been moving from targeting economic growth in aggregate, to aiming specifically at poverty reduction. It has also become more focused on support for small scale local enterprises. It has embraced the idea that clean water, education, and sustainable development are essential to economic growth and has begun investing heavily in such projects. In response to external critics, the World Bank Group's institutions have adopted a wide range of environmental and social safeguard policies, designed to ensure that their projects do not harm individuals or groups in client countries. Despite these policies, World Bank Group projects are frequently criticized by non-governmental organizations (NGOs) for alleged environmental and social damage and for not achieving their intended goal of poverty reduction. Economic growth is the increase in the value of goods and services produced by an economy. ...
This article needs to be wikified. ...
Sustainable development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs, according to Our Common Future, a 1987 report from the UN. One of the factors which sustainable development must overcome is environmental degradation. ...
Private Sector Development (PSD) is one strategy to promote privatisation in developing countries, it is universally valid for all parts of the World Bank, and all other strategies must be coordinated with PSD. Privatization (sometimes privatisation, denationalization, or — especially in India — disinvestment) is the process of transferring property, from public ownership to private ownership. ...
Criticism
 A young World Bank protester takes to the street in Jakarta, Indonesia. Though repeatedly relied upon by impoverished governments around the world as a contributor of development finance, the World Bank is often and primarily criticised by opponents of corporate "neo-colonial" globalization. These advocates of alter-globalization fault the bank for undermining the national sovereignty of recipient countries through various structural adjustment programs that pursue economic liberalisation and de-emphasize the role of the state. Download high resolution version (2560x1920, 2115 KB) Wikipedia does not have an article with this exact name. ...
Download high resolution version (2560x1920, 2115 KB) Wikipedia does not have an article with this exact name. ...
Globalization (or globalisation) is a term used to describe the changes in societies and the world economy that result from dramatically increased international trade and cultural exchange. ...
It has been suggested that this article or section be merged with Anti-globalization. ...
Structural adjustment is a term used by the International Monetary Fund (IMF) for the changes it recommends for developing countries. ...
A related critique is that the Bank operates under essentially "neo-liberal" principles, in the belief that the market can solely, and by its own nature, bring prosperity to nations that practice free market competition. In this perspective, reforms born of "neo-liberal" inspiration are not always suitable for nations experiencing conflicts (ethnic wars, border conflicts, etc.), or that are long-oppressed (dictatorship or colonialism) and do not have stable, democratic political systems. The term neoliberalism is used to describe a political-economic philosophy that had major implications for government policies beginning in the 1970s – and increasingly prominent since 1980 – that de-emphasizes or rejects positive government intervention in the economy, focusing instead on achieving progress and even social justice by encouraging free...
A free market is an idealized market, where all economic decisions and actions by individuals regarding transfer of money, goods, and services are voluntary, and are therefore devoid of coercion and theft (some definitions of coercion are inclusive of theft). Colloquially and loosely, a free market economy is an economy...
One general critique is that the Bank is under the marked political influence of certain countries (notably, the United States), that would profit from advancing their interests. In this point of view, the World Bank would favor the installation of foreign enterprises to the detriment of the development of the local economy.
Furthermore, it frequently suggested that the Bank intervenes in order to salvage irresponsible loans from private institutions to, often corrupt and non-representative, third world governments, and thus shifts the risk from the original risk-takers to the public of the rich countries, who ultimately must back the Bank.
Evaluation at the World Bank
Social and environmental concerns Throughout the period from 1972 to 1989, the Bank did not conduct its own environmental assessments and did not require assessments for every project that was proposed. Assessments were required only for a varying, small percentage of projects, with the environmental staff, in the early 1970s, sending check-off forms to the borrowers and, in the latter part of the period, sending more detailed documentation and suggestions for analysis.
During this same period, the Bank’s failure to adequately consider social environmental factors was most evident in the 1974 Indonesian Transmigration program (Transmigration V). Please note that this project was funded after President McNamara’s pledge noted above and after the establishment of the Bank’s OESA (environmental) office in 1971. According to the Bank critic Le Prestre, Transmigration V was the “largest resettlement program ever attempted... designed ultimately to transfer, over a period of twenty years, 65 million of the nation’s 165 million inhabitants from the overcrowded islands of Java, Bali, Madura, and Lombok...” (175). The objectives were: relief of the economic and social problems of the inner islands, reduction of unemployment on Java, relocation of manpower to the outer islands, the “strengthen[ing of] national unity through ethnic integration, and improve[ment of] the living standard of the poor” (ibid, 175). Indonesias Transmigration program was an initiative to move landless people from densely populated areas of Indonesia to less populous areas of the archipelago. ...
Putting aside the possibly Machiavellian politics of such a project, it otherwise failed as the new settlements went out of control; local populations fought with the migrators and the tropical forest was devastated (destroying the lives of indigenous peoples). Also, “[s]ome settlements were established in inhospitable sites, and failures were common;” these concerns were noted by the Bank's environmental unit whose recommendations (to Bank management) and analyses were ignored (Le Prestre, 176). Funding continued through 1987, despite the problems noted and despite the Bank’s published stipulations (1982) concerning the treatment of groups to be resettled.
OED and EIR The World Bank's Operations Evaluation Department (OED) plays an important check and balance role in the organization. Similar in its role to the US Government's Government Accountability Office (GAO), it is an independent unit within the World Bank that reports evaluation findings directly to the Bank's Board of Executive Directors. The goals of OED evaluations are to learn from experience, to provide an objective basis for assessing the results of the Bank's work, and to provide accountability in the achievement of its objectives. The Operations Evaluation Department (OED) is an independent unit within the World Bank; it reports directly to the Banks Board of Executive Directors. ...
The Government Accountability Office (GAO) is the audit, evaluation, and investigative agency of the United States Congress. ...
Evaluation also means determining the value of an expression (mathematics) or expression (programming). ...
After longstanding criticisms from civil society of the Bank's involvement in the oil, gas, and mining sectors, the World Bank in July 2001 launched an independent review called the Extractive Industries Review. The review was to take into account the World Bank Group's overall mission of poverty reduction and the promotion of sustainable development. The EIR recommendations were published in January 2004 in a final report entitled "Striking a Better Balance",[2] and, concluding that fossil fuel and mining projects simply do not alleviate poverty, recommended that World Bank involvement with these sectors be phased out altogether by 2008, and replaced by investment in renewable energy and clean energy. The final response of the World Bank was to brush aside most of the EIR conclusions, and to weaken a key recommendation that indigenous peoples and affected communities should have to provide 'consent' for projects to proceed - instead, there would be 'consultation'.[3] Civil society or civil institutions refers to the totality of voluntary civic and social organizations or institutions which form the basis of a functioning society as opposed to the force backed structures of a state (regardless of that states political system). ...
Renewable energy (sources) or RES capture their energy from existing flows of energy, from on-going natural processes, such as sunshine, wind, flowing water, biological processes, and geothermal heat flows. ...
References - Axel Dreher (2002). The Development and Implementation of IMF and World Bank Conditionality. HWWA. ISSN 16164814.
- William Easterly (2001). The Elusive Quest for Growth. MIT Press. ISBN 0262550423.
- Catherine Caufield (1997). Masters of Illusion. Henry Holt & Company, New York. ISBN 0805028757 (hardcover) ISBN 0330353217 (paperback, 1998).
- Bruce Rich (1994). Mortgaging the Earth. Beacon Press. ISBN 080704704X (hardcover), ISBN 0807047074 (paperback).
- Walden Bello, et al (1999). Dark Victory. Pluto Press. ISBN 074531466X (hardcover) ISBN 0935028617 (paperback).
- Paul McClure (editor) (2003). A Guide to the World Bank. World Bank Publications. ISBN 0821353446.
- Elizabeth P. McLellan (editor) (2003). The World Bank: Overview and Current Issues. Nova Science Publishers. ISBN 1590335503.
- Phillipe Le Prestre (1989). The World Bank and the Environmental Challenge. Susquehanna University Press. ISBN 0941664988.
- Ansel Webb (1994). The World Bank Is Closed. NCSU Term Paper. ISBN none.
- Sebastian Mallaby (2004). The World's Banker: a story of failed states, financial crises, and the wealth and poverty of nations. Penguin Press HC. ISBN 1594200238.
- Zoe Young (2002). A New Green Order? The World Bank and the Politics of the Global Environment Facility. Pluto Press. ISBN 0745315534.
Notes - Marquette, Heather, 2004. 'The Creeping Politicisation of the World Bank: The Case of Corruption', Political Studies Vol, 32 p.413-430.
List of presidents Eugene I. Meyer Eugene Isaac Meyer (October 31, 1875 – July 17, 1959) was an American financial, public official, and newspaper publisher. ...
John Jay McCloy (March 31, 1895, Philadelphia, Pennsylvania – March 11, 1989, Stamford, Connecticut) was lawyer and banker who later became a United States presidential advisor. ...
This page is about Eugene R. Black, the banker. ...
George David Woods (1901 – 1982) was a U.S. banker. ...
Robert McNamara in 1964 Robert Strange McNamara (born June 9, 1916), American businessman and politician, was United States Secretary of Defense from 1961 to 1968. ...
Alden Winship Clausen (born February 17, 1923) is a former President of the World Bank. ...
Barber Benjamin Conable, Jr. ...
Lewis Thompson Preston (born 1926) is a U.S. banker. ...
James Wolfensohn (b. ...
Paul Dundes Wolfowitz (born December 22, 1943) is an American academic and political figure. ...
List of chief economists Joseph Stiglitz (born February 9, 1943) is an American economist, author and winner of Nobel Prize for economics ( 2001). ...
Nicholas Stern was the Chief Economist of the World Bank from 2000 to 2003. ...
François Bourguignon is the Chief Economist of the World Bank. ...
See also The flag of the International Monetary Fund (IMF) The International Monetary Fund (IMF) is the international organization entrusted with overseeing the global financial system by monitoring foreign exchange rates and balance of payments, as well as offering technical and financial assistance when asked. ...
The Bretton Woods Institutions (BWIs) consist of the World Bank (originally International Bank for Reconstruction and Development, IBRD) and the International Monetary Fund (IMF), founded in July 1944 at a meeting of delegates of 44 countries in Bretton Woods, New Hampshire (USA). ...
A conditionality in international development is a condition attached to a loan or to debt relief, typically by the International Monetary Fund or World Bank. ...
Anti-globalization (anti-globalisation) is a political stance of opposition to the perceived negative aspects of globalization. ...
The IMF and World Bank meet each autumn in what is officially known as the Annual Meetings of the International Monetary Fund and the World Bank Group and each spring in the Spring Meetings of the International Monetary Fund and the World Bank Group. ...
External links The Guardian is a British newspaper owned by the Guardian Media Group. ...
April 5 is the 95th day of the year in the Gregorian calendar (96th in leap years). ...
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