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Encyclopedia > World Bank Group
World Bank Group logo

The World Bank Group (WBG) is a family of five international organizations responsible for providing finance and advice to countries for the purposes of economic development and eliminating poverty. The Bank came into formal existence on 27 December 1945 following international ratification of the Bretton Woods agreements, which emerged from the United Nations Monetary and Financial Conference (1 July22 July 1944). 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). Its five agencies are: Image File history File links Mergefrom. ... The World Bank logo The World Bank (the Bank) is a part of the World Bank Group (WBG), is a bank that makes loans to developing countries for development programs with the stated goal of reducing poverty. ... Image File history File links World_Bank_Logo. ... Image File history File links World_Bank_Logo. ... For the political science journal, see International Organization. ... Finance studies and addresses the ways in which individuals, businesses, and organizations raise, allocate, and use monetary resources over time, taking into account the risks entailed in their projects. ... December 27 is the 361st day of the year in the Gregorian calendar (362nd in leap years). ... Year 1945 (MCMXLV) was a common year starting on Monday (link will display the full calendar). ... Wikipedia does not have an article with this exact name. ... Mount Washington Hotel The United Nations Monetary and Financial Conference, commonly known as Bretton Woods conference, was a gathering of 730 delegates from all 45 Allied nations at the Mount Washington Hotel, situated in Bretton Woods, New Hampshire to regulate the international monetary and financial order after the conclusion of... is the 182nd day of the year (183rd in leap years) in the Gregorian calendar. ... is the 203rd day of the year (204th in leap years) in the Gregorian calendar. ... Year 1944 (MCMXLIV) was a leap year starting on Saturday (link will display full calendar) of the Gregorian calendar. ... is the 176th day of the year (177th in leap years) in the Gregorian calendar. ... Year 1946 (MCMXLVI) was a common year starting on Tuesday (link will display full 1946 calendar) of the Gregorian calendar. ... is the 129th day of the year (130th in leap years) in the Gregorian calendar. ... Year 1947 (MCMXLVII) was a common year starting on Wednesday (link will display full 1947 calendar) of the Gregorian calendar. ...

The term "World Bank" generally refers to the IBRD and IDA, whereas the World Bank Group is used to refer to the institutions collectively.[1] Logo of the World Bank The International Bank for Reconstruction and Development is one of the five institutions consisting the World Bank Group. ... The International Development Association (IDA) created on September 24, 1960, is the part of the World Bank that helps the world’s poorest countries. ... The International Finance Corporation (IFC) promotes sustainable private sector investment in developing countries as a way to reduce poverty and improve peoples lives. ... The Multilateral Investment Guarantee Agency (MIGA) is a member 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 World Bank's (i.e. the IBRD and IDA's) activities are focused on developing countries, in fields such as human development (e.g. education, health), agriculture and rural development (e.g. irrigation, rural services), environmental protection (e.g. pollution reduction, establishing and enforcing regulations), infrastructure (e.g. roads, urban regeneration, electricity), and governance (e.g. anti-corruption, legal institutions development). The IBRD and IDA provide loans at preferential rates to member countries, as well as grants to the poorest countries. Loans or grants for specific projects are often linked to wider policy changes in the sector or the economy. For example, a loan to improve coastal environmental management may be linked to development of new environmental institutions at national and local levels and the implementation of new regulations to limit pollution. A developing country is a country with low average income compared to the world average. ... Membership can refer to: Set membership - comprising part of a set in mathematics Social group membership - in sociology, the process of socialisation aims/results in achieving membership of a social group This is a disambiguation page — a list of articles associated with the same title. ...


The activities of the IFC and MIGA include investment in the private sector and providing insurance respectively. The International Finance Corporation (IFC) promotes sustainable private sector investment in developing countries as a way to reduce poverty and improve peoples lives. ... The Multilateral Investment Guarantee Agency (MIGA) is a member of the World Bank group. ...


The World Bank Institute is the capacity development branch of the World Bank, providing learning and other capacity-building programs to member countries. Two countries, Venezuela and Ecuador, have recently withdrawn from the World Bank. The World Bank Institute is the capacity development branch of the World Bank. ...

Contents

Organizational structure

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 an international organization owned by member governments; although it makes profits, these profits are used to support continued efforts in poverty reduction. For other uses, see Washington, D.C. (disambiguation). ...


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 organization. The President of the World Bank is nominated by the President of the United States and elected by the Bank's Board of Governors.[1] As of November 1, 2006 the United States held 16.4% of total votes, Japan 7.9%, Germany 4.5%, and France and the United Kingdom each held 4.3%. As changes to the Bank's Charter require an 85% super-majority, the US can block any major change in the Bank's governing structure.[2] UN and U.N. redirect here. ... Federal courts Supreme Court Circuit Courts of Appeal District Courts Elections Presidential elections Midterm elections Political Parties Democratic Republican Third parties State & Local government Governors Legislatures (List) State Courts Local Government Other countries Atlas  US Government Portal      For other uses, see President of the United States (disambiguation). ... is the 305th day of the year (306th in leap years) in the Gregorian calendar. ... Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ...


World Bank Group agencies

The World Bank Group consists of

The IBRD has 185 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 Governors meeting once a year.[1] Each member country appoints a governor, generally its Minister of Finance. On a daily basis the World Bank Group is run by a Board of 24 Executive Directors to whom the governors have delegated certain powers. Each Director represents either one country (for the largest countries), or a group of countries. Executive Directors are appointed by their respective governments or the constituencies.[1] The agencies of the World Bank are each governed by their Articles of Agreement that serve as the legal and institutional foundation for all of their work.[1] The Bank also serves as one of several Implementing Agencies for the United Nations Global Environment Facility (GEF). Logo of the World Bank The International Bank for Reconstruction and Development is one of the five institutions consisting the World Bank Group. ... 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) created on September 24, 1960, is the part of the World Bank that helps the world’s poorest countries. ... The Multilateral Investment Guarantee Agency (MIGA) is a member 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. ... UN and U.N. redirect here. ... 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 President serves a term of four years, which may be renewed. Traditionally, the Bank President has always been a U.S. citizen nominated by the United States, the largest shareholder in the bank. The nominee is subject to confirmation by the Board of Governors, to serve for a five-year, renewable term.[1] Also traditionally, the International Monetary Fund's Managing Director is nominated by its European governors.[1] IMF redirects here. ... For other uses, see Europe (disambiguation). ...


Current President

On May 30, 2007, US President George W. Bush nominated former deputy secretary of state Robert Zoellick to succeed Paul Wolfowitz as President of the World Bank. The Executive Directors unanimously approved Zoellick, effective July 1, 2007, as the 11th President of the Bank for a five-year term[3]. Robert Zoellick is the former Deputy Secretary of the U.S. State Department and the former Chairman of Goldman Sachs' Board of International Advisors. He graduated magna cum laude from Harvard Law School and Phi Beta Kappa from Swarthmore College [4]. is the 150th day of the year (151st in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... George Walker Bush (born July 6, 1946) is the forty-third and current President of the United States of America, originally inaugurated on January 20, 2001. ... Robert B. Zoellick Robert Bruce Zoellick (IPA: ) (born July 25, 1953) is an American politician and (effective July 1, 2007) the eleventh president of the World Bank. ... is the 182nd day of the year (183rd in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... The Goldman Sachs Group, Inc. ... Harvard Law School (colloquially, Harvard Law or HLS) is one of the professional graduate schools of Harvard University. ... Swarthmore College is a private, independent, liberal arts college in the United States with an enrollment of about 1,450 students. ...


Zoellick announced in October, 2007 that his priorities for the World Bank included increasing efforts to reduce poverty in the world's poorest countries, increasing support for neglected Arab countries, increasing support for countries emerging from violent conflicts, addressing poverty in "emerging" economies like India and China, increasing emphasis on environmental issues (especially global warning), and improving access to treatments for HIV and malaria.[1][2]


Wolfowitz

The World Bank Group up until recently was headed by Paul Wolfowitz, appointed on June 1, 2005. Wolfowitz, a former United States Deputy Secretary of Defense, was nominated by US President George W. Bush to replace James D. Wolfensohn. On May 17, 2007, it was announced that Wolfowitz would resign effective June 30, 2007. This was due to allegations of improper conduct involving Wolfowitz and his partner, Shaha Riza, who worked at the World Bank, for whom he had allegedly arranged a generous pay increase. He had previously asked to be recused from the deliberations regarding her pay, but his request for recusal was denied. The committee in accepting his resignation admitted that they were also at fault in the matter. Prior to this the committee had exonerated him of any wrongdoing. Paul Dundes Wolfowitz (born December 22, 1943) is a visiting scholar at the American Enterprise Institute, working on issues of international economic development, Africa and public-private partnerships. ... is the 152nd day of the year (153rd in leap years) in the Gregorian calendar. ... Year 2005 (MMV) was a common year starting on Saturday (link displays full calendar) of the Gregorian calendar. ... The United States Deputy Secretary of Defense is the second-highest ranking official in the United States Department of Defense. ... Federal courts Supreme Court Circuit Courts of Appeal District Courts Elections Presidential elections Midterm elections Political Parties Democratic Republican Third parties State & Local government Governors Legislatures (List) State Courts Local Government Other countries Atlas  US Government Portal      For other uses, see President of the United States (disambiguation). ... George Walker Bush (born July 6, 1946) is the forty-third and current President of the United States of America, originally inaugurated on January 20, 2001. ... James Wolfensohn (b. ... is the 137th day of the year (138th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 181st day of the year (182nd in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... Shaha Riza Shaha Ali Riza, (Arabic: ) (born 1953 or 1954), is a World Bank staffer who is currently on external assignment. ...


List of Presidents

Eugene Isaac Meyer (October 31, 1875 – July 17, 1959) was an American financier, public official, publisher of the Washington Post newspaper, and the father of Katharine Graham. ... To meet Wikipedias quality standards, this article or section may require cleanup. ... This page is about Eugene R. Black, the banker. ... George David Woods (1901 – 1982) was a U.S. banker. ... For the figure skater, see Robert McNamara (figure skater). ... Alden Winship Clausen (born February 17, 1923) is a former President of the World Bank. ... Barber Benjamin Conable, Jr. ... Lewis Thompson Preston (New York, 5 August 1926-Washington, D.C, 4 May 1995) was a U.S. banker. ... James D. Wolfensohn (2003) James Wolfensohn AO KBE (born December 1, 1933) was the ninth president of the World Bank Group. ... Paul Dundes Wolfowitz (born December 22, 1943) is a visiting scholar at the American Enterprise Institute, working on issues of international economic development, Africa and public-private partnerships. ... Robert B. Zoellick Robert Bruce Zoellick (IPA: ) (born July 25, 1953) is an American politician and (effective July 1, 2007) the eleventh president of the World Bank. ...

List of chief economists

The position of World Bank Chief Economist is one of the most influential in economics. ... Anne O. Krueger has been the First Deputy Managing Director of the International Monetary Fund since September 1, 2001. ... Stanley Fischer, Governor of the Bank of Israel Stanley Fischer (Hebrew: סטנלי פישר) is an economist and the current Governor of the Bank of Israel. ... Lawrence Henry Larry Summers (born November 30, 1954) is an American economist and academic. ... Michael Bruno (? – 1996) was an Isreali economist who was affiliated with several leading universities, among these the Hebrew University of Jerusalem. ... Joseph Stiglitz (born February 9, 1943) is an American economist and a member of the Columbia University faculty. ... Nicholas Stern Sir Nicholas Stern, FBA (born 22 April 1946) is a British economist and academic. ... François Bourguignon (born May 22, 1945) is the Chief Economist of the World Bank. ...

List of World Bank Directors-General of Evaluation

Main article: World Bank Director-General Evaluation
  • Christopher Willoughby, Successively Unit Chief, Division Chief, and Department Director for Operations Evaluation (1970–1976)
  • Mervyn L. Weiner, First Director-General, Operations Evaluation (1975–1984)
  • Yves Rovani, Director-General, Operations Evaluation (1986–1992)
  • Robert Picciotto, Director-General, Operations Evaluation (1992–2002)
  • Gregory K. Ingram, Director-General, Operations Evaluation (2002–2005)
  • Vinod Thomas Director-General, Evaluation (2005–present)

The World Bank Director-General Evaluation (DGE) oversees the work of three units of the Independent Evaluation Group (IEG): IEG-World Bank evaluates IBRD and IDA support to countries overall development; IEG-IFC evaluates Bank Group activities that focus on contributions to private sector development and on strengthening the business... Vinod Thomas is World Bank Director-General Evaluation heading the Independent Evaluation Group (IEG). ...

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 1976 Indonesian Transmigration program (Transmigration V). This project was funded 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” (Le Prestre 175). The transmigration program (transmigrasi in Indonesia) was an initiative by the government of Indonesia to move landless people from densely populated areas of Indonesia to less populous areas of the Indonesian archipelago. ...


Putting aside the political aspects 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.


More recent authors have pointed out that the World Bank learned from the mistakes of projects such as Transmigration V and greatly improved its social and environmental controls, especially during the 1990s. It has established a set of "Safeguard Policies" that set out wide ranging basic criteria that projects must meet to be acceptable. The policies are demanding, and as Mallaby (reference below) observes: "Because of the combined pressures from Northern NGOs and shareholders, the Bank's project managers labor under "safeguard" rules covering ten sensitives issues…no other development lender is hamstrung in this way" (page 389). The ten policies cover: Environmental Assessment, Natural Habitats, Forests, Pest Management, Cultural Property, Involuntary Resettlement, Indigenous Peoples, Safety of Dams, Disputed Areas, and International Waterways.[5]


The Independent Evaluation Group

The Independent Evaluation Group (IEG) (formerly known as the Operations Evaluation Department (OED)) plays an important check and balance role in the World Bank. Similar in its role to the US Government's Government Accountability Office (GAO), it is an independent unit of the World Bank that reports evaluation findings directly to the Bank's Board of Executive Directors. IMF, WBI and U.S. Treasury Department Lead Economists Fatafehi Tupoumalohi, Dr. Vinod Thomas and Lin Chen are three of the Independent Evaluation Group's 5 Director-Generals whose evaluations provide an objective basis for assessing the results of the Bank's work, and ensuring accountability of World Bank management to the member countries (through the World Bank Board) in the achievement of its objectives. World Bank Independent Evaluation Group logo The World Banks Independent Evaluation Group (IEG) is an independent unit within the World Bank Group. ... The Operations Evaluation Department (OED) is an independent unit within the World Bank; it reports directly to the Banks Board of Executive Directors. ... General Accounting Office headquarters, Washington, D.C. The Government Accountability Office (GAO) is the non-partisan audit, evaluation, and investigative arm of Congress, and an agency in the Legislative Branch of the United States Government. ... This article is about characterizing and appraising something of interest. ... 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. ... WBI can stand for: Whole bowel irrigation IBM Websphere Business Integration ... The United States Department of the Treasury is a Cabinet department, a treasury, of the United States government established by an Act of U.S. Congress in 1789 to manage the revenue of the United States government. ... Fatafehi Tupoumalohi (b. ... Lin Chen Prof. ... World Bank Independent Evaluation Group logo The World Banks Independent Evaluation Group (IEG) is an independent unit within the World Bank Group. ...


Extractive Industries Review

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 (EIR – not to be confused with Environmental Impact Report). The review was headed by an "Eminent Person", Dr. Emil Salim (former Environment Minister of Indonesia). Dr. Salim held consultations with a wide range of stakeholders in 2002 and 2003. The EIR recommendations were published in January 2004 in a final report entitled "Striking a Better Balance".[6] The report concluded that fossil fuel and mining projects do not alleviate poverty, and recommended that World Bank involvement with these sectors be phased out by 2008 to be replaced by investment in renewable energy and clean energy. The World Bank published its Management Response to the EIR in September 2004.[7] following extensive discussions with the Board of Directors. The Management Response did not accept many of the EIR report's conclusions. However, the EIR served to alter the World Bank's policies on oil, gas and mining in important ways, as has been documented by the World Bank in a recent follow-up report.[8] One area of particular controversy concerned the rights of indigenous peoples. Critics point out that the Management Response weakened a key recommendation that indigenous peoples and affected communities should have to provide 'consent' for projects to proceed – instead, there would be 'consultation'.[9] Following the EIR process, the World Bank issued a revised Policy on Indigenous Peoples.[10] The Politics series Politics Portal This box:      Civil society is composed of the totality of voluntary civic and social organizations and institutions that form the basis of a functioning society as opposed to the force-backed structures of a state (regardless of that states political system) and commercial institutions. ... An Environmental Impact Report (EIR) is a document required under the California Environmental Quality Act (CEQA). ... Professor Dr Emil Salim, (born in Lahat, South Sumatra, Indonesia, 8 June 1930) is an economist and former Minister of Indonesia. ... Renewable energy effectively utilizes natural resources such as sunlight, wind, tides and geothermal heat, which are naturally replenished. ... Clean energies are forms of energy which do not pollute the air, the ground, or the sea. ...


Impact evaluations

In recent years there has been an increased focus on measuring results of World Bank development assistance through impact evaluations. An impact evaluation assesses the changes in the well-being of individuals that can be attributed to a particular project, program or policy. Impact evaluations demand a substantial amount of information, time and resources. Therefore, it is important to select carefully the public actions that will be evaluated. One of the important considerations that could govern the selection of interventions (whether they be projects, programs or policies) for impact evaluation is the potential of evaluation results for learning. In general, it is best to evaluate interventions that maximize the possibility of learning from current poverty reduction efforts and provide insights for midcourse correction, as necessary.[citations needed]


Allegations of corruption

The World Bank is supposedly working against corruption both outside and within its organisation. Its website states:

Recognizing that any program to assist in controlling corruption worldwide needs to start with the example of best practices at home, the Bank has taken initiatives to stamp out conflicts of interest and any possible corrupt practices among its own staff.[3]

Beginning in 2005, Paul Wolfowitz, President of the World Bank, allegedly used his position to influence a pay and grade increase for his girlfriend Shaha Riza. Riza, who had held a position at the bank before Wolfowitz was appointed president in June 2005, was required to leave the bank and re-assigned to the State Department to avoid a conflict of interest, working in the office of Liz Cheney, daughter of Dick Cheney, while remaining on the bank's payroll. Her salary was increased from nearly $133,000 to tax-free compensation of $180,000, and eventually reached $193,590 after subsequent raises. The panel concluded that the salary increase "at Mr. Wolfowitz's direction" was "in excess of the range" allowed under bank rules. As a result of this controversy, Paul Wolfowotz has resigned effective June 30, 2007.[citations needed] Paul Dundes Wolfowitz (born December 22, 1943) is a visiting scholar at the American Enterprise Institute, working on issues of international economic development, Africa and public-private partnerships. ... Shaha Riza Shaha Ali Riza, (Arabic: ) (born 1953 or 1954), is a World Bank staffer who is currently on external assignment. ... The United States Department of State, often referred to as the State Department, is the Cabinet-level foreign affairs agency of the United States government, equivalent to foreign ministries in other countries. ... Elizabeth Cheney (born July 28, 1966), an American attorney. ... Richard Bruce Dick Cheney (born January 30, 1941), is the 46th and current Vice President of the United States, serving under President George W. Bush. ... is the 181st day of the year (182nd in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ...

Further information: Shaha Riza#Wolfowitz ScandalPaul Wolfowitz#Wolfowitz's relationship with Shaha Riza, and Paul Wolfowitz#Wolfowitz's leadership of the World Bank.

The World Bank head of "Institutional Integrity" department is Suzanne Folsom. She is the wife of George Folsom who is the President of the International Republican Institute and a personal friend of Paul Wolfowitz. According to the Financial Times her appointment as "a person close to Mr Wolfowitz, and with a political background…to a unit that was seen as independent of the president’s office since it was set up in 2001" was met with great concern by some senior staff. Wolfowitz's efforts to control the bank are seen by some senior staff to have led to "a lack of consultation by Mr Wolfowitz’s advisers, and an atmosphere of suspicion."[11] Shaha Riza Shaha Ali Riza, (Arabic: ) (born 1953 or 1954), is a World Bank staffer who is currently on external assignment. ... Paul Dundes Wolfowitz (born December 22, 1943) is a visiting scholar at the American Enterprise Institute, working on issues of international economic development, Africa and public-private partnerships. ... Paul Dundes Wolfowitz (born December 22, 1943) is a visiting scholar at the American Enterprise Institute, working on issues of international economic development, Africa and public-private partnerships. ... The International Republican Institute (IRI) is a nonprofit, nonpartisan organization. ... Paul Dundes Wolfowitz (born December 22, 1943) is a visiting scholar at the American Enterprise Institute, working on issues of international economic development, Africa and public-private partnerships. ... The Financial Times (FT) is a British international business newspaper. ...


Criticism

The World Bank has long been criticized by a range of non-governmental organizations and academics, notably including its former Chief Economist Joseph Stiglitz, who is equally critical of the International Monetary Fund, the US Treasury Department, and US and other developed country trade negotiators.[12] Critics argue that the so-called free market reform policies – which the Bank advocates in many cases – in practice are often harmful to economic development if implemented badly, too quickly ("shock therapy"), in the wrong sequence, or in very weak, uncompetitive economies.[13] NGO redirects here. ... Joseph Stiglitz (born February 9, 1943) is an American economist, author and winner of Nobel Prize for economics ( 2001). ... IMF redirects here. ... The United States Department of the Treasury is a Cabinet department, a treasury, of the United States government established by an Act of U.S. Congress in 1789 to manage the revenue of the United States government. ... 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... Economic development is the development of economic wealth of countries or regions for the well-being of their inhabitants. ... In economics, shock therapy refers to the sudden release of price and currency controls, withdrawal of state subsidies, and immediate trade liberalization within a country. ...


World Bank standards and methods are, however, highly valued and adopted in areas such as transparent procedures for competitive procurement and environmental standards for project evaluation.[citation needed] World Bank also engages in funding the education of promising young people from developing countries through its graduate scholarship programs. A developing country is a country with low average income compared to the world average. ... The World Bank Scholarship programme began in 1982. ...

A young World Bank protester takes to the street in Jakarta, Indonesia.
A young World Bank protester takes to the street in Jakarta, Indonesia.

In Masters of Illusion: The World Bank and the Poverty of Nations (1996), Catherine Caufield makes a sharp criticism of the assumptions and structure of the World Bank operation, arguing that at the end it harms southern nations rather than promoting them. In terms of assumption, Caufield first criticizes the highly homogenized and Western recipes of "development" held by the Bank. To the World Bank, different nations and regions are indistinguishable, and ready to receive the "uniform remedy of development". The danger of this assumption is that to attain even small portions of success, Western approaches to life are adopted and traditional economic structures and values are abandoned. A second assumption is that poor countries cannot modernize without money and advice from abroad. 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. ... Masters of Illusion features renowned turntableist Kut Masta Kurt providing beats for vocalists Kool Keith and Motion Man. ...


A number of intellectuals in developing countries have argued that the World Bank is deeply implicated in contemporary modes of donor and NGO driven imperialism and that its intellectual contribution functions, primarily, to seek to try and blame the poor for their condition.[14]


Defenders of the World Bank contend that no country is forced to borrow its money. The Bank provides both loans and grants. Even the loans are concessional since they are given to countries that have no access to international capital markets. Furthermore, the loans, both to poor and middle-income countries, are at below market-value interest rates. The World Bank argues that it can help development more through loans than grants, because money repaid on the loans can then be lent for other projects. The capital market is the market for long-term loans and equity capital. ... An interest rate is the price a borrower pays for the use of money he does not own, and the return a lender receives for deferring his consumption, by lending to the borrower. ...


In The Globalisation Tapes (http://www.imdb.com/title/tt0407827/) an Indonesian palm plantation worker states that his son has to help him meet his daily quota. For this ton of fruit that is worth over $31 he and his unpaid son get only $1.14 in wages.


AIDS controversy

The World Bank is a major source of funding for combating AIDS in poor countries. In the past six years, it has committed about US$2 billion through grants, loans and credits for programs to fight HIV/AIDS.[15] Its critics, however, claim these financial expenditures to be insufficient. In the 2005 Massey Lecture, entitled "Race Against Time", Stephen Lewis argued that the structural adjustment policies of the World Bank and the International Monetary Fund have aggravated and aided the spread of the AIDS pandemic by limiting the funding allowed to health and education sectors.[citations needed] The Massey Lectures are a prestigious annual event in Canada, in which a noted Canadian or international scholar gives a week-long series of lectures on a political, cultural or philosophical topic. ... This article is about the Canadian politician and broadcaster. ... IMF redirects here. ... For other uses, see AIDS (disambiguation). ...


Other information

The World Bank provides summer internships to local DC students at its headquarters every year. This youth development program is a large investment in the city's youth and the World Bank partners with a local nonprofit, Urban Alliance Foundation, to provide this opportunity. The Urban Alliance Foundation is a 501(c)(3) nonprofit operating in Washington, DC. Often referred to as Urban Alliance, or just UA, their mission is to prepare young adults from under-resourced areas in DC for the world of work and a life of self-sufficiency, through education, mentoring...


See also

Sustainable development Portal

Image File history File links Sustainable_development. ... The World Bank Institute is the capacity development branch of the World Bank. ... World Bank Independent Evaluation Group logo The World Banks Independent Evaluation Group (IEG) is an independent unit within the World Bank Group. ... IMF redirects here. ... The World Bank Scholarship programme began in 1982. ... Researchers Alliance for Development (RAD) is a World Bank supported action-oriented and multidisciplinary network of researchers. ... 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-WEF grafiti in Lausanne. ... 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. ... The Asian Development Bank (ADB) is a regional development bank established in 1966 to promote economic and social development in Asian and Pacific countries through loans and technical assistance. ... The Inter-American Development Bank (preferred abbreviation: IDB; but frequently given as IADB), was established in 1959 to support Latin American and Caribbean economic/social development and regional integration by lending mainly to public institutions. ... World map of the Ease of Doing Business Index. ...

References

  • Presidential and other quotes on Money and Banking
  • Axel Dreher (2002). The Development and Implementation of IMF and World Bank Conditionality. HWWA. ISSN 1616-4814. 
  • William Easterly (2001). The Elusive Quest for Growth. MIT Press. ISBN 0-262-55042-3. 
  • Catherine Caufield (1997). Masters of Illusion. Henry Holt & Company, New York. ISBN 0-8050-2875-7 (hardcover) ISBN 0-330-35321-7 (paperback, 1998). 
  • Bruce Rich (1994). Mortgaging the Earth. Beacon Press. ISBN 0-8070-4704-X (hardcover), ISBN 0-8070-4707-4 (paperback). 
  • Walden Bello, et al (1999). Dark Victory. Pluto Press. ISBN 0-7453-1466-X (hardcover) ISBN 0-935028-61-7 (paperback). 
  • Paul McClure (editor) (2003). A Guide to the World Bank. World Bank Publications. ISBN 0-8213-5344-6. 
  • Elizabeth P. McLellan (editor) (2003). The World Bank: Overview and Current Issues. Nova Science Publishers. ISBN 1-59033-550-3. 
  • Phillipe Le Prestre (1989). The World Bank and the Environmental Challenge. Susquehanna University Press. ISBN 0-941664-98-8. 
  • 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 1-59420-023-8. 
  • Zoe Young (2002). A New Green Order? The World Bank and the Politics of the Global Environment Facility. Pluto Press. ISBN 0-7453-1553-4. 

William Easterly is Professor of Economics at New York University, joint with Africa House, and Co-Director of NYU’s Development Research Institute. ... Nova Publishers is a New York publishing house whose Nova Science division publishes scientific research books in the fields of physics and medical research. ...

Notes

  1. ^ a b c d e f g "About Us", wordbank.org, accessed May 30, 2007.
  2. ^ US Blocks Stronger African Voice At World Bank http://www.globalpolicy.org/socecon/bwi-wto/wbank/2003/0626blocks.htm, Accessed 07 August 2007
  3. ^ "Press Release Regarding the Selection of Mr. Robert B. Zoellick as President of the World Bank", press release, worldbank.org, June 25, 2007, accessed July 12, 2007 (corrected date).
  4. ^ "Office of the President- Biography"
  5. ^ "Safeguard Policies", worldbank.org, accessed May 30, 2007.
  6. ^ "Striking a Better Balance", worldbank.org, January 2004, accessed May 30, 2007.
  7. ^ "Striking a Better Balance", "World Bank Group Management Response" to "The World Bank Group and Extractive Industries: The Final Report of the Extractive Industries Review: World Bank Group Management Response" PDF (200 KiB),September 17, 2004, accessed May 30, 2007.
  8. ^ "Oil, Gas, Mining, and Chemicals" (follow up report), accessed May 30, 2007.
  9. ^ "The Energy Tug of War", The New Internationalist, No. 373 (November 2004), accessed May 30, 2007.
  10. ^ "World Bank Operational Manual: Operational Policies: Indigenous Peoples" (Op 4.10), worldbank.org, July 2005, accessed May 30, 2007.
  11. ^ Andrew Balls and Edward Allen, "Wolfowitz Triggers Graft Storm at World Bank", The Financial Times, January 23, 2006, accessed May 30, 2007.
  12. ^ See Joseph Stiglitz, The Roaring Nineties, Globalization and Its Discontents, and Making Globalization Work.
  13. ^ Ibid.
  14. ^ For instance see David Moore's edited book 'The World Bank', University of KwaZulu-Natal Press, 2007
  15. ^ The World Bank Global HIV/AIDS Program, The World Bank’s Global HIV/AIDS Program of Action PDF (554 KiB) (Washington, D.C.: International Bank for Reconstruction and Development/The World Bank, 2005), online posting, worldbank.org/aids, accessed May 30, 2007.

is the 150th day of the year (151st in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 176th day of the year (177th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 193rd day of the year (194th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 150th day of the year (151st in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 150th day of the year (151st in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... “PDF” redirects here. ... A kibibyte (a contraction of kilo binary byte) is a unit of information or computer storage, commonly abbreviated KiB (never kiB). 1 kibibyte = 210 bytes = 1,024 bytes The kibibyte is closely related to the kilobyte, which can be used either as a synonym for kibibyte or to refer to... is the 260th day of the year (261st in leap years) in the Gregorian calendar. ... Year 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ... is the 150th day of the year (151st in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 150th day of the year (151st in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... New Internationalist is a magazine from New Internationalist Publications, a co-operative-run publisher based in Oxford, England. ... is the 150th day of the year (151st in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 150th day of the year (151st in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... The Financial Times building The Financial Times (FT) is an international business newspaper printed on distinctive salmon pink broadsheet paper. ... is the 23rd day of the year in the Gregorian calendar. ... Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ... is the 150th day of the year (151st in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... Joseph Stiglitz (born February 9, 1943) is an American economist, author and winner of Nobel Prize for economics ( 2001). ... Stiglitz (bearded, in coat and tie) talking about his book at the University of Michigan in 2005 Globalization and Its Discontents is a book written in 2002 by the 2001 Nobel laureate Joseph E. Stiglitz. ... Making Globalization Work is a book written by Nobel Prize-winning author of Globalization and Its Discontents, Joseph E. Stiglitz. ... “PDF” redirects here. ... A kibibyte (a contraction of kilo binary byte) is a unit of information or computer storage, commonly abbreviated KiB (never kiB). 1 kibibyte = 210 bytes = 1,024 bytes The kibibyte is closely related to the kilobyte, which can be used either as a synonym for kibibyte or to refer to... is the 150th day of the year (151st in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ...

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