World Bank

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The International Bank for Reconstruction and Development (IBRD, in Romance languages: BIRD), better known as the World Bank, came into existence on December 27, 1945 following international ratification of the agreements reached at the Bretton Woods Conference of July 1 - July 22, 1944.

An international organization that provides long term loans to assist developing countries in building dams, roads, and other physical capital that would contribute to their economic development. The Bank exists to provide member countries with finance for development and poverty reduction. Commencing operations on June 25, 1946, it approved its first loan on May 9, 1947 ($250m to France for postwar reconstruction, in real terms the largest loan issued by the Bank to date).

Together with five affiliated agencies created between 1956 and 1988, the Bank is part of the World Bank group. The Bank's headquarters in Washington, D.C are presently headed by president (1995-2005) James D. Wolfensohn. The Bank also serves as of several Implementing Agencies for the Globel Environment Facility (GEF).

Though repeatedly relied upon by impoverished governments around the world as a contributor of development finance, the Bank has been criticised by opponents of corporate neo-colonial globalization for undermining the national sovereignty of recipient countries through its pursuit of economic liberalisation.

One of the issues allegedly is that loans provided to dictators and military juntas that have only been used to enrich a very small part of the population are still to be repaid by the entire population after the former leaders are out of power.

Quotes

• June 2000 -- "One legacy of socialism is that most people continue to believe the State has a fundamental role in promoting development and providing social services." (1 - p.47)

Recommended Reading

• "The Elusive Quest for Growth," by William Easterly (ISBN 0262550423)
• "Masters of Illusion," by Catherine Caufield
• "Mortgaging the Earth," by Bruce Rich
• "Dark Victory" by Walden Bello

List of presidents

• Eugene Meyer (June 1946 - December 1946)
• John J. McCloy (March 1947 - June 1949)
• George D. Woods (January 1963 - March 1968)
• Robert S. McNamara (April 1968 - June 1981)
• Alden W. Clausen (July 1981 - June 1986)
• Barber B. Conable (July 1986 - August 1991)
• Lewis T. Preston (September 1991 - May 1995)
• James D. Wolfensohn (Since 1995)

See also:

• European Bank for Reconstruction and Development
• Bank for International Settlements
• International Monetary Fund (IMF)
• List of banks
• Anti-globalization movement
• Joseph E. Stiglitz

External link

• World Bank's website: http://www.worldbank.org/
• The Bretton Woods Project monitors the World Bank and IMF: http://www.brettonwoodsproject.org/