World Bank

World Bank
World Bank logo
Motto Working for a World Free of Poverty
Formation July 1944 (1944-07)
Type Monetary International Financial Organization
Legal status Treaty
Purpose Crediting
Headquarters Washington D.C., United States
Region
Worldwide
Membership
188 countries (IBRD)[1]
172 countries (IDA)
Parent organization
World Bank Group
Website .org.worldbankwww

The World Bank is an international financial institution that provides loans[2] to developing countries for capital programs. It comprises two institutions: the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA). The World Bank is a component of the World Bank Group, and a member of the United Nations Development Group.

The World Bank's official goal is the reduction of poverty. According to its Articles of Agreement, all its decisions must be guided by a commitment to the promotion of foreign investment and international trade and to the facilitation of Capital investment.[3][4]

Contents

  • World Bank Group 1
  • History 2
    • 1944–1969 2.1
    • 1968–1980 2.2
    • 1980–1989 2.3
    • 1989–present 2.4
      • Criteria 2.4.1
  • Leadership 3
    • List of presidents 3.1
    • List of chief economists 3.2
  • Members 4
    • Voting power 4.1
  • List of 20 largest countries by voting power in each World Bank institution 5
  • Poverty reduction strategies 6
  • Global partnerships and initiatives 7
    • Climate change 7.1
    • Food security 7.2
  • Training wings 8
    • World Bank Institute 8.1
    • Global Development Learning Network 8.2
      • GDLN Asia Pacific 8.2.1
    • The JUSTPAL Network 8.3
  • Country assistance strategies 9
  • Clean Air Initiative 10
  • United Nations Development Business 11
  • Open data initiative 12
  • Open Knowledge Repository 13
  • Criticisms 14
    • Structural adjustment 14.1
    • Fairness of assistance conditions 14.2
    • Sovereign immunity 14.3
  • See also 15
  • References 16
  • External links 17

World Bank Group

The World Bank is not to be confused with the United Nations

  • Official website
  • IBRD main page
  • IDA main page

External links

  1. ^ Boards of Executive Directors - Member Countries. Web.worldbank.org. Retrieved on 29 July 2013.
  2. ^ "About Us". World Bank. 14 October 2008. Retrieved 9 November 2008. 
  3. ^ Articles of Agreement: as amended effective 16 February 1989.
  4. ^ "About Us". World Bank. 29 June 2011. Retrieved 14 August 2011. 
  5. ^ "About The World Bank (FAQs)". World Bank. April 2011. Retrieved 14 August 2011. 
  6. ^ "The Founding Fathers". International Monetary Fund. Retrieved 11 August 2012. 
  7. ^ The New York Times, 2015 March 17, "France, Germany and Italy Say They’ll Join China-Led Bank," http://www.nytimes.com/2015/03/18/business/france-germany-and-italy-join-asian-infrastructure-investment-bank.html?hp&action=click&pgtype=Homepage&module=second-column-region®ion=top-news&WT.nav=top-news
  8. ^ a b c d Goldman, Michael (2005). Imperial Nature: The World Bank and Struggles for Social Justice in the Age of Globalization. New Haven, CT: Yale University Press.  
  9. ^ Bird, Kai (1992). The Chairman: John J. McCloy, the Making of the American Establishment. New York, NY: Simon & Schuster.  
  10. ^ World Bank. "World Bank Historical Chronology: 1970-1979". World Bank Group. Retrieved 31 May 2012. 
  11. ^ Rotberg, Eugene (1994). "Financial Operations of the World Bank". Bretton Woods: looking to the future: commission report, staff review, background papers. Washington, D.C.: Bretton Woods Commission. 
  12. ^ Mosley, Paul; Harrigan, Jane; Toye, John (1995). Aid and Power: The World Bank and Policy Based Lending, 2nd Edition 1. Abington, UK: Routledge.  
  13. ^ Toussaint, Eric (1999). Your Money or Your Life!: The Tyranny of Global Finance. London, UK: Pluto Press.  
  14. ^ World Bank. "World Bank Administrative Tribunal". World Bank Group. Retrieved 14 August 2011. 
  15. ^ Cornia, Giovanni Andrea; Jolly, Richard; Stewart, Frances, eds. (1987). Adjustment with a Human Face: Protecting the Vulnerable and Promoting Growth. New York, NY: Oxford University Press USA.  
  16. ^ World Bank. "Results". World Bank Group. Retrieved 31 May 2012. 
  17. ^ Office of the Press Secretary (23 March 2012). "President Obama Announces U.S. Nomination of Dr. Jim Yong Kim to Lead World Bank". The White House. Retrieved 23 March 2012. 
  18. ^ World Bank. "Millennium Development Goals". World Bank Group. Retrieved 31 May 2012. 
  19. ^ Korinna Horta (February 2013). "Most relevant review". dandc.eu. 
  20. ^ Hurlburt, Heather (23 March 2012). "Why Jim Yong Kim would make a great World Bank president". The Guardian. Retrieved 23 March 2012. 
  21. ^ World Bank. "Leadership". World Bank Group. Retrieved 17 July 2012. 
  22. ^ World Bank. "Senior Management". World Bank Group. Retrieved 12 August 2012. 
  23. ^ World Bank. "Boards of Directors". World Bank Group. Retrieved 12 August 2012. 
  24. ^ World Bank Group. "Member Countries". World Bank Group. Retrieved 14 July 2012. 
  25. ^ "Developing nations get more say in World Bank affairs". The Times of India. 26 April 2010. Retrieved 5 April 2014. 
  26. ^ International Bank for Reconstruction and Development (2010). IBRD 2010 Voting Power Realignment (PDF) (Report). World Bank Group. Retrieved 14 August 2011. 
  27. ^ Veloo, Betsy May (26 April 2010). "China given more influence in World Bank". RTHK. Retrieved 26 April 2010. 
  28. ^ Stumm, Mario (March 2011). "World Bank: More responsibility for developing countries". D+C. Retrieved 12 August 2011. 
  29. ^ http:/resources.worldbank.org/BODINT/Resources/278027-1215524804501/IBRDCountryVotingTable.pdf International Bank for Reconstruction and Development as of March 2015
  30. ^ http:/resources.worldbank.org/BODINT/Resources/278027-1215524804501/IFCCountryVotingTable.pdf International Finance Corporation as of March 2015
  31. ^ http:/resources.worldbank.org/BODINT/Resources/278027-1215524804501/IDACountryVotingTable.pdf International Development Association as of December 2014
  32. ^ http:/resources.worldbank.org/BODINT/Resources/278027-1215524804501/MIGACountryVotingTable.pdf Multilateral Investment Guarantee Agency as of December 2014
  33. ^ Landler, Mark (15 December 2007). "Britain Overtakes U.S. as Top World Bank Donor". The New York Times. Retrieved 14 August 2011. 
  34. ^ Wheeler, David (20 May 2008). "Climate Change in Nashville: A Gathering Storm for the World Bank?". Center for Global Development. Retrieved 9 November 2008. 
  35. ^ "New Report Examines Risks of 4 Degree Hotter World by End of Century". worldbank.org. World Bank. 18 November 2012. Retrieved 12 October 2013. 
  36. ^ Why a 4 degree centrigrade warmer world must be avoided November 2012 World Bank
  37. ^ What Climate Change Means for Africa, Asia and the Coastal Poor WorldBank 19 June 2012
  38. ^ World's poorest will feel brunt of climate change, warns World Bank The Guardian 19 June 2012
  39. ^ World Bank Institute. "About WBI". World Bank Group. Retrieved 31 May 2012. 
  40. ^ Clean Air Initiative. "About Us". Clean Air Initiative-Asia Center. Retrieved 31 May 2010. 
  41. ^ a b Development Business. "About Us". United Nations. Retrieved 19 August 2012. 
  42. ^ United Nations Development Group. "UNDG Members". United Nations. Retrieved 19 August 2012. 
  43. ^ Strom, Stephanie (2 July 2011). "World Bank Is Opening Its Treasure Chest of Data". The New York Times. Retrieved 20 August 2012. 
  44. ^ SPARC. "SPARC Innovator: The World Bank". Association of Research Libraries. Retrieved 12 July 2012. 
  45. ^ "Open Knowledge Repository (OKR)". World Bank. Retrieved 22 October 2013. 
  46. ^ "World Bank Entry in re3data.org". www.re3data.org. Retrieved 21 July 2014. 
  47. ^ Stiglitz, Joseph E. (2003). The Roaring Nineties: A New History of the World's Most Prosperous Decade. New York, NY: W. W. Norton & Company.  
  48. ^ a b Stiglitz, Joseph E. (2003). Globalization and Its Discontents. New York, NY: W. W. Norton & Company.  
  49. ^ a b Stiglitz, Joseph E. (2007). Making Globalization Work. New York, NY: W. W. Norton & Company.  
  50. ^ Hazlitt, Henry (1984). From Bretton Woods to World Inflation: A Study of the Causes and Consequences. Washington, D.C.: Regnery Publishing.  
  51. ^ Schneider, Jane (2002). "World Markets: Anthropological Perspectives". In MacClancy, Jeremy. Exotic No More: Anthropology on the Front Lines. Chicago, IL: University of Chicago Press.  
  52. ^ Woods, Ngaire (2007). The Globalizers: The IMF, the World Bank, and Their Borrowers. Ithaca, NY: Cornell University Press.  
  53. ^ Alexander, Titus (1996). Unravelling Global Apartheid: An Overview of World Politics. Cambridge, UK: Polity.  
  54. ^ Committee on Foreign Relations, United States Senate, 111th Congress (2010). The International Financial Institutions: A Call For Change (PDF) (Report). U.S. Government Printing Office. Retrieved 20 August 2012. 
  55. ^ Gibbs, Walter (25 June 2002). "Europe: Norway: Protests As World Bank Meets". The New York Times. Retrieved 20 August 2012. 
  56. ^ Williams, Clarence; Ruane, Michael E. (20 October 2007). "Violence Erupts at Protest in Georgetown". The Washington Post. Retrieved 30 May 2008. 
  57. ^ Wilson, Kimberly A.C. (7 December 1999). "Embattled police chief resigns". Seattle Post-Intelligencer. Retrieved 19 May 2008. 
  58. ^ Clendenning, Alan (21 May 2008). "Amazon Indians Attack Official Over Dam Project". National Geographic. Associated Press. Retrieved 21 May 2008. 
  59. ^ "Hats off to Ngozi". The Economist. 31 March 2012. Retrieved 2 April 2012. 
  60. ^ Rushe, Dominic; Stewart, Heather; Mark, Monica (16 April 2012). "World Bank names US-nominated Jim Yong Kim as president". The Guardian. Retrieved 17 April 2012. 
  61. ^  
  62. ^ a b c deVries, Barend A. (1996). "The World Bank's Focus on Poverty". In Griesgraber, Jo Marie; Gunter, Bernhard G. The World Bank: Lending on a Global Scale. London, UK: Pluto Press.  
  63. ^ a b Tan, Celine (2007). "The poverty of amnesia: PRSPs in the legacy of structural adjustment". In Stone, Diane; Wright, Christopher. The World Bank and Governance: A Decade of Reform and Reaction. New York, NY: Routledge.  
  64. ^ Hardstaff, Peter (2003). "Treacherous conditions: How IMF and World Bank policies tied to debt relief are undermining development" (PDF). World Development Movement. Retrieved 12 May 2013. 
  65. ^ Klein, Naomi (27 April 2007). "The World Bank has the perfect standard bearer". The Guardian. Retrieved 12 May 2013. 
  66. ^ a b c IFI Watch (2004). "The World Bank and the Question of Immunity" (PDF). IFI Watch - Bangladesh 1 (1): 1–10. Retrieved 4 September 2004. 
  67. ^ World Bank (2007). Sovereign Immunity (PDF) (Report). World Bank Group. Retrieved 20 August 2012. 
  68. ^ Hasson, Adam Isaac (2002). "Extraterritorial Jurisdiction and Sovereign Immunity on Trial: Noriega, Pinochet, and Milosevic - Trends in Political Accountability and Transnational Criminal Law". Boston College International and Comparative Law Review 25 (1): 125–158. Retrieved 25 April 2012. 

References

See also

The World Bank requires sovereign immunity from countries it deals with.[66][67][68] Sovereign immunity waives a holder from all legal liability for their actions. It is proposed that this immunity from responsibility is a "shield which [The World Bank] wants to resort to, for escaping accountability and security by the people."[66] As the United States has veto power, it can prevent the World Bank from taking action against its interests.[66]

Sovereign immunity

Some critics,[64] most prominently the author Naomi Klein, are of the opinion that the World Bank Group's loans and aid have unfair conditions attached to them that reflect the interests, financial power and political doctrines (notably the Washington Consensus) of the Bank and, by extension, the countries that are most influential within it. Amongst other allegations, Klein says the Group's credibility was damaged "when it forced school fees on students in Ghana in exchange for a loan; when it demanded that Tanzania privatise its water system; when it made telecom privatisation a condition of aid for Hurricane Mitch; when it demanded labour "flexibility" in Sri Lanka in the aftermath of the Asian tsunami; when it pushed for eliminating food subsidies in post-invasion Iraq."[65]

Fairness of assistance conditions

By the late 1980s, international organizations began to admit that structural adjustment policies were worsening life for the world's poor. The World Bank changed structural adjustment loans, allowing for social spending to be maintained, and encouraging a slower change to policies such as transfer of subsidies and price rises.