Global Banking: The World Bank

Global Banking: The World Bank
Volume 6, Issue 2

Introduction

According to The World Bank, it is,

"a vital source of financial and technical assistance to developing countries around the world. We are not a bank in the common sense. We are made up of two unique development institutions owned by 184 member countries?-the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA). Each institution plays a different but supportive role in our mission of global poverty reduction and the improvement of living standards. The IBRD focuses on middle income and creditworthy poor countries, while IDA focuses on the poorest countries in the world. Together we provide low-interest loans, interest-free credit and grants to developing countries for education, health, infrastructure, communications and many other purposes." 1

High-minded words like "our mission of global poverty reduction and the improvement of living standards" would lead the reader to believe that the World Bank is some benevolent and global welfare organization. Why is it then, that The World Bank joins the International Monetary Fund and the World Trade Organization as organizations that people around the world just love to hate?

In reality, the World Bank carries its weight, along with the International Monetary Fund and the Bank for International Settlements, to forcibly integrate minor countries of the world into its own brand of capitalistic democracy.

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