World Bank

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Group.png World Bank   C-SPAN History Commons Powerbase Sourcewatch
Motto Working for a World Free of Poverty
Type Monetary International Financial Organization
Headquarters Washington D.C., United States
Leader President of the World Bank Group
Jim Yong Kim.jpg
Incumbent: Jim Yong Kim
Since 1 July 2012
Website https://www.worldbank.org/

Official narrative

The group has aims to relieve poverty.

Problems

The fact that the group's president is a USA citizen reflects its dominated by the nations of the global north. Its track record is one of effectively promoting neocolonialism.

Debt crisis

Full article: Stub class article Debt crisis

During the 1970s, the bank made huge loans to the countries of the global south, often with corrupt leaders, that had no real impact at improving the lives of the vast majority of the people there. In the 1980s opnwards, repayments were used as an excuse for external political interference in those countries. "Structural adjustment policies" were implemented that were designed to 'streamline the economies of developing nations' (i.e. to enrich the countries of the global north). UNICEF reported in the late 1980s that the World Bank's structural adjustment programs had "reduced health, nutritional and educational levels for tens of millions of children in Asia, Latin America and Africa".[1]

The Summers Memo

An internal memo from the then World Bank Chief Economist, Lawrence Summers, is revealing about the bank's decision making process - as is the fact that its publication did not appear to have a negative impact on his career.



References

  1. 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. ISBN 978-0-19-828609-7. 


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