| World Bank |
|Motto||Working for a World Free of Poverty|
|Headquarters||Washington D.C., United States|
|Leader||President of the World Bank Group|
|Type||Monetary International Financial Organization|
|Sponsor of||TESEV, Center for Global Development|
|Sponsored by||Omidyar Network, Rockefeller Foundation|
|Exposed by||Joseph Stiglitz|
•World Bank/Chief Economist
•World Bank/Vice President
The group has aims to relieve poverty.
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 the neoconservative agenda of neocolonialism.
- Full article: “Debt crisis”
- Full 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".
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.
|Josef Ackermann||“Maybrit Illner: Mr. Ackermann, you are also head of the International Banking Federation. Couldn't you just have made such a demand to all your colleagues who came out of this crisis really clean?|
Josef Ackermann: I think the same would have happened to me as it did to Mr Herrhausen. [...]”
|13 May 2010|
|John Perkins||“My job was to convince heads of state of countries with resources our corporations covet, like oil, to accept huge loans from the World Bank and its sister organizations. The stipulation was that these loans would be used to hire our engineering and construction companies, such as Bechtel, Halliburton, and Stone and Webster, to build electric power systems, ports, airports, highways and other infrastructure projects that would bring large profits to those companies and also benefit a few wealthy families in the country, the ones that owned the industries and commercial establishments. Everyone else in the country would suffer because funds were diverted from education, healthcare and other social services to pay interest on the debt. In the end, when the country could not buy down the principal, we would go back and, with the help of the International Monetary Fund (IMF), “restructure” the loans. This included demands that the country sell its resources cheap to our corporations with minimal environmental and social regulations and that it privatize its utility companies and other public service businesses and offer them to our companies at cut-rate prices.”||John Perkins|
|Omidyar Network||"A philanthropic investment firm"|
- Adjustment with a Human Face: Protecting the Vulnerable and Promoting Growth, Giovanni Andrea Cornia, Richard Jolly, Frances Stewart, 1987, Oxford University Press USA, isbn: 978-0-19-828609-7