World Bank

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Group.png World Bank  
(IGOC-SPAN Facebook History Commons Instagram NNDB Powerbase Sourcewatch Twitter Website YouTubeRdf-entity.pngRdf-icon.png
MottoWorking for a World Free of Poverty
HeadquartersWashington D.C., United States
LeaderPresident of the World Bank Group
TypeMonetary International Financial Organization
Sponsor ofTESEV
Sponsored byOmidyar Network, Rockefeller Foundation
Exposed byJoseph Stiglitz
SubpageWorld Bank/CEO
World Bank/Chief Economist
World Bank/President
World Bank/Vice President

The World Bank is an international group that promotes neoconservatism, under cover of "poverty alleviation".

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 the neoconservative agenda of neocolonialism.

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".[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.

 

Related Quotation

PageQuoteAuthor
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

 

Events Sponsored

EventDescription
Omidyar Network"A philanthropic investment firm"
Rockefeller Foundation


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.Page Module:Citation/CS1/styles.css must have content model "Sanitized CSS" for TemplateStyles (current model is "Scribunto").