What is the World Bank?

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During, and in the years after the World War 2, there was a significant need of financial aid, especially in Europe. The structural US were almost untouched, and their economy was rising. Soon they became the new superpower. At a conference held in Bretton Woods, New Hampshire, in 1944, the World Bank (WB) was founded for purposes of reconstruction in Europe. The head office was placed in Washington, and the bank president was American. When the economic situation in Europe stabilized, the WB shifted its focus. The WB evolved from being a postwar lender in Europe, into one of the most influential financial institution today, because of its funding in the development world on different continents. This text will deal with the World Bank, and in an interdisciplinary view how it has changed.

The US founded marshal plan was introduced in 1947, to handle the great need of support in Europe. Quickly they became the preferred mechanism of reconstruction financing, because of their more liberal policies, because the WB was not ready for the huge amount of support needed. (Bret, 2007)(p 61/310) So this caused a decreasing interest from Europe. An earlier ignorance of the poor countries, changed into a sudden attention for their urgent problems and the WB started to fight poverty.

During the decolonization the WB members increased from 2 African members in 1947, up to 58 African and Asian members in 1971. Most of the former colonies led of poverty, and where in need for aid. The International Bank for Reconstruction and Development (IBRD) better known as the World Bank, tried to fulfill that need, in the decades after its establishment.(Bret, invested interest)

The models used for economic growth where according to Economist Willi...

... middle of paper ...

...ow aiming towards the 8 millennium goals. But the future will show whether they will accomplish them.

Works Cited

Benjamin Bret, invested interest: Capital culture and the World Bank. 2007 University of Minnesota Press, 2007 p:xi, 25-30, 99-101, 200-207

The World Bank group, Guide to the world bank (2nd edition), World Bank Publications, 2007 p:1-4, 18,48

William Easterly, Elusive Quest for Growth: Economists' Adventures and Misadventures in the Tropics, MIT press, 2002 p:28-34, 101-120

The World Bank., “World Bank history”: http://web.worldbank.org/WBSITE/EXTERNAL/EXTABOUTUS/EXTARCHIVES/0,,contentMDK:20053333~menuPK:63762~pagePK:36726~piPK:36092~theSitePK:29506,00.htl

The World Bank, “IRBDs voting power of member countries”

http://siteresources.worldbank.org/BODINT/Resources/278027-1215524804501/IBRDCountryVotingTable.pdf last modified 12.31.2010

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