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International eco: International financial institutions, Bretton woods…
International eco: International financial institutions, Bretton woods institutions Lect 20 part 6
World bank
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situated in Washington D.C., founded in 1945, operations started 1948, world‘s number one institution to fight poverty
World bank cont.
countries are shareholders, country‘s weight (in voting and financing) corresponds to country‘s economic size:
USA 16.41% of votes, Japan 7.87% of votes, Germany 4.49% of votes,...
Current objectives
- achieving millenium development goals;
especially halving share of worldwide population living in poverty between 2000 and 2015;
- sustainable economic growth in poor countries
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World Bank authorities:
Board of Governors: meets once a year, finance ministers or development ministers
Executive Directors: responsible for day–to–day work, 5 permanent members (USA, Japan, Germany, France, UK)
president, normally nominated by the US:
Jim Yong Kim (since 2012)
Robert Zoellick (2007–2012),
Paul Wolfowitz (2005–2007),
James D. Wolfensohn (1995–2005),...
critique at World Bank‘s past policies (also applies to IMF‘s policies):
mainly reflected political situation in main donor countries:
1970s (Carter, Giscard–d‘Estaing, Schmidt, Wilson/Callaghan):
‘first things first‘ – poverty reduction via direct food aid;
1980s (Reagan, Chirac (French prime minister under the Cohabitation 1986–1988), Kohl, Thatcher): poverty reduction via promoting market forces