The World Bank Friend Or Foe To The Developing World?

2675 words - 11 pages

When poor countries become desperate for economic help, they turn to the World Bank for loans. However, these loans come with strings attached - the World Bank imposes certain harsh conditions on debtor countries to ensure that their loans will be repaid. The Fund's standard package is designed to "get the economy going again", but the consequences for the poor are catastrophic because the World Bank, to put it loosely, "encourages" more land to be put into exports (increasing dependence on costly food imports), wages to be cut, reduction in state assistance to the poor, and increased ease of access for foreign corporations. These policies are beneficial to the rich countries, but they have had such savage effects on poor Third World people that riots against the World Bank break out from time to time. Far from progressing towards self-sustaining, economic growth, and prosperity, the Third World has fallen into such levels of debt that few would now hold any hope of repayment ($214 billion in 1998) . Some countries now have to pay out most of their annual income just to meet interest payments on the debt. On top of that, the World Bank pays no attention to the environment by clear cutting unusable lands and destroying precious ecosystems, and have now be deemed responsible for a dollar amount of close to a trillion dollars in continuing destruction and wasted money during their "so called" economic projects that are always end up doing a lot more harm then good.Established at Bretton Woods in 1944, the World Bank is the most controversial international organizations in the world today. This is due to the Bank's policies on the least advantaged countries of the world, which fall mainly in Africa and parts of Asia. More specifically, The World Bank, with their plan to "get the economy going again", demands "structural adjustment" and "conditionalities" to be met before any money is authorized to be sent out. Poorer countries have no choice because they desperately need the money to keep their country going. This is a mistake, because country ends up having little to no choice on how the money is spent. They end up with the money being put towards something they did not really need, or want, and it is usually useless to them. The country ends up being worse off then when they began; they have a bigger debt, a higher interest, and a project ex. (No short terms) (road / electrical system) that does them little to no good, and they still do not have a long-term solution to their economic problems.As mentioned above, the term "Structural adjustment" refers to preconditions that the World Bank imposes before loans are made. These "conditionalities" are based on market-oriented ideas that include devaluing the currency, increasing exports while decreasing imports, and decreasing social spending, among other requirements designed to ultimately balance the borrower's budget. This mode of operation was not envisioned to come from the World Bank. It was...

Find Another Essay On The World Bank - Friend or Foe to the Developing World?

Technology: Friend or Foe Essay

2248 words - 9 pages 1. Introduction It is no surprise that technology is rapidly taking over the world, and defining the day to day lives we live. As humans we are constantly engaged in some form of technology. However, the role of technology in early childhood classroom is a growing and controversial topic. The bottom line question for most teachers is whether or not computer based technology is developmentally appropriate for early childhood students, and if

Marijuana: Friend Or Foe Essay

1197 words - 5 pages amotivational syndrome or the marijuana use.Another problem with the amotivational theory is that Jamaican and Columbian studies have showed that marijuana use increases work output and motivation when the work is boring or monotonous (Hermes & Galperin, 1992).Physically marijuana has been proven to be non addictive, but in some instances it has been shown to create a psychological dependence (Grinspoon, 1999). But does this dependence actually

Constitution Friend or Foe

1978 words - 8 pages anywhere at anytime? That would be my opinion of freedom and liberty. However, what if my neighbor's idea of liberty is, "You walking on my property at anytime infringe my liberty"?Now, James Madison had the feeling that it was going to be extremely hard to support everyone's personal ideas of liberty. Along with that, controversy was the choice of government. James Madison touched up on the subject asking in the piece, "Democratic or Republic

What is the World Bank?

1012 words - 4 pages 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

Smart Phones: Friend or Foe?

795 words - 3 pages Untitled Smart Phones: Friend or Foe? As wires and cords are quickly becoming obsolete, people are demanding to be able to do more and more from anywhere and at any time. The answer to this demand is the smart phone. Smart phones have revolutionized not only how people communicate, but also how they share information, entertain, transact business, and even help plan our day. While the benefits opportunities of such technology may

English: A Friend or Foe?

810 words - 3 pages all around the world use channels of communication such as the Internet. English seems to be a friend of intercultural communication; however, it is a threat to non-English cultures. Globalization brought nations and companies together, some major nations gained power while others are exploited. Since the global language is English, it is one of the drives of globalization. As the world economy globalizes, the interdependencies among nations

Fiesta Jarabe - Friend or Foe? An essay on the sculpture by Luis Jimenez

841 words - 3 pages harmonious Southwest.Fine art is a term that usually indicates a traditional perspective on the art forms and often implies an association with classic or academic art. In sculpture, especially when referring to the human figure, the forms of fine art tend to be more gracile, or delicate, in nature. The bodies would be portrayed in correct proportion with leanings toward what is generally accepted as classic beauty. Classic beauty implies balance

The World Bank, Tourism, and Sex Work

3728 words - 15 pages thousands of people from around the globe gather in Washington D.C. on April 16th and 17th to protest against the World Bank and the International Monetary Fund. On April 17th, CNN reported "The demonstrators, from dozens of different groups, include environmentalists, anti-free trade lobbyists, and human rights activists". That does cause one to question whether or not the World Bank’s motives are as virtuous as they first appear. Continuing my

The WTO IMF and World Bank

743 words - 3 pages Bank were established in 1944 at the Bretton Woods conference. They were major donors to post-independence in Zaire. They are both funded by subscriptions from member countries including significant contributions from all the worlds developed nations. There are a lot of debates concerning the roles of IMF & the World Bank and their policies for many developing nations. A company named Genetically Modified Foods (GM) was center stage because

My Best Friend in the Entire World

948 words - 4 pages My Best Friend in the Entire World Everyone needs a best friend in her lifetime. She needs somebody that she can trust and go to with her problems. A best friend should be there for you all the time, no matter what the situation may be. In my case, I have known my best friend for my entire life. My best friend happens to be my younger sister, Brittany. She is only thirteen months younger than I am, so we are very close. Having Brittany

The IMF, World Bank, and Third World Debt Crisis

2469 words - 10 pages those in the third world, and at the same time make their situation much worse. One of the chief problems for these developing countries is Third World debt, which is that debt that the governments of Third World owe to foreign banks, governments, and international bodies, such as the International Monetary Fund (IMF) and World Bank. The World Bank and the IMF both came into existence in 1944 at the Bretton Woods Conference, which was a meeting to

Similar Essays

Topic Three: The Mobile Phone Friend Or Foe?

1664 words - 7 pages Commonwealth Essay 22 January 2005Tanya HöpkerGrade 11QTopic three: The mobile phone-friend or foe?"Do not forget to pick up the files from the client," Michael demanded to his assistant over his mobile phone, "and then you can drop them off with my secretary.""That will be all for now, I will call you if I need anything else," he said, ending the call and shifting into third

Developing The Third World Essay

2218 words - 9 pages population in developing nations, live below the poverty line (United Nations, 2009). Therefore it can be suggested that 1-3 billion people live in poverty or about 20% of the global population (the World Bank Group). Poverty is an issue as the poor are deprived of their basic needs and resources needed in order to survive, such as lack of food, shelter, clothing, and clean drinking water as well as access to health care, education and employment. It

Friend Or Foe? Essay

1222 words - 5 pages ¿Amigo o enemigo?Friend or Foe?When Sydney and I had put the horses in their stalls, we walked to the tack room, and opened the refrigerator, looking for a cold drink. I picked up a small glass container and peered through, not seeing a thing. I opened the container, looked inside, and before I knew it, I couldn't see. Sydney had not been looking at me when I opened it up; she had been looking through a book."Why did you open that!?""I

Television Friend Or Foe Essay

2549 words - 10 pages to 73% of the time according to some sources. They rarely see the pain or harm experienced by victims of violent crimes, and even more rarely do they see an alternative solution to problems that would be nonviolent in nature (Kaufman 4). Such exposure to violence cannot escape having a large effect on children's developing minds. Repeated exposure to violence leads children to become less sensitive to the pain of others. The frequent