World Bank and IMF are the world’ s largest public lenders and help to avoid Great Depression-like economic disasters. But this help comes with strings attached in the form of policy perceptions as “ structural adjustment policies” . It means across the country privatization of public utilities and publicly owned industries. It focuses resources on growing export crops for industrial countries than supporting family farms for local communities. This has led to serious problems of inequality and environmental destruction in Latin America, Africa, and Asia. (WBIMF, 2007) In the 21st Century some people to think that the World Bank along with IMF imposes such policies in their countries undemocratically.
To oppose such policies, leading to growing wealth inequalities, about 20,000 people were also gathered in Washington DC in April last year and similar protests were also taken in other countries as the Czech Republic, Prague etc (WBIMF, 2007). Right from the beginning people have imagined the World Bank to be a financial intermediary. Some take it to be as an instrument for the advancement of the national interests of various countries; as an evangelical agent who is in charge of the changing behavior of the government or; as a mechanism to transfer financial resources from richer to poorer countries.
On a whole, it is expected to support a liberal (or market-based) economic system, as expected in the promotion of the liberal trade and investment regimes. (M. N. Carnegie, April 1994) World Bank plays a great role in economic reforms globally. It is the foremost expectation of people and all the countries from the Bank. It lends money to the governments and various government agencies for development projects.
Now it has been more than 20 years the Bank has continually imposed the so-called stringent conditions as “ Structural Adjustment Programs” hence forcing the countries to adopt reforms as deregulation of capital markets, privatization of state companies and downsizing of public programs for social welfare. (GPF, 2008)
Please type your essay title, choose your document type, enter your email and we send you essay samples