INTD 200 Study Guide - Final Guide: International Financial Institutions, Bretton Woods Conference, Structural Adjustment

• School: McGill University
• Department: International Development
• Course: INTD 200
• Professor: Karen Mc Allister

Document Summary

Describe the structure and role of the world bank and the main criticisms over time with respect to its policies and administration. Established in 1944 at the bretton woods conference, the world bank s initial function was to provide financing for postwar reconstruction and development projects. World bank focused on providing loans to developing-world countries at lower rates of interest than those of private international banks. These loans were directed mainly towards building infrastructure for development (taylor 2009: 155). However, this international financial institution became highly controversial and widely criticized by many ngos and academics because it was no longer focusing on ensuring economic stability and dealing with poverty reduction. From both sides of the political spectrum, the world bank was criticized for being too bureaucratic and inefficient as well as entrenching poverty and exasperating global inequality. For instance, in terms of the actual structure of the world bank, there have been many criticisms and controversies resulting from its organisation.