Skip to main content

IR - One Definition A Day: World Bank Group

IR - One Definition A Day: World Bank Group (p. 574 Ref. 1)


This collectivity consists of three intergovernmental organizations (IGOs): the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA) and the International Finance Corporation. The first named, the IBRD, is popularly known as the World Bank. As the title implies the twin purposes of setting up the World Bank, as part of the Bretton Woods system of international economic institutions, was to facilitate the rebuilding of those essentially developed economies which had been shattered by war and to assist in the more basic task of economic development of the less developed countries (LDCs). 

The Bank is the twin organisation of the IMF and indeed membership of the Bank is restricted to states which are also members of the Fund. Like the Fund, the Bank has a system of weighted voting which gives power to effect outcomes to those states which make the greatest contributions. These contributions are, in fact, expressed as subscriptions to the Bank and these member state subscriptions are one of the main sources of Bank funds. In addition the Bank goes into the private capital markets to raise funds and these borrowings now constitute the largest source of Bank liquidity. Being heavily infused with commercial banking principles it comes as no surprise that the Bank's lending policy follows fairly strict commercial criteria.

The need for an institution that would provide 'soft' loans led to the establishment of the IDA in 1960. Like the Bank the IDA makes loans rather than grants and, again as with the IBRD, the would-be recipients are vetted beforehand. Loans are made to recipients to encourage the development of their infrastructure. Unlike the Bank, the IDA is totally dependent upon member states' contributions for its source of funds.

The International Finance Corporation (IFC) was established in 1956 to encourage the growth of private enterprise and entrepreuniral skills in the LDCs. It limits its participation in projects to a minority share-holding and has particularly concentrated on secondary or manufacturing sectors.

The conservative orthodoxy of the Bank and the extent of the depressed situation in the world economy (outside of North America) after 1947 meant that the Bank was something of a bystander. The US took steps through measures like the Marshall Plan, through its defence spending and through other aid measures to pump-prime the economies of the AICs by running dollar deficits. As the Cold War became the clear and present danger for American leaders from Truman onwards so the foreign assistance programme was seen as too crucial to military security interests to be left to multilateralism as represented by the Bank.

The collapse of the Bretton Woods system and the oil shocks of the 1970s did nothing to reduce the marginalization of the Bank in the context of aid flows. The Bank did play some role in the receycling of petrodollars through the Western system after the oil shocks. It was rather two developments in the 1980s which served to resuscitate the fortunes of the Bank. The demise of collectivist economic strategies in favour of privatization and free-market reforms meant that the principles of economic liberalism which is the dominant ideology of the Bank now found a more receptive environment - both intellectually and politically. Second, the debt crisis and the various proposals mooted to deal with it such as the Baker and Braddy Plans have brought the Bank in from the cold as a key player in administering their implementation.

(Source: Réf Penguin Dictionary of IR)

About YourVietbooks.com
YourVietBooks is a collection of books on Vietnam for Readers who are interested in Vietnam's History, Culture, Language, Economy, or Business. Most titles are in English, but some are only available in French or Vietnamese. We can provide interested parties an accurate translation of some parts of the books for your research purposes. Translations are done by YourVietnamExpert's qualified and experienced translators. contact@yourvietnamexpert.com

Popular posts from this blog

GT sách nói: Hồ sơ mật Dinh Độc Lập

Bản nguyên thủy bằng tiếng Anh: Nguyễn Tiến Hưng, The Palace File, 1986
Bản dịch: Nguyễn Tiến Hưng, Hồ sơ mật Dinh Độc Lập 

Về tác giả: Nguyễn Tiến Hưng (sinh 1935), tiến sĩ kinh tế, nguyên Tổng trưởng Kế hoạch và Phát triển của Chính phủ Việt Nam Cộng hòa, hiện là giáo sư tại Đại học Harvard. Ông cũng là tác giả hai cuốn sách thuộc loại bán chạy nhất (best seller) là Hồ sơ mật Dinh Độc Lập (The Palace File, 1986) và Khi đồng minh tháo chạy (2005).

Là người nắm hồ sơ, văn thư mật liên quan đến cam kết giữa hai tổng thống Mỹ-Việt, tác giả đã công bố những hồ sơ nầy để minh chứng sự phản bội của Hoa Kỳ (qua những nhân sự cầm quyền) đối với “đồng minh” Nam Việt Nam, dẫn tới kết thúc của Việt Nam Cộng hoà qua biến cố 1975.

Năm 1986, ông cùng với ông Jerrold L. Schecter (cựu chủ biên ngoại giao Tuần báo Time và nguyên Phụ tá Giám đốc Báo chí Nhà Trắng, và Phát ngôn viên của Hội đồng An ninh Quốc gia Hoa Kỳ) viết và xuất bản cuốn The Palace File do Harper & Row Publishers phát hành, và sau…

GT sách hay: 100 cuốn sách cần đọc

Chính trị – Xã hội 1. Chính trị luận – Aristotle ( Alpha Book) 2. Tinh thần pháp luật – Montes Quieu (NXB Đà Nẵng) 3. Bàn về Khế ước xã hội – Jean Jacques Rousseau (Alpha Book) 4. Khảo luận thứ hai về chính quyền – John Locke (NXB Tri Thức) 5. Tâm lý học đám đông – Gustave Le Bon (NXB Tri Thức) 6. Khổng học đăng – Phan Bội Châu (NXB Văn học) 7. Hàn Phi Tử – Hàn Phi – Phan Ngọc dịch (NXB Văn học) 8. Các mô hình quản lý nhà nước hiện đại – David Held (NXB Tri Thức) 9. Sao biển và nhện: Cơ cấu phân quyền - Ori Brafman & Rod A. Beckstrom (NXB Tri Thức) Các cuốn từ 1-4 là những cuốn sách nền tảng về nền chính trị phương Tây và các giá trị vẫn còn ảnh hưởng đến thế giới hiện đại. Cuốn số 5 là một tập tiểu luận phân tích cách các chính trị gia, các thủ lĩnh phương Tây mê hoặc đám đông bằng cách nào và sự tàn phá của đám đông. Cuốn 6 là tác phẩm tổng hợp lại các giá trị cốt lõi của Khổng giáo do cụ Phan Bội Châu viết. Cuốn 7 là tác phẩm của Hàn Phi trong thời Chiến Quốc, xây dựng những ý …

Radio Saigon

Hi All,

I just discover this radio station, broadcasting from Houston in Vietnamese. Here are some highlights of their news.

Radio Saigon is a broadcasting center that distributes programs to multiple stations in the Vietnamese community including Houston, Dallas, Northern California, and Southern California.
RSH 900AM KREH, the first station of Radio Saigon, is the leading Vietnamese radio station in Houston, TX since 1999. Radio Saigon provides original and informative programs covering issues on all aspects of life; diverse daily and weekend hosts; guest experts and celebrities appealing to all age groups; veteran journalists with established reputation; and traditional values combined with modern vision. News and Information Good morning, Houston!SportsFinanceScienceMedicineEntertainment Headline NewsTraffic & WeatherTalk Shows Youth TalkLaw & LifeHeath & LifeUs WOMENVoters' ForumThe Car & YouBusiness ForumPolitics and YouLove and FamilyHome ImprovementSafety & th…