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World Bank
WORLD
BANK
   Lucas Rizoli   Feb. 15, 2008
World Bank
World Bank
World Bank
World Bank
9
World War 2
  Europe & East Asia devastated
  Soviet advance
  Economic dissatisfaction
  US war-time boom
Allies seek economic control
  Europe & East Asia devastated
  Soviet advance
  Economic dissatisfaction
  US war-time boom
Allies seek economic control
  Pay for reconstruction
  Soviet advance
  Economic dissatisfaction
  US war-time boom
Allies seek economic control
  Pay for reconstruction
  Establish capitalism
  Economic dissatisfaction
  US war-time boom
Allies seek economic control
  Pay for reconstruction
  Establish capitalism
  Economic security
  US war-time boom
Allies seek economic control
  Pay for reconstruction
  Establish capitalism
  Economic security
  Open markets to US
World Bank
Bretton Woods, 1944
  World Bank
  Fixed exchange rates
    USD at its heart
  International Monetary Fund (IMF)
  Open markets
    International Trade Organization
Bretton Woods, 1944
  World Bank
  Fixed exchange rates
    USD at its heart
  International Monetary Fund (IMF)
  Open markets
    International Trade Organization
World Bank
1946   HQ in Washington DC
       Capitalization of $12 billion
1947   $250 million to France
       $195 million to Netherlands
       $ 40 million to Denmark
1948   $ 16 million to Chile
       $ 34 million to India
1946   HQ in Washington DC
       Capitalization of $12 billion
1947   $250 million to France
       $195 million to Netherlands
       $ 40 million to Denmark
1948   $ 16 million to Chile
       $ 34 million to India
World Bank
World Bank
World Bank
Owned by member states
  Buy shares by offering capital

  Votes proportional to shares
Owned by member states
  Buy shares by offering capital

  Votes proportional to shares

President appointed by US President
Owned by member states
  Buy shares by offering capital

  Votes proportional to shares

President appointed by US President

Changes to Charter require 85% majority
  US can block any change
1946   HQ in Washington DC
       Capitalization of $12 billion
1947   $250 million to France
       $195 million to Netherlands
       $ 40 million to Denmark
1948   $ 16 million to Chile
       $ 34 million to India
European Recovery Program
Marshall Plan
Marshall Plan
  $13 billion in US aid to Europe
    No US love for Japan
  Grant, not loan
  Conditional
Marshall Plan
  Pay for reconstruction
  Establish capitalism
  Economic security
  Open markets to US
Marshall Plan
  Pay for reconstruction
  Establish capitalism
  Economic security?
  Open markets to US
1946   HQ in Washington DC
       Capitalization of $12 billion
1947   $250 million to France
       $195 million to Netherlands
       $ 40 million to Denmark
1948   $ 16 million to Chile
       $ 34 million to India
Bank for Reconstruction & Development
Development Association
Finance Corporation
Multilateral Investment Guarantee Agency
Centre for Settlement of Investment Disputes
Bank for Reconstruction & Development
Development Association
Finance Corporation
Multilateral Investment Guarantee Agency
Centre for Settlement of Investment Disputes
Developing,
Developing, emerging,
Developing, emerging, newly industrialized World
World Bank
World Bank
World Bank
Money for countries in need
  Bad/no credit
  Below-market interest
Money for countries in need
  Bad/no credit
  Below-market interest

Development & investment
Money for countries in need
  Bad/no credit
  Below-market interest

Development & investment

Positive effects
  Education, AIDS, corruption, poverty
World Bank
AIDS
World Bank
World Bank
World Bank
Structural Adjustment
  Conditions on loan/grant

  Neo-liberal policy changes
Structural Adjustment
  Conditions on loan/grant
  Neo-liberal policy changes
    Cuts to gov’t spending
Structural Adjustment
  Conditions on loan/grant
  Neo-liberal policy changes
    Cuts to gov’t spending
    Privatization
Structural Adjustment
  Conditions on loan/grant
  Neo-liberal policy changes
    Cuts to gov’t spending
    Privatization
    Deregulation
Poverty Reduction Strategies
  Conditions on loan/grant
  Neo-liberal policy changes
    Cuts to gov’t spending
    Privatization
    Deregulation
Dramatization
World Bank
World Bank
Broke-istan
Structural
       Adjustment
                     $



Broke-istan
Structural
 Adjustment
               $

Broke-istan        I.O.U.
Structural
 Adjustment
               $   I.O.U.



Broke-istan
Branch
                        $
  Structural
                            Multinationals
 Adjustment
               $
                                    Foreign
                                   Interests
Broke-istan
Structural
                                Multinationals
          Adjustment
                        $
                            $
                                        Foreign
                                       Interests
Branch   Broke-istan
Structural
                                Multinationals
          Adjustment
                        $
                                        Foreign
                                       Interests
Branch   Broke-istan

                            $
Structural
                            Multinationals
          Adjustment
                        $
                            $       Foreign
                                   Interests
Branch   Broke-istan
Structural
                            Multinationals
          Adjustment
                        $
                            $       Foreign
                                   Interests
Branch   Broke-istan
  $
Branch
                        Branch $
           Structural
                                   Multinationals
          Adjustment
                        $
                                           Foreign
                                          Interests
Branch   Broke-istan
  $
Structural
                                Multinationals
          Adjustment
                        $
                                        Foreign
                                       Interests
Branch   Broke-istan Branch
  $                         $
            Branch
                $
Structural
                                Multinationals
          Adjustment
                        $
                                        Foreign
                                       Interests
Branch   Broke-istan Branch
   $        Branch
                            $
                $
Structural
                                Multinationals
          Adjustment
                        $




                                        Foreign
                                       Interests
Branch   Broke-istan Branch
   $        Branch
                            $
                $
Structural
                              Multinationals
          Adjustment
                        $




                                      Foreign
                                     Interests
Branch   Broke-istan Branch
            Branch            $ $
                            $
Structural
                              Multinationals
          Adjustment
                                $ $
                        $



                              $    Foreign
                                     Interests
Branch   Broke-istan Branch
            Branch
Structural
                              Multinationals
          Adjustment
                        $




                                      Foreign
                                     Interests
Branch   Broke-istan Branch
            Branch
Structural
                    Multinationals
 Adjustment


                               Foreign
                              Interests
Broke-istan
                     Branch
                  Branch
               Branch
Structural
 Adjustment




Broke-istan
Structural
 Adjustment

               I.O.U.



Broke-istan
Structural adjustments beneficial?
  Poor countries at disadvantage
  Generate wealth for multinationals
  Lack of success stories
Structural adjustments beneficial?
  Blamed for a lot
  Difficult to measure success
World Bank
World Bank created to rebuild after WW2
Acts in poor countries
Money and programmes for development
World Bank
World Bank directed by rich countries
Insist on structural adjustments
Problems, perhaps damage
Image Credits
Phoosh                                                Curt Carnemark, World Bank
    Economics class                                        Portrait of curious boy, Indonesia
                                                           Living and sleeping on streets, India
Matthew Bradley                                            Construction workers, China
    World Bank PR Vampire’s card                           Teacher and schoolchildren, Bhutan
                                                           Furniture factory, Ghana
Greg Schmigel
    Protester March to IMF, Washington DC             Ray Witlin, World Bank
                                                          Worker in field, India.
Aheavens
    Wolfowitz (both)                                  US National Archives via PingNews.com
                                                          Robert McNamara Briefing (NARA)
Larsj
     Mount Washington Hotel, Bretton Woods, NH, USA   Wikipedia
                                                          (Adapted from) Industrialized countries 2007
Nick Wiebe
     Stephen Lewis

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World Bank

  • 2. WORLD BANK Lucas Rizoli Feb. 15, 2008
  • 7. 9
  • 8. World War 2 Europe & East Asia devastated Soviet advance Economic dissatisfaction US war-time boom
  • 9. Allies seek economic control Europe & East Asia devastated Soviet advance Economic dissatisfaction US war-time boom
  • 10. Allies seek economic control Pay for reconstruction Soviet advance Economic dissatisfaction US war-time boom
  • 11. Allies seek economic control Pay for reconstruction Establish capitalism Economic dissatisfaction US war-time boom
  • 12. Allies seek economic control Pay for reconstruction Establish capitalism Economic security US war-time boom
  • 13. Allies seek economic control Pay for reconstruction Establish capitalism Economic security Open markets to US
  • 15. Bretton Woods, 1944 World Bank Fixed exchange rates USD at its heart International Monetary Fund (IMF) Open markets International Trade Organization
  • 16. Bretton Woods, 1944 World Bank Fixed exchange rates USD at its heart International Monetary Fund (IMF) Open markets International Trade Organization
  • 18. 1946 HQ in Washington DC Capitalization of $12 billion 1947 $250 million to France $195 million to Netherlands $ 40 million to Denmark 1948 $ 16 million to Chile $ 34 million to India
  • 19. 1946 HQ in Washington DC Capitalization of $12 billion 1947 $250 million to France $195 million to Netherlands $ 40 million to Denmark 1948 $ 16 million to Chile $ 34 million to India
  • 23. Owned by member states Buy shares by offering capital Votes proportional to shares
  • 24. Owned by member states Buy shares by offering capital Votes proportional to shares President appointed by US President
  • 25. Owned by member states Buy shares by offering capital Votes proportional to shares President appointed by US President Changes to Charter require 85% majority US can block any change
  • 26. 1946 HQ in Washington DC Capitalization of $12 billion 1947 $250 million to France $195 million to Netherlands $ 40 million to Denmark 1948 $ 16 million to Chile $ 34 million to India
  • 29. Marshall Plan $13 billion in US aid to Europe No US love for Japan Grant, not loan Conditional
  • 30. Marshall Plan Pay for reconstruction Establish capitalism Economic security Open markets to US
  • 31. Marshall Plan Pay for reconstruction Establish capitalism Economic security? Open markets to US
  • 32. 1946 HQ in Washington DC Capitalization of $12 billion 1947 $250 million to France $195 million to Netherlands $ 40 million to Denmark 1948 $ 16 million to Chile $ 34 million to India
  • 33. Bank for Reconstruction & Development Development Association Finance Corporation Multilateral Investment Guarantee Agency Centre for Settlement of Investment Disputes
  • 34. Bank for Reconstruction & Development Development Association Finance Corporation Multilateral Investment Guarantee Agency Centre for Settlement of Investment Disputes
  • 37. Developing, emerging, newly industrialized World
  • 41. Money for countries in need Bad/no credit Below-market interest
  • 42. Money for countries in need Bad/no credit Below-market interest Development & investment
  • 43. Money for countries in need Bad/no credit Below-market interest Development & investment Positive effects Education, AIDS, corruption, poverty
  • 45. AIDS
  • 49. Structural Adjustment Conditions on loan/grant Neo-liberal policy changes
  • 50. Structural Adjustment Conditions on loan/grant Neo-liberal policy changes Cuts to gov’t spending
  • 51. Structural Adjustment Conditions on loan/grant Neo-liberal policy changes Cuts to gov’t spending Privatization
  • 52. Structural Adjustment Conditions on loan/grant Neo-liberal policy changes Cuts to gov’t spending Privatization Deregulation
  • 53. Poverty Reduction Strategies Conditions on loan/grant Neo-liberal policy changes Cuts to gov’t spending Privatization Deregulation
  • 58. Structural Adjustment $ Broke-istan
  • 59. Structural Adjustment $ Broke-istan I.O.U.
  • 60. Structural Adjustment $ I.O.U. Broke-istan
  • 61. Branch $ Structural Multinationals Adjustment $ Foreign Interests Broke-istan
  • 62. Structural Multinationals Adjustment $ $ Foreign Interests Branch Broke-istan
  • 63. Structural Multinationals Adjustment $ Foreign Interests Branch Broke-istan $
  • 64. Structural Multinationals Adjustment $ $ Foreign Interests Branch Broke-istan
  • 65. Structural Multinationals Adjustment $ $ Foreign Interests Branch Broke-istan $
  • 66. Branch Branch $ Structural Multinationals Adjustment $ Foreign Interests Branch Broke-istan $
  • 67. Structural Multinationals Adjustment $ Foreign Interests Branch Broke-istan Branch $ $ Branch $
  • 68. Structural Multinationals Adjustment $ Foreign Interests Branch Broke-istan Branch $ Branch $ $
  • 69. Structural Multinationals Adjustment $ Foreign Interests Branch Broke-istan Branch $ Branch $ $
  • 70. Structural Multinationals Adjustment $ Foreign Interests Branch Broke-istan Branch Branch $ $ $
  • 71. Structural Multinationals Adjustment $ $ $ $ Foreign Interests Branch Broke-istan Branch Branch
  • 72. Structural Multinationals Adjustment $ Foreign Interests Branch Broke-istan Branch Branch
  • 73. Structural Multinationals Adjustment Foreign Interests Broke-istan Branch Branch Branch
  • 75. Structural Adjustment I.O.U. Broke-istan
  • 76. Structural adjustments beneficial? Poor countries at disadvantage Generate wealth for multinationals Lack of success stories
  • 77. Structural adjustments beneficial? Blamed for a lot Difficult to measure success
  • 79. World Bank created to rebuild after WW2 Acts in poor countries Money and programmes for development
  • 81. World Bank directed by rich countries Insist on structural adjustments Problems, perhaps damage
  • 82. Image Credits Phoosh Curt Carnemark, World Bank Economics class Portrait of curious boy, Indonesia Living and sleeping on streets, India Matthew Bradley Construction workers, China World Bank PR Vampire’s card Teacher and schoolchildren, Bhutan Furniture factory, Ghana Greg Schmigel Protester March to IMF, Washington DC Ray Witlin, World Bank Worker in field, India. Aheavens Wolfowitz (both) US National Archives via PingNews.com Robert McNamara Briefing (NARA) Larsj Mount Washington Hotel, Bretton Woods, NH, USA Wikipedia (Adapted from) Industrialized countries 2007 Nick Wiebe Stephen Lewis