Discusses why the activities of the World Bank and IMF are so controversial.
Written in 2003; 2,924 words; 10 sources; MLA; $ 86.95
Paper Summary:
A discussion about the controversies surrounding the IMF and World Bank. The debt trap, the (Structural Adjustment Plans) SAPs and the unequal distribution of the votes are the main criticisms among IMF and World Bank opponents. The paper shows that there is need for reforms and change, and it also explains that both institutions are necessary in today's globalized world as they did help and improve living standards in many cases. The writer points out, however, that both institutions, especially the World Bank have already started to reform its organization as a response to the protester's demands. This means that the World Bank realized that some arguments of the opponents actually do concern. It concludes to explain that the World Bank now is among the world's largest external funder of education, health (HIV/AIDS) and environment projects.
1. Introduction
1.1. The Rise of the IMF and World Bank
1.2. The International Monetary Fund
1.3. The World Bank
2. Why are the Activities of IMF and World Bank so Controversial?
2.1. Poverty
2.2. The Debt Trap
2.3. The Structural Adjustment Plans (Saps)
2.3.1. Austerity Programs
2.3.2. Privatisation
2.3.3. Environment
2.4. Voting Rights
2.5. The Human Rights Issue
3. Conclusion
4. Reference List
From the Paper:
"In July 1944 the so-called Bretton Woods Conference in New Hampshire, USA established the IMF together with the World Bank, originally called the International Bank for Reconstruction and Development (IBRD). These two organisations were the outcome of long negotiations between 44 nations during World War II in order to ensure post-war global economic growth and to eliminate the aggressive exchange rates politics of the 30s. "The task of the IMF would be to maintain order in the international monetary system and that of the World Bank would be to promote general economic growth" (Hill, 2003:340). Furthermore, with the establishment of both organisations the member states aspired for reforms of international economic relations and an expansion of world trade."
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