Jun 10 · Last update 2 mo. ago.

Who runs the World Bank?

The World Bank was established following the Second World War, initially known as the International Bank for Reconstruction Development (IBRD), it was established to help fund rebuilding infrastructure in Europe after the war. However when this objective was complete the IBRD was added to a group of other organisations known as the World Bank Group, with its role expanded to an international one. Over the years the groups official goals have shifted from helping to finance global infrastructure projects to reducing extreme poverty by 2030 and raising income of poorest 40% globally. But the World Bank Group has not been without controversy in its history. Who runs the World Bank Group? What is its intention? How well does it achieve its aims?
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A team of experts appointed by the US
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A team of experts appointed by the US

The World Bank Group (WBG) is a family of five international financing and development agencies that were established along with the International Monetary Fund (IMF) at the Bretton Wood Conference in 1944. The US is the largest shareholder and with the sole right to appoint the World Bank president (the US negiotated this right at Bretton Wood, with the UK negaociating the head of the IMF to be European), but the group is staffed by finance and infrastructure experts, economists, engineers, social scientists, and even anthropologists. Through selling bonds to investors, collecting subscription fees from governments, and net earnings from assets the WBG supplied leans and grants to the world’s poorest countries, enabling projects that have stimulated rural economies. The financing group has allowed the growth of infrastructure in developing nations that could not afford such large projects themselves, but since shifting focus the WBG has also tackled world poverty, improved food production, health, and the environment.

aeaweb.org/articles?id=10.1257/jep.30.1.53 imf.org/external/pubs/ft/exrp/differ/differ.htm

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Jun 10