The Creation Of The World Bank

1999 WordsNov 12, 20148 Pages
The creation of The World Bank was an attempt to remedy the wealth disparities facing African nations, and open new markets for international trade. Africa’s economic stagnation calls for a shift in paradigm, leaning towards sustained economic growth. It is only through the sustained growth of these economies that the World Bank can claim success. This essay will assess the meaning of failed development, effects of trade liberalization and the impact that multi-national corporations have had on African countries. Imposing neo-liberalism on African nations has led to a lack of sustainable development due to its ability to proliferate complex interdependency and exploitation. Failure in development is a lack of sustained periods of economic growth and stability, and an increased dependence on foreign aid. For example, forty five per cent of people in Sub-Saharan Africa still continue to live in poverty (About Sub-Saharan Africa). Secondly, the inability to meet eight of the Millennium Development Goals constitutes a failure in promoting development within the last fifteen years (The Millennium Development Goals 2014). Furthermore, World Bank prescriptions have not promoted sustained growth independent of foreign involvement by “[raising] Southern output” (Mosley 1949). The World Bank’s “measured ability to trigger sustained growth in developing countries has been poor […] particularly […] in the poorest countries” (1951). This disparity in flow of investments to developing
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