Encyclopedia entry
World Bank
The Wiley Blackwell encylopedia of sociology
27 Nov 2023
Abstract
The World Bank is a multilateral development bank that provides low-interest loans, interest-free credits, grants, and technical assistance to middle- and low-income countries in Africa, Asia, Latin America, and Eastern Europe. The bank's twin goals are to reduce poverty and to increase economic growth. It originated in the 1944 Bretton Woods Conference, together with its sister organization, the International Monetary Fund (IMF), to stabilize the international economy after World War II. The bank raises funds through the sale of bonds on the international market and through donations from member states. Voting is weighted by the size of member nations' economies, and the United States has the most influence. The World Bank makes loans at concessional rates for infrastructure, agriculture, social programs, and private enterprise development. Since the debt crisis of the 1970s, it has required structural adjustment policy reforms as a condition of its loans. Critics charge that World Bank policies have hurt the most vulnerable, increased poverty, and damaged the environment.
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Details
- Title
- World Bank
- Creators
- Kristy Kelly - Drexel UniversitySusan Hagood Lee - Boston University
- Contributors
- George Ritzer (Editor)Chris Rojek (Editor)J Michael Ryan (Editor)
- Publication Details
- The Wiley Blackwell encylopedia of sociology
- Publisher
- Wiley; Hoboken, NJ, USA
- Edition
- 2nd
- Resource Type
- Encyclopedia entry
- Language
- English
- Academic Unit
- Global Studies and Modern Languages; School of Education
- Other Identifier
- 991021985160004721