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The World Bank plays a significant role in global economic governance due to its broad mandate, its vast resource base, its frequent and regular interactions with governments as clients, and its myriad publications and databases. [5] In 2020, the World Bank’s total commitments amounted to USD 77.1 billion and it operated in 145 countries. [5]
The World Bank Institute is the capacity development branch of the World Bank, providing learning and other capacity-building programs to member countries. The IBRD has 189 member governments, and the other institutions have between 153 and 184. [2] The institutions of the World Bank Group are all run by a board of governors meeting once a year ...
There are five "closely associated institutions" that each have a "distinct role" [4] and together form the World Bank—the IBRD, the International Development Association (IDA), the International Finance Corporation (IFC), that "invests in private firms and promotes entrepreneurship", [5] the Multilateral Investment Guarantee Agency (MIGA), that guarantees loans, and the International Centre ...
The World Bank Group is the globe's most prestigious development lender, bankrolling hundreds of government projects each year in pursuit of its high-minded mission: to combat the scourge of poverty by backing new transit systems, power plants, dams and other projects it believes will help boost the fortunes of poor people.
Former World Bank Chief Economist and former chairman of the U.S. Council of Economic Advisers Joseph E. Stiglitz referred in the late 1990s to a growing consensus that something is wrong with a system having the capacity to impose high costs on a great number of people who are hardly even participants in international financial markets ...
Globalization and Its Discontents is a book published in 2002 by the 2001 Nobel laureate Joseph E. Stiglitz. The title is a reference to Freud's Civilization and Its Discontents. The book draws on Stiglitz's personal experience as chairman of the Council of Economic Advisers under Bill Clinton from 1993 and chief economist at the World Bank from
World War I disrupted economic globalization, with countries adopting protectionist policies and trade barriers, slowing global trade. [7] The 1956 invention of containerized shipping and larger ship sizes reduced costs, facilitating global trade. [8] [9] Globalization resumed in the 1970s as governments highlighted trade benefits.
Political globalization is the intensification and expansion of political interrelations around the globe. [2] Aspects of political globalization include the modern-nation state system and its changing place in today's world, the role of global governance, and the direction of our global political systems.