These financial institutions include the WTO, the IMF and the World Bank. The World Bank’s mandate originally incorporated provision of long term loans for reconstruction which has been enhanced since the 1970’s to financing and supporting multimillion dollar infrastructure projects in developing countries. Being exclusively largest source of development finance in the world, the World Bank intends to provide loans for wide changes in infrastructure and economy, long-term development and poverty reduction and many other projects such as constructing dams, roads, extracting natural resources etc. The World Bank has a leading impact on the livelihoods of millions of people living in most part of the world in a way that the bank finances commercial projects of really low income countries which are unable to acquire commercial loans from any other source. It is even criticized for imposing neoliberal policies that are highly undemocratic on developing countries. This paper analyses the negative impacts of undemocratic policies of the World Bank on sustainable development of developing countries and argues the development strategy of the World Bank should be democratic enough to meet their developmental objectives effectively and efficiently. The World Bank has been playing dual but contradictory roles; one is of a political organization and second is that of a practical organization. On one hand, the World Bank must satisfy the demands of lending and borrowing governments, other international organizations, and private capital markets as a political organization. On the other hand as an action-oriented organization, it must be neutral and specialized in loans, development aid, and technical assistance. The World Bank's responsibilities to donor countries and private capital markets have induced it to acquire policies which prescribe that poverty is best relieved by the implementation of free-market policies (Weaver 2008). Developing nations attempt to increase their economic output (GDP) by involving themselves in and simultaneously competing with the worldwide economy. Such countries are financially insecure and undeveloped industries are disabled to participate in global competition as the so-called competitive free-market is inherently unfair and biased. Since developing nations determine their inability to make investment in growth-promoting policies by having lack of sufficient foreign currency reserves due to their expenditure of the reserves on imports and debt repayments. In order to facilitate economic growth and development, the developing nations may chose to borrow money from the World Bank to finance large development projects as such projects may help gain their development goals. The World Bank has important associations with corporations especially in United States, to contract them for these remunerative projects. By undertaking the projects, these corporations gain immense profits, but the poor countries have to bear an additional debt burden. The borrowing countries even lose control over their primal natural resources and a huge part of revenue from these resources because of repatriation of profits abroad. Before granting loans and debt relief, the World Bank imposes several conditions on the recipient governments for the reform of various aspects such as their lack of transparency, far-flung corruption and undemocratic authorities. Nevertheless the World Bank is confronted
Number Date Negative Impacts of Undemocratic Development ‘Economic growth’ and ‘free-markets’ are stepping stones to the way to wealth for development and poverty reduction and also the theories on the basis of which the International Financial Institutions (IFIs) prosper and are widely known…
Although teen use of internet has conventionally been referred to as a positive attitude, yet the potential harmful impacts on the children are often overlooked. Internet has many social concerns for a number of factors that include but are not limited to the internet crime, security, pornography, privacy as well as the virtual community.
The concerted efforts of these two global institutions have helped to address many problems facing developing countries. However, there are negative impacts that can be associated with the activities of these organizations in developing countries. The aim of this paper is to probe the positive and negative impacts of World Bank and UNCTAD on developing nations.
Moreover, also gives an account of how deadly can hurricanes get and how have the hurricanes devastated cities, societies and countries in the history. The book first deals with introducing the hurricane Katrina, which hit the United States of America on 25th August 2005, then in the later chapters, it introduces hurricanes in general, and how deadly can they get.
Reflective 5: Negative Impacts of Oil Exploration on Nigeria’s Biodiversity Oil exploration in the Nigeria’s Niger delta has had both positive and negative impacts. The delta, which is Nigeria’s highest oil producing region also, has the potential of agricultural productivity and tourism attraction.
Laura Byrne Paquet in her fascinating book The Urge to Splurge writes "-----the regional Mall is just a brighter, shiner, bigger version of Middle Eastern marketplace where an early Christen may have bartered with an austere tent maker named Saul. The stage today is bigger and better lit, but the process marketers call the "retail drama" has been going on for centuries." (Paquet, 2003 pp, 13)
However, it has not been spared by the imperfections of man and the world to which he lives in. Such is the case of Article 1, Section 8, which stipulates the federal government to “support and regulate commerce and protect the interests of property”
routine conferences, celebrations, or sporting events—by the tremendous amount of resources that go into their implementation and the physical legacies for host cities. (Greene, 2003: 164-165)
Mega-event tourism refers to the tourism that is generated by such mega events.
The negative impact supersedes the positive ones. The following are some of the negative impacts of the species; “the alien species caused damages to forests, it had a wide impact on agricultural practice; this
Citizens from these countries have as well gained from various employment opportunities resulting from economic development of the regions visited by tourists. Some of the highly developed Western nations such as Switzerland, Italy, and Austria have
The author states that due to globalized nations, there is an improvement in governance strategies, and political harmony leading to preservation of human rights. Evidently, globalization has a myriad of positive impacts within its sphere of practice, leads to an integration of cultures enhancing the establishment of cultural institutions.
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