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Negative Impacts of Undemocratic Development - Essay Example
Pages 8 (2008 words)
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…
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. ...
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