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The World Bank and How It Shaped Public Policy In the Developing World - Essay Example
Pages 11 (2761 words)
This paper intends to look at the World Bank as an organisation and how it impacted public policy in developing countries, particularly with respect to the context of large scale investment in farmland by setting the frame and policy framework upon which all actors revolve and rotate…
This research aims to evaluate and present the World Bank as an international financial institution whose avowed mandate is to support capitalist development in the third world by consciously steering developing countries towards international trade, liberalization and capital investment. Its World Development Report 2008: Agriculture for Development, signposts its shift to agriculture and rural development, primarily owing to “a greater recognition that improving agriculture performance is the most powerful tool we have available to reduce global poverty and hunger, both directly and indirectly”. By its own admission, its primary focus is market and investment oriented – “raising smallholder productivity, strengthening smallholder linkages with the markets, and helping better manage risks.”. Most relevant to this paper is its commitment to “develop a code of conduct for large scale foreign investment in agriculture to ensure equitable sharing of benefits.” The balance of power within the World Bank is historically overwhelmingly tilted in favor of the North. It was created during the Bretton Woods Conference in 1944, where negotiations were dominated by the United States and the United Kingdom. Critics have constantly railed against the World Bank’s so-called poverty alleviating measures that have only resulted in driving third world economies deeper and deeper into debt. Its interventions in agriculture and rural development have been said to be no different. ...