This phenomenon does not only exist in the known to be financially challenged countries, but also in countries known for having tiger economies. The blame goes back to the existence of transnational companies and or institutions in relation to the bigger picture of globalization gone to a bad direction.
Wars and the Great Depression interrupted it. After the war, the General Agreement on Tariffs and Trade (GATT) was introduced and has evolved into the World Trade Organization (WTO). There have been significant reductions in tariffs and other barriers to trade in goods and services, and increases in the movement of capital and other factors of production. Looking back at the
The World Bank (WB) was created to help countries shattered during the Second World War in the 1960s. With its establishment came the first concept of lending with the collapse of Bretton Woods semi-fixed exchange rate regime. According to the 2011 Human Development Index, the top five countries who built developments banks as forms of assistance for countries in need were Norway, Australia, Netherlands, United States and New Zealand. They call it European Recovery Program, the first development program, known as the Marshall Plan. Pioneered by then U.S. Secretary of State George C. Marshall, the Marshall Plan provided billions of dollars to wartime allies to help them back on their feet. This plan gave away billions of money of the United States to the economies of Germany, Italy, and Austria. This was also made to prevent war in the future (Globalization 101, 2011).
The World Bank started out to be an important supporter and contributor to the field of science and technology in relation to being an advocate of Green Revolution, research capability in agriculture, urban shelter low- cost technology, sanitation and other sectors of infrastructure. But aside from the notable contributions in the aforementioned fields, one of the most enlivened objectives