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World BankSince the 1950s the World Bank has had an indifferent to say the least affect on theThird World The actions of the Bank have always come under severe scrutiny because of theimportant role it plays in many lives of Third World peoples This paper will outline therole of the Bank some of the arguments against its policies power and influence reasonswhy the Bank has found it difficult to achieve favourable outcomes in its policies andwhether it has in fact been beneficial to the people it claims to help The World Bank wasset up initially as an aid organisation to help foster the reconstruction of Europe andlater guarantee loans made by private banks for projects in the poorer developingcountries1 The former of the objectives never eventuated to the extent of its foundershopes The World Bank otherwise known as the Bank was subjugated to a minor role in thepost war reconstruction of Europe due to the more robust influence and attraction of theMarshall Plan Of the 418 billion in loans made in the decade after the end of the waronly 497 million was disbursed from the Bank This was a result of the war-torn countriesneeding rapidly disbursed grants and concessional loans for balance of payments support andimports necessary to meet basic needs2 The Bank on the other hand provided loans forspecific projects that required lengthy preparation Thus the Banks diminished role inEurope lead it to focus its lending to Third World countries and this became the core ofits operations from the 1950s The World Banks goal to reduce poverty and improve livingstandards by promoting sustainable growth and investments in people3 has been challengedby many who all see the role of the Bank being either detrimental to the economys of thecountries it is supposed to help or the social cost being too high for the economicprograms being put in place A number of arguments have been developed that make light ofthe Banks preponderant shortcomings and
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