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Lendts Last Geography Paper 5-21-00 The reason for the World Banks existence is to stimulate economic growth in developing nations Its members include 180 nations the major players being the g-7 with the US domination the presidency The World Bank was created after World War II and became the largest single source of lending for development Between 1947 and 1990 the funds lent to nations in Asia Latin America Middle East and Africa totaled 186 billion dollars These loans were granted mainly to higher-income developing countries because such buyers are regarded as credit worthy A current issue surrounding the World Bank involves the recent riots in Seattle and elsewhere regarding the current loans to third world countries The reason for the International Monetary Funds existence is to oversee the global rules governing money and to ensure orderly currency arrangements among the industrial nations It was also intended to be a lender of last resort for rich and poor nations alike Like the world bank the IMF is controlled by the wealthy nations The major past actions of the IMF are the economic reform programs in more than 50 countries The major conflicts have been with Russia who has been reluctant over the decontrol of energy prices and the reduction of subsidies to state-owned businesses Its major current issues are the loans to third world countries which became unpayable after recessions in the industrial countries Protestors want them to forget about the debts The reason for the World Trade Organization is to encourage development opening greater access to markets and promoting fair competition The members of the World Trade Organization are essentially the same as those of GATT over 125 nations Relatively new the World Trade Organizations only major act has been a major agreement to further liberalize trade in financial services in 1995 One of the major issues of the World Trade Organization today is the environmental impact of trade liberalization The
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