Well, I want to start by stating that the World Bank is a “world bank” in name only. The current President, Paul Wolfowitz is the fmr Assistant Secretary of Defense for President Bush. The bank presidents are, by agreement with the Europeans and the IMF, always Americans, and the first President of the World Bank, like Wolfowitz, was from the Defense Department as well: Secretary Robert MacNamara.
Here are some of the other leaders of the “World” Bank:
8th President of the World Bank Group, 1991 – 1995
Lewis Thompson Preston was born on August 5, 1926 in New York
7th President of the World Bank Group, 1986 – 1991
He was born in a small town in upstate New York, Warsaw.
6th President of the World Bank Group, 1981-1986
A.W. Clausen was born in the small town of Hamilton, Illinois
5th President of the World Bank Group, 1968 – 1981
Robert Strange McNamara was born in Oakland, California in 1916
4th President of the World Bank Group, 1963 – 1968
George Woods was born in Boston in 1901
3rd President of the World Bank Group, 1949 – 1962
Eugene R. Black was born in 1898 in Atlanta, Georgia.
2nd World Bank President, 1947 – 1949
John Jay McCloy was born in 1895 in Philadelphia
1st World Bank President, June 1946 – December 1946
Meyer was born in 1875 in Los Angeles
While the World Bank “talks” about poverty, AIDS, and helping developing countries, the World Bank does more damage than good:
- From the right, critics argue it’s a waste of money: http://www.heritage.org/Research/InternationalOrganizations/bg1689.cfm?renderforprint=1
- From the left, critics argue that the World Bank actually impoverishes poor countries more: http://www.informationclearinghouse.info/article4368.htm
The World Bank is an American bank that loans money to foreign developing countries, mandates economic structural changes whether they benefit the foreign country or not and creating a client state with a debt-loan relationship. Most recipients of World Bank money can only pay the interest and never touch the principle. Furthermore, corrupt regimes steal World Bank money, then saddle the state with the burden of its debt. As the realists in Milner’s article say, the World Bank’s power comes from the US, not the World Bank itself. As a result, World Bank policies “benefit” US economic policies, not the world.