WORLD BANK & INTERNATIONAL ORGANIZATION THEORY

This research paper examines how the history, evolution and functioning of the World Bank comports with modern international organization theory. Fifty years old in 1994, the World Bank has played an influential role in international economic relations and in particular as the principal vehicle for channelling and coordinating international governmental loans from the developed nations to the less developed countries (LDCs). Its role has changed, especially during the past quarter century, as the world economy and world politics became more interdependent and more complex. In recent years, the World Bank has been subjected to severe criticism from a variety of sources and is undergoing a process of adaptation as it seeks to refashion a new role for itself and to strengthen its effectiveness but in some respects it has failed to modernize itself to meet the requirements of a rapidly changing world economy.

International organization theory and world politics

In the view of structural realists, who dominated thinking about international relations during most of the Cold War, international organizations were largely seen as the handmaidens of the Great Powers and somewhat marginal players in the world of international geopolitics. According to Keohane & Nye, "realist analysis . . . insisted that national security is the primary national goal and that in international politics security threats are permanent" (6). The realists

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h today number 180, is proportional to their capital contributions, which have always come predominantly from the United States and other developed nations, today the G-7, including Japan, which is the second largest contributor. Amendments to the Articles of Agreement can be blocked by 15 percent of the voting power, a figure always exceeded by the United States (Adams 29). The multi-member Board of Governors meets only once a year and has little real power. The 20 Executive Directors, who are appointed by member governments, are actively involved in broad policy and always include at least five from the G-7. The staff is international in its composition, but as late as 1966 over half of it was Anglo-American (Mason & Asher 71). Organizationally, the World Bank has had strong Presidents and is highly centralized. While the World Bank was established to make long-term development loans which would not be undertaken by the private sector, it was mandated by its charter "to promote private foreign investment by means or guarantees or participations in loans and other investments made by private investors" (Danaher 1). Its unwritten goal has been "to integrate countries into a capitalist world economy" (Danaher 2). Mason & Asher a
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Approximate Word count = 2205
Approximate Pages = 9 (250 words per page)