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The Political Economy of the World Bank - The Early Years (Paperback)
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The Political Economy of the World Bank - The Early Years (Paperback)
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This book is a fascinating study of economic history and history of
economic thought. It narrates the history of the World Bank and the
establishment of its role as leading development institution. The
end of WWII was a crucial time: the reconstruction of Europe and
the birth of the third world following decolonization, with the
Cold War as a background, created a new need for development
interventions and policies. The World Bank took over this
challenging mission. The first general survey mission of the Bank
to a developing nation the Currie Mission was in Colombia in 1949.
It was a milestone for Colombia s postwar development and, for the
Bank, a laboratory for the definition of policies for developing
countries. With the Currie Mission as a starting point and a case
study, the book analyzes the complexities of the Bank s first steps
towards economic and social development in poorer nations, and
helps the reader understand some foundational questions about
development that are still of great relevance today. First, what is
the intellectual basis, the foundation, of the Bank s activities?
Paul Krugman has addressed this question referring to early
intellectual debates, which he called high development theory . By
revisiting this story through narrating the practice of development
economics at the Bank using never-before used archival documents,
Alacevich places these debates in an interesting new light. Second,
what instruments could the Bank create to assist countries in their
economic development? In its first years, the Bank decided to
follow conservative financial policies. Only in the sixties, faced
with growing disappointment within the development community, would
the Bank adopt more inclusive lending policies such as social loans
(e.g. housing, basic needs, health) and rejected the idea of social
loans. The Bank maintained this position until the second half of
the 1960s but was faced with a growing disappointment within the
development community. Alacevich shows the reasons for this initial
conservative approach. The lesson that can be drawn from this book
is that the World Bank and the developing countries as they are
today are the result of their history a history of constant
transformation and adjustment to the ever-changing challenges of
development. History shows paths of development, and as such it
should not be ignored by today s policymakers."
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