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4 Cards in this Set
- Front
- Back
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Describe the debt crisis, the IMF and World bank policies put in place and their critisims.
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Organisation of Arab Petrolium Exporting Countries raised oil prices to 'punish' western countries for supplying weapons to isreal.
Oil Exorting nations accumulated vast wealth, and deposited it in western banks. Some of this money was lent to developing nations, leaving huge debts to be repaid. As developing countries defaulted on their debts, the IMF stood in. Money is now owed to the IMF. SAP's implemented. In 1996, the IMF and world bank launched the heavily endebted poor countries initiative. UNICEF criticised as SAPS under a different name. |
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Contemporary (And other) approaches to development
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Contemporary:
Basic Needs / Bottom up Sustainable development Empowerment Other: Modernisation - Rostow Dependancy - Marx Neoliberalism |
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Discuss the impact that UNICEF has on IMF / World bank policy.
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UNICEF research sheds light on popular myths and misconceptions about poverty, eg too many mouths to feed, over population.
More robust figures on health and poverty give a more realistic picture than IMF stats. Pressure from UNICEF encourages more contemporary apporoaches to poverty, eg SAWA. |
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Development of and differences between world bank, IMF and WTO
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World Bank
- Setup at Bretton Woods after WWII to stabelize world finance. - Investment bank that borrows from private investors and lends to developing countries. IMF - Also setup at Bretton Woods - Concerned with global financial stability, not just developing countries. - Shared pool of money from 188 member countries, lends money to countries in troubles. - Voting rights depends on money put forward (US) WTO - Set up much later, 1996 - Establishes and maintains trade between nations, settles disputes. - Evenly distributed voting system |
