Week 4a - The Rise of the World Bank

Question 1

Goldman’s Central ThemesGoldman’s Central Themes

Answer 1

The World Bank is a bank, not a “development agency” The World Bank is a bank, not a “development agency”
“the business of development is a profitable [one]” (49) “the business of development is a profitable [one]” (49)
2.2. World Bank hegemony is the result of consistent efforts to World Bank hegemony is the result of consistent efforts to
remake knowledge/ power related to development. remake knowledge/ power related to development.
 It is the result of “professional networks and discursive regimes It is the result of “professional networks and discursive regimes
of rule, truth, and government” to create “a power/knowledge of rule, truth, and government” to create “a power/knowledge
leviathan of a completely new sort” (Goldman 50-51)leviathan of a completely new sort” (Goldman 50-51)

Question 2

Four Periods of World
Bank History

Answer 2

1944-68 - “Reluctant
banker” periodbanker” period
 1968-80 – “Rise to 1968-80 – “Rise to
Power” periodPower” period
 1980-89 – “Debt and 1980-89 – “Debt and
Adjustment” periodAdjustment” period
 1989-present – “Green 1989-present – “Green
neoliberal period”neoliberal period”

Question 3

Formation at Bretton WoodsFormation at Bretton Woods

Answer 3

Earliest thoughts were about how the US could use these
organizations to support its industry, farms, employment and organizations to support its industry, farms, employment and
business (Goldman 54-55) business (Goldman 54-55)
-
Efforts by the few invitees from the global South to address Efforts by the few invitees from the global South to address
unequal terms of trade were ignored by the US and UK (which unequal terms of trade were ignored by the US and UK (which
essentially created the Bank and the IMF unilaterally – essentially created the Bank and the IMF unilaterally –
Goldman 53-54)Goldman 53-54)

Question 4

The “Reluctant Banker” Period(1944-68)

Answer 4

Complete control of the bank by U.S. Treasury, the State Complete control of the bank by U.S. Treasury, the State
Department and Wall Street bankersDepartment and Wall Street bankers

 Tight control over resources under conservative banking Tight control over resources under conservative banking
principles (unless they were pressured by State Department principles (unless they were pressured by State Department
to aid Cold War allies - Goldman 50) to aid Cold War allies - Goldman 50)