The World Bank and Development
The World Bank and Development
This chapter examines the early years of the International Bank for Reconstruction and Development (IBRD), commonly known as the World Bank, in the 1940s and the 1950s. It explains that the IBRD was formed by the Bretton Woods Conference in 1944, and that its original mission was to help the postwar reconstruction of devastated European countries and the development of poorer member countries. The chapter reviews relevant literature, suggesting that it has rarely paid attention to the institution's transition periods and has often neglected a major aspect of all transitions, that is, uncertainty.
Keywords: World Bank, IBRD, Bretton Woods Conference, postwar reconstruction, transition periods
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