The World Bank’s Finances: an International Debt Crisis (original) (raw)

Globalization and the South, 1997

Abstract

Western governments that jointly own the World Bank with Third World governments have turned a blind eye to the perverse set of financial incentives and responsibilities on which the institution rests. The World Bank, the single largest source of development finance for Third World leaders and, according to Standard and Poor, itself ‘one of the world’s largest borrowers’, has played financial charades to hide irresponsible lending and to appear fiscally sound (quote from Standard and Poor’s Credit Analysis Service, 1993).

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