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 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? Second, what instruments could the Bank create to assist countries in their economic development?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.
Publisher: World Bank Publications