An overview of the role and formation of the world bank

The government then identifies the country's priorities and targets for the reduction of poverty, and the World Bank aligns its aid efforts correspondingly.

An overview of the role and formation of the world bank

Robert Hale, London - - ISBN 0 [there are some minor typographical errors in this transcription] On a bright May morning inwhile young Americans were dying on the Italian beachheads, Thomas Harrington McKittrick, American president of the Nazi-controlled Bank for International Settlements in Basle, Switzerland, arrived at his office to preside over a fourth annual meeting in time of war.

Gold that had been looted from the national banks of Austria, Holland, Belgium, and Czechoslovakia, or melted down from the Reichsbank holding of the teeth fillings, spectacle frames, cigarette cases and lighters, and wedding rings of the murdered Jews.

Its existence was inspired by Hjalmar Horace Greeley Schacht, Nazi Minister of Economics and president of the Reichsbank, part of whose early upbringing was in Brooklyn, and who had powerful Wall Street connections. He was seconded by the all important banker Emil Puhl, who continued under the regime of Schacht's successor, Dr.

Sensing Adolf Hitler's lust for war and conquest, Schacht, even before Hitler rose to power in the Reichstag, pushed for an institution that would retain channels of communication and collusion between the world's financial leaders even in the event of an international conflict. It was written into the Bank's charter, concurred in by the respective governments, that the BIS should be immune from seizure, closure or censure, whether or not its owners were at war.

Established under the Morgan banker Owen D. The Bank soon turned out to be the instrument of an opposite function. It was to be a money funnel for American and British funds to flow into Hitler's coffers and to help Hitler build up his machine.

Among the directors under Thomas H. Farben, Baron Kurt von Schroder, head of the J. Stein Bank of Cologne and a leading officer and financier of the Gestapo; Dr. Walther Funk of the Reichsbank, and, of course, Emil Puhl. These last two figures were Hitler's personal appointees to the board.

Yekaterinburg - Wikipedia

His successor was the forty-three-year-old Leon Fraser, a colorful former newspaper reporter on the muckraking NewYork World, a street-corner soapbox orator, straw-hat company director, and performer in drag in stage comedies.

Fraser had little or no background in finance or economics, but he had numerous contacts in high business circles and a passionate dedication to the world of money that acknowledged no loyalties or frontiers.

In the first two years of Hitler's assumption of power, Fraser was influential in financing the Nazis through the BIS. When he took over the position of president of the First National Bank at its Manhattan headquarters inhe continued to exercise a subtle influence over the BIS's activities that continued until the s.

Other directors of the Bank added to the powerful financial group. Vincenzo Azzolini was the accomplished governor of the Bank of Italy. Yves Breart de Boisanger was the ruthlessly ambitious governor of the Bank of France; Alexandre Galopin of the Belgian banking fraternity was to be murdered in by the Underground as a Nazi collaborator.

Secretary of the Treasury Henry Morgenthau, a deliberate, thorough, slow-speaking Jewish farmer who, despite, his origins of wealth, mistrusted big money and power.

A model of integrity obsessed with work, Morgenthau considered it his duty to expose corruption wherever he found it. Tall and a trifle ungainly, with a balding high-domed head, a high-pitched, intense voice, small, probing eyes, pince-nez, and a nervous, hesitant smile, Morgenthau was the son of Woodrow Wilson's ambassador to Turkey in World War I.

He learned early in life that the land was his answer to the quest for a decent life in a corrupt society. He became obsessed with farming and, at the age of twenty-two, inborrowed money form his father to buy a thousand acres at East Fishkill, Dutchess County, New York, in the Hudson Valley, where he became Franklin D.

During World War I he and Roosevelt formed an intimate friendship. Elinor Morgenthau became very close to her near namesake, Eleanor Roosevelt. While Roosevelt soared in the political stratosphere, Morgenthau remained rooted in his property.

Board of Directors

In the early s he published a newspaper called The American Agriculturist that pushed for government credits for farmers. Morgenthau showed great flair and a passionate commitment to the cause of the sharecropper.

Legend has it that on a freezing winter day inFDR and Morgenthau met and talked on the borderline of their two farms. Morgenthau is supposed to have said to Roosevelt, "Life is getting slow around here".

An overview of the role and formation of the world bank

Close to a thousand volumes of his official diaries in the Roosevelt Memorial Library at Hyde Park give a vivid portrait of his inspired conducting of his high office. He was aided by an able staff, which he ran with benign but military precision.

Unlike Morgenthau, White came form humble origins. Jewish also, he was the child of penniless Russian immigrant parents who were consumed with a hatred of the czarist regime. White's early life was a struggle: He was opinionated and self-confident to a degree.

Although he was frequently accused of being a communist sympathizer, he was in fact simply an old-fashioned liberal driven by his ancestral memories of Russian imperialism. It is unfortunate that Morgenthau did not appoint White as his representative at BIS meetings, but White was too valuable in Washington.

Cochran was on loan to Treasury from the State Department; he represented the State Department's sophisticated neutralism before and during the war.Sep 22,  · The World Bank Group has been promoting gender equality in development since Yet today, in many parts of the world, women continue to lack voice and decision-making ability; and their economic .

CLUSTERS FOR COMPETITIVENESS A Practical Guide & Policy Implications for Developing Cluster Initiatives February THE WORLD BANK H Street, N.W. You may have arrived at this page because you followed a link to one of our old platforms that cannot be redirected.

Cambridge Core is the new academic platform from Cambridge University Press, replacing our previous platforms; Cambridge Journals Online (CJO), Cambridge Books Online (CBO), University Publishing Online (UPO), Cambridge Histories Online (CHO), Cambridge Companions Online (CCO.

News Dive into the world of science! Read these stories and narratives to learn about news items, hot topics, expeditions underway, and much more. The World Bank is an international organization that helps emerging market countries reduce poverty.

It is not a bank in the conventional sense of the word. Instead, it consists of two development institutions. One is the International Bank for Reconstruction and Development.

Overview of the Payments Industry

The second is the. Payments are now evolving at a rapid pace with new providers, platforms, and payment tools launching on a near-daily basis.

As consumer behavior evolves, an expectation of omnicommerce emerges – that is the ability to pay with the same method whether buying in-store, online or via a mobile device.

An overview of the role and formation of the world bank
World Bank (WB): Origin, Functions, Objectives and Critical Evaluation