The Political Economy of the World Bank: The Early Years

by Alacevich, Michele

• ISBN13: 9780821376478
• ISBN10: 0821376470
• Format: Paperback
• Copyright: 2009-03-19
• Publisher: World Bank

Summary

The Political Economy of the World Bank: The Early Years is a fascinating study of economic history. This text describes what is perhaps the most crucial time for development economics: the birth of the "third world," the creation of development economics as a discipline, and the establishment of the World Bank's role in development.

Author Biography

Michele Alacevich is a researcher at the University of Palermo, Italy, and a consultant to the Italian Central Bank for historical research. He has also served as consulting historian to the World Bank.

Table of Contents

Preface	p. xi
Acknowledgments	p. xv
The World Bank And Development	p. 1
Historical Context	p. 2
Methodological Framework	p. 3
Pars Destruens	p. 4
Pars Construens	p. 8
The Currie Mission In Colombia, 1949-1953	p. 11
The Importance of the Colombia Mission for the Switch from Reconstruction to Development	p. 12
End of the Reconstruction Phase	p. 12
Initial Contacts Between the Colombian Government and the IBRD	p. 15
The Collaboration Between Lauchlin Currie and the IBRD	p. 22
The Mission Collects Information	p. 22
Putting the Team Together	p. 28
The First IBRD General Survey Mission, Colombia 1949	p. 35
The Currie Mission Report	p. 39
The Comite de Desarrollo Economico (1950-1951) and the Consejo National de Planificacion (1952-1954)	p. 46
The Evolution of the Relationship Between Currie and the World Bank	p. 50
Tensions Within the Comite de Desarrollo Economico	p. 50
The Difficult Beginning of the Consejo National de Planificacion (1952-1953)	p. 53
The End of the Affair	p. 61
Economic Development In Theory And Practice	p. 64
Development Approaches: Balanced Versus Unbalanced Growth	p. 66
Balanced Growth	p. 67
Unbalanced Growth	p. 70
Development Approaches: Program Loans Versus Project Loans	p. 76
Program Loans	p. 77
Project Loans	p. 78
The Debate on Development Reverberates Inside the IBRD	p. 79
Conflicting Approaches: Program Versus Project	p. 79
Program Versus Project: The Bank's Changing Attitude	p. 80
Autobiographical Notes	p. 82
Currie Versus Hirschman: Monetary and Fiscal Policy	p. 83
Analyzing the Situation	p. 83
Hypotheses	p. 84
The Clash	p. 85
Currie Versus Hirschman: Iron and Steel Production	p. 87
Analysis of the Currie Mission	p. 87
Interests at Odds	p. 90
The "Informe de la Mision Para el Comite" and the Flesher Solution	p. 93
Steel and Development: Reasons for Disagreement	p. 98
Changing Alliances	p. 103
Agreements and Disagreements	p. 103
A Sociological Interpretation of the Development Economics Debate: Robert K. Merton and the "Kindle Cole" Principle	p. 105
At The Root Of The Bank's Policy Advice	p. 112
The Urban Development Plan for Barranquilla	p. 114
Request for IBRD Financing	p. 114
Why Did the Bank Refuse Financing?	p. 118
The IBRD and Housing Loans	p. 120
The ILO Proposal and the First IBRD Comments	p. 120
The Disengagement of the IBRD	p. 122
Discussions at the Bank: Impact Loans and Social Loans	p. 123
Impact Loans	p. 123
Social Loans	p. 127
The Bank's Relentless Preference for Directly Productive Loans	p. 129
Raising Funds in the U.S. Capital Market	p. 130
Wall Street Men	p. 131
U.S. Foreign Economic Policy and the Wane of the New Deal	p. 133
The Early Successes of the Bank: An Obstacle to Change	p. 136
Coda: The End of the Debate	p. 136
The Reorganization of 1952	p. 136
Black's Bank	p. 144
Conclusions	p. 147
Notes	p. 155
Bibliography	p. 185
Index of Names	p. 195
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