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The theory of economic development and the World Bank’s identity crisis

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  • Luiz Carlos Bresser-Pereira

Abstract

This paper discusses World Bank’s identity while surveys development economics. Three crises are identified: (1) the Bank was created to finance state infrastructure projects according to the development economics relevance given to externalities, but since the neoliberal wave dominated Washington, its mission lost clarity; (2) the Bank, that is supposed to finance development, stooped to have a positive cash flow with many developing countries; and (3) the Bank is assumed to support growth of the developing countries, but in the debt crisis it clearly aligned with its major shareholders. Yet, the Bank keeps a major role in the world, as it is increasingly turning into a service institution counts with highly competent economists, as it supports much needed market oriented reforms, and as it promotes investments in human capital JEL Classification: O10; F34

Suggested Citation

  • Luiz Carlos Bresser-Pereira, 1995. "The theory of economic development and the World Bank’s identity crisis," Brazilian Journal of Political Economy, Center of Political Economy, vol. 15(1), pages 1-40.
    • Handle: RePEc:ekm:repojs:v:15:y:1995:i:1:p:1-40:id:1223
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    File URL: https://centrodeeconomiapolitica.org/repojs/index.php/journal/article/view/1223/1208
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    More about this item

    Keywords

    World Bank; Economic development; new-developmentalism;
    All these keywords.

    JEL classification:

    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems

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