World Bank and United Nations Overview

A collection of vocabulary flashcards covering key concepts related to the World Bank and the United Nations based on the lecture notes.

World Bank: Primary Composition

Consists of two main institutions:

1. IBRD: Lends to middle-income and creditworthy low-income governments.
2. IDA: Provides interest-free loans and grants to the poorest governments.

World Bank: Founding Figures and Year

Founded in 1944 by John Maynard Keynes (UK) and Harry Dexter White (USA) at the Bretton Woods Conference.

Pro of the World Bank: Infrastructure

Funds massive physical projects (e.g., dams, power grids) that private investors often find too risky or expensive.

Pro of the World Bank: Poverty Reduction

Increases standard of living by specifically investing in global health, education, and nutrition programs.

Con of the World Bank: Sovereignty Issues

Loan conditions often mandate 'Neo-liberal' reforms, forcing countries to adopt Western economic models.

Con of the World Bank: US Bias

The President is traditionally a US citizen, leading to accusations that the bank serves American geopolitical interests.

IMF: Primary Function

Acts as a 'lender of last resort' for countries facing balance of payments crises to stabilize currencies.

IMF: Establishment Context

Formed in 1944 alongside the World Bank to prevent a repeat of the Great Depression through global financial stability.

Pro of the IMF: Prevention of Contagion

By stabilizing one failing economy, the IMF prevents financial crises from spreading to neighboring countries.

Con of the IMF: Austerity Measures

Requires governments to cut spending on social services (health, education) to repay debt, often hurting the poor.

United Nations (UN): Security Council Structure

Composed of 15 members:

• 5 Permanent Members (P5): USA, UK, France, Russia, and China.
• 10 Non-permanent members: Elected for two-year terms.

Criticism of the UN: The Veto Power

Any one of the P5 members can block a resolution, leading to gridlock in major conflicts (e.g., Syria or Ukraine).

UN Peacekeeping: Figures and Scope

Currently operates with over 70,000 personnel and an annual budget of approximately \$6 to \$7 billion.

Sustainable Development Goals (SDGs): Scope

A set of 17 universal goals and 169 specific targets aimed at ending poverty and protecting the planet by 2030.

Pro of the UN: Humanitarian Success

Programs like the World Food Programme (WFP) provide essential aid to over 100 million people in crisis annually.

Pro of the UN: Global Health

The UN via the WHO successfully spearheaded the global eradication of smallpox and the near-elimination of polio.

Con of the UN: Bureaucratic Inefficiency

The organization is frequently criticized for slow response times and excessive administrative overhead costs.