POVERTY AND DEVELOPMENT

Poverty and Development: World Bank Ideology

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Abstract

The thesis provides a narrative analysis of World Bank approach to poverty and development in the light of their ideological foundation. However, keeping in mind the extent to which World Bank can be a credible player, as well as the essential institutional reach, resources and knowledge, policy tools and ideological legitimacy.

Poverty and Development: World Bank Ideology

Introduction

Poverty refers to a multidimensional issue that goes afar economics to embrace, among other things like cultural, political and social. Hence, alleviation and reduction to the rates of poverty cannot be solely based on economic policies and necessitates an inclusive set of well-harmonized measures. There is a need of effective plans in order to fight poverty entail ownership of the country, and wide based support from the community to thrive.

In 1999, the World Bank adopted a new processes' set to direct lending to a number of the poorest countries of the world. A PRS (Poverty Reduction Strategy) includes poverty assessment and illustrates the programs and policies as regards social, structural and macroeconomics, which a country will follow over a number of years to reduce poverty and promote the development, along with needs of external financing, as well as, the related financing sources. In low-income countries, they are prepared by the administration by a two-way process that engages both external development partners (World Bank) and domestic stakeholders. This thesis critically analyse the ideology of World Bank to carry out in relation to programmes and policies (Poverty Reduction Strategy).

Discussion

The World Bank ideology - Poverty Reduction Strategy focused on five core principles for the process by which PRSPs are described. Firstly, it must be country specific refers that the ownership of the country must be terminated by wide-based civil society participation. Also, it must be focused on results by stressing on results, which advantage the deprived, inclusive in understanding and exploring the complex poverty nature, affiliation orientation by engaging partners of development like external donors, domestic stakeholders and the government. Finally, PSR development must be dependent on the long-standing perspective geared to support the development and to reduce poverty.

In addition, the previous ideology of World Bank comes to an end because of its ineffectiveness, titled the ideology of Development and Poverty Reduction Strategy. These ideologies promise a solution to poverty and elevate development to the entire world. However, alike Fascism, Communism, and many other, Developmentalism did not appeared to be deadly and dangerous failure.

Despite the ineffective and bad ideological spectre of World Bank is lingering the world. It appeared to be almost lethal as the past century tied ideologies such as socialism, fascism and communism, which failed in a miserable manner. It endorses few of the most dangerous time trends, such as religious fundamentalism. On the other hand, World Bank ideologies of Developmentalism and Poverty Reduction Strategy emerged as the thriving ideologies that eventual benefits the world by reducing the poverty and support development in a thriving way.

The poverty reduction and ...