669:. To help borrowers protect against catastrophes and other special risks, the bank offers a Catastrophe Deferred Drawdown Option to provide financing after a natural disaster or declared state of emergency. It also issues catastrophe bonds which transfer catastrophic risks from borrowers to investors. The IBRD reported $ 23.2 billion in lending commitments for 100 projects in fiscal year 2019. The top 10 borrowers were India, Indonesia, Jordan, Egypt, Argentina, China, Morocco, Turkey, Ukraine and Colombia. The most supported sector was Public Administration.
375:(ICSID). Their mission is to "fight poverty and improve living standards for people in the developing world." By 2018, the World Bank Group was "one of the world's largest sources of funding and knowledge for developing countries." Of the five institutions, the IBRD and the IDA are the World Bank's two largest units. When a country reaches a GDP per person over US$ 1,145, they are no longer eligible for IDA financial support. For example, of the BRIC countries, China was no longer eligible in 1999 and by 2014, neither was India.
605:
144:
681:
2950:
2099:
2089:
2080:
2161:
38:
2961:
559:(G-24)āmultilateral development banks (MDBs)āsuch as the IBRDā"represent one of the most successful types of international organization created in the post-World War II era." By October 2015, although the WBGāwith its lending armsāwas the only "global institution, there were more than twenty operational 20 MDBs in the world. In 2016, the
581:
In 2011, the IBRD loaned about US$ 26 billion, which represented just a "fraction of the $ 72 billion the IMF approved as a credit line to a single nation, Mexico." In the early 2010s, the total of "capital investments in emerging markets from all sources have topped $ 1 trillion annually". According
378:
The IBRD is governed by the World Bank's Board of
Governors which meets annually and consists of one governor per member country (most often the country's finance minister or treasury secretary). The Board of Governors delegates most of its authority over daily matters such as lending and operations
612:
The IBRD provides financial services as well as strategic coordination and information services to its borrowing member countries. The Bank only finances sovereign governments directly, or projects backed by sovereign governments. The World Bank
Treasury is the division of the IBRD that manages the
595:
article, the IBRD is "more controversial" than the
International Development Association (IDA) lending arm. With its AAA credit rating, the IBRD can "borrow money cheaply on the international financial markets". Middle-income countries, like Brazil and China, that currently borrow from the IBRD,
451:
Throughout the remainder of the 1940s and 1950s, the Bank-financed projects sought to dam rivers, generate electricity and improve access to water and sanitation. It also invested in France, Belgium, and
Luxembourg's steel industry. Following the reconstruction of Europe, the Bank's mandate has
648:
of a sovereign government or subnational entity, and partial risk guarantees to private projects to cover a government's failure to meet its contractual obligations. The IBRD's
Enclave Partial Risk Guarantee covers private projects in member countries of the IDA against sovereign governments'
482:. They were both WBG members. During this period other MDBs that were similar to the IBRD in their governance and operations, were established by countries that were not member nations of the WBG. This included the InterāAmerican Development Bank (IDB), the
351:. The Bank offers several financial services and products, including flexible loans, grants, risk guarantees, financial derivatives, and catastrophic risk financing. It reported lending commitments of $ 26.7 billion made to 132 projects in 2011.
462:
The IBRD is restricted in its borrowing, as it cannot provide loans in competition with private capital; IBRD loans have to be tied to specific projects; and the IBRD will normally only finance the direct foreign exchange costs of a project.
335:
The IBRD is owned and governed by its 189 member states, with each country represented on the Board of
Governors. The IBRD has its executive leadership and staff which conduct its normal business operations. The Bank's member governments are
525:, journal, While the IBRD and the IDA historically prioritized funding infrastructure projects, since the 1990s, the Bank has directed less lending to infrastructure projects in favour of other development projects such as fighting
2998:
285:. It is the first of five member institutions that compose the World Bank Group. The initial mission of the IBRD in 1944, was to finance the reconstruction of European nations devastated by World War II. The IBRD and its
577:
The bank also generates income from the return on its equity and the small margins on the loans. As the IBRD does not seek profit, it transfers part of its excess income to the IDA ($ 259 million in fiscal 2019).
459:(IDA) was established to serve as the Bank's concessional lending arm and provide low and no-cost finance and grants to the poorest of the developing countries as measured by gross national income per capita.
3099:
2991:
3196:
640:
with features similar to the Bank's flexible loan program. Among the World Bank Group's credit enhancement and guarantee products, the IBRD offers policy-based guarantees to cover countries'
1573:
372:
2984:
1835:
834:
340:
which contribute and have the right to vote on its matters. In addition to contributions from its member nations, the IBRD acquires most of its capital by borrowing on international
1231:
1123:
516:, IBRD was using "its AAA credit rating to sell bonds at interest rates close to those of U.S. Treasury bonds." It loaned money to developing nations, such as China and Brazil.
441:
The IBRD was established with the original mission of financing the reconstruction efforts of war-torn
European nations following World War II, with goals shared by the later
491:
3201:
3063:
1042:
502:
383:. The executive directors collectively represent all 189 member states of the World Bank. The president oversees the IBRD's overall direction and daily operations.
102:
74:
401:. The IBRD member nations did not sponsor a "rival candidate" and Malpass became president, in spite of the fact that he is critical of the role of the IBRD.
81:
555:
According to a 2015 article, commissioned by the
Intergovernmental Group of Twenty-Four on International Monetary Affairs and Developmentāalso known as the
3181:
3176:
3171:
1733:
702:
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1880:
574:(PCT), through which borrowers grant the MDBs a "privileged position to be first in line for repayment, should a country face financial restrictions."
88:
3186:
1568:
368:
1013:. United Nations Monetary and Financial Conference, Bretton Woods, New Hampshire, July 1ā22, 1944. Washington, D.C.: U.S. Department of State. 1948
2134:
586:, in 2011, the "combined net investment of the World Bank and other international development banks and agencies" was about $ 20 billion in 2011.
70:
2154:
537:
The IBRD finances its activities from the shares its members hold, as well as borrowing on international capital markets by issuing World Bank
1558:
1294:
479:
456:
448:
In 1946, a few months after it became operational, Chile sought financial help from the IBRDāthe first of the developing countries to do so.
360:
290:
3073:
3042:
2497:
1528:
1224:
620:
The Bank offers flexible loans with maturities as long as 30 years and custom-tailored repayment scheduling. The IBRD also offers loans in
560:
2502:
445:. The Bank issued its inaugural loan of $ 250 million ($ 2.6 billion in 2 dollars) to France in 1947 to finance infrastructure projects.
2103:
266:
2843:
2743:
1975:
583:
397:
as the World Bank Group's president. Malpass had served as one of
President Trump's economic advisers and as a senior official in the
509:, to foster European integration and to assist postācommunist countries to transform their economies to become more marketāoriented.
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364:
121:
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95:
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636:. For borrowers needing quick financing for an unexpected change, the IBRD operates a Deferred Drawdown Option which serves as a
359:
There are five "closely associated institutions" that each have a "distinct role" and together form the World Bankāthe IBRD, the
3104:
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2005:
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2010:
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2020:
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467:
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2015:
2000:
1950:
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2190:
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1965:
1935:
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835:"OECD, UN Environment and World Bank call for a radical shift in financing for a low-carbon, climate-resilient future"
662:
410:
17:
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1990:
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803:
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to the board of directors. The Board of
Directors consists of 25 executive directors and is chaired by the
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541:. The Bank raised US$ 54.0 billion worth of capital in fiscal 2019 from bonds issued in 27 different
301:
286:
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419:
329:
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2512:
2475:
2220:
1606:
1159:
1151:
658:
549:
282:
1372:
1287:
Are Credit Rating Agencies Limiting the Operational Capacity of Multilateral Development Banks?
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Following the reconstruction of Europe, the Bank's mandate expanded to advancing worldwide
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498:(IsDB). Both the CAF and IsDB are "primarily owned and controlled by borrower countries."
309:
190:
143:
1188:"New Multilateral Development Banks: Opportunities and Challenges for Global Governance"
965:
2818:
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began operations. Like other multilateral development banks, (MDBs), the IBRD has a
2911:
2838:
2808:
2753:
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2435:
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1100:
686:
390:
347:
In 2011, it raised US$ 29 billion in capital from bond issues made in 26 different
1010:
Proceedings and Documents of the United Nations Monetary and Financial Conference
2921:
2803:
2758:
2748:
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2688:
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556:
337:
37:
2863:
2858:
2723:
2648:
2507:
2425:
2405:
1662:
1537:
676:
548:
Since 1959, the IBRD, which is backed by world governments has had a triple-A
431:
348:
294:
227:
1147:
1056:
889:
717:
704:
2534:
2358:
2257:
1204:
1187:
317:
2960:
1008:
649:
failures to fulfil contractual obligations. The Bank provides an array of
367:(IFC), that "invests in private firms and promotes entrepreneurship", the
344:
through bond issues at a preferred rate because of its AAA credit rating.
542:
386:
The Bank and IDA operate with a staff of approximately 10,000 employees.
1155:
1323:
939:
807:
780:
633:
435:
409:
The International Bank for Reconstruction and Development (IBRD) and
1139:
1494:
603:
427:
417:
in 1944 and became operational in 1946. According to a March 2012
308:. The IBRD provides commercial-grade or concessional financing to
249:
596:
could "borrow in abundance from foreign investors" on their own.
2112:
1219:
1217:
1215:
564:
278:
2980:
2116:
1760:
1510:
1501:
474:āthe midā1950s to the midā1970sāseveral MDBs were createdāthe
31:
1506:
1181:
1179:
1177:
1175:
1173:
1574:
International Centre for Settlement of Investment Disputes
1036:
1034:
1032:
1030:
1028:
613:
Bank's debt portfolio of over $ 100 billion and financial
373:
International Centre for Settlement of Investment Disputes
3100:
CAF ā Development Bank of Latin America and the Caribbean
770:
768:
312:
to fund projects that seek to improve transportation and
1466:
International Bank for Reconstruction and Development.
1443:
International Bank for Reconstruction and Development.
1394:
International Bank for Reconstruction and Development.
1371:
International Bank for Reconstruction and Development.
1318:
International Bank for Reconstruction and Development.
1256:
International Bank for Reconstruction and Development.
938:
International Bank for Reconstruction and Development.
829:
827:
825:
802:
International Bank for Reconstruction and Development.
71:"International Bank for Reconstruction and Development"
1043:"In a globalized world, what role for the World Bank?"
452:
transitioned to eradicating poverty around the world.
3121:
International Bank for Reconstruction and Development
1554:
International Bank for Reconstruction and Development
872:
501:
In the early 1990s, European nations established the
324:, energy investments, healthcare, access to food and
259:
International Bank for Reconstruction and Development
1279:
1277:
1275:
870:
868:
866:
864:
862:
860:
858:
856:
854:
852:
552:, which allows it to borrow capital at lower rates.
529:, eradicating poverty and ensuring good governance.
18:
International Bank of Reconstruction and Development
3113:
3087:
3056:
3030:
3014:
2902:
2777:
2712:
2629:
2620:
2547:
2384:
2305:
2298:
2178:
1671:
1582:
1544:
492:
Development Bank of Latin America and the Caribbean
466:At the time of its creation, the IBRD was the only
245:
233:
221:
211:
200:
186:
178:
168:
150:
3197:Non-profit organizations based in Washington, D.C.
988:"David Malpass profile on the world bank web page"
624:. Through a joint effort between the IBRD and the
1124:"The International Bank in Political Perspective"
3064:European Bank for Reconstruction and Development
744:
742:
503:European Bank of Reconstruction and Development
423:article, IBRD was the "original 'world bank'".
3008:International development and investment banks
2992:
2128:
1522:
644:risk, partial credit guarantees to cover the
297:as they share the same leadership and staff.
8:
134:
413:(IMF) were established by delegates at the
269:, established in 1944 and headquartered in
2999:
2985:
2977:
2626:
2302:
2135:
2121:
2113:
1757:
1753:
1529:
1515:
1507:
273:, United States; it is the lending arm of
142:
133:
1348:. Bank Information Center. Archived from
1203:
964:. Bank Information Center. Archived from
389:On 9 April 2019, United States President
122:Learn how and when to remove this message
1569:Multilateral Investment Guarantee Agency
369:Multilateral Investment Guarantee Agency
3202:1944 establishments in Washington, D.C.
962:"World Bank (IBRD & IDA) Structure"
753:(Report). Center for Global Development
738:
371:(MIGA), that guarantees loans, and the
58:Please improve this article by adding
1559:International Development Association
1346:"World Bank (IBRD & IDA) Lending"
480:International Development Association
457:International Development Association
361:International Development Association
293:(IDA), are collectively known as the
291:International Development Association
7:
3074:Black Sea Trade and Development Bank
3043:Asian Infrastructure Investment Bank
2498:New international division of labour
561:Asian Infrastructure Investment Bank
1419:World Bank Group Guarantee Products
1300:from the original on 9 October 2022
1284:Humphrey, Chris (30 October 2015),
1237:from the original on 9 October 2022
1041:Schneider, Howard (19 March 2012).
267:international financial institution
3182:International finance institutions
3177:International banking institutions
3172:International development agencies
1322:. World Bank Group. Archived from
1186:Wang, Hongying (7 February 2017).
806:. World Bank Group. Archived from
779:. World Bank Group. Archived from
608:IBRD loans and IDA credits in 2005
584:Institute of International Finance
426:IBRD field offices were opened in
25:
3192:Organizations established in 1944
1564:International Finance Corporation
1225:The World Bank Annual Report 2019
1103:. U.S. Bureau of Labor Statistics
626:International Finance Corporation
476:International Finance Corporation
399:United States Treasury Department
381:President of the World Bank Group
365:International Finance Corporation
3187:United Nations Development Group
2959:
2949:
2948:
2159:
2098:
2097:
2088:
2087:
2079:
2078:
1836:Democratic Republic of the Congo
679:
36:
3105:Inter-American Development Bank
2160:
878:"How does the World Bank work?"
628:, the Bank offers financing to
173:Development finance institution
617:transactions of $ 20 billion.
438:in the former Czechoslovakia.
137:Reconstruction and Development
1:
3126:International Investment Bank
663:interest rate caps and floors
468:Multilateral Development Bank
60:secondary or tertiary sources
27:Lending arm of the World Bank
1502:World Bank Open Data website
1230:(Report). World Bank Group.
2216:Environmental globalization
2191:Anti-globalization movement
411:International Monetary Fund
322:environmental consciousness
223:President of the World Bank
156:; 80 years ago
3218:
3095:Caribbean Development Bank
2364:Offshore financial centres
1424:(Report). World Bank Group
1122:Baldwin, David A. (1965).
1101:"CPI Inflation Calculator"
572:preferred credit treatment
3048:Eurasian Development Bank
2944:
2150:
2076:
1767:
1756:
1752:
1468:"Disaster Risk Financing"
749:Ottenhoff, Jenny (2011).
651:financial risk management
141:
3131:Islamic Development Bank
3069:European Investment Bank
3022:African Development Bank
2206:Democratic globalization
837:. OECD. 28 November 2018
657:, currency conversions,
507:European Investment Bank
496:Islamic Development Bank
484:African Development Bank
415:Bretton Woods Conference
2488:Investor-state disputes
2441:Illicit financial flows
2285:Political globalization
2233:Global financial system
1320:"Products and Services"
1205:10.1111/1758-5899.12396
632:either with or without
470:. During the period of
277:Group. The IBRD offers
3079:Nordic Investment Bank
3038:Asian Development Bank
2829:Christopher Chase-Dunn
2597:Primitive accumulation
2280:Military globalization
2211:Economic globalization
2196:Cultural globalization
1627:Lewis Thompson Preston
1373:"How IBRD is Financed"
1258:"How IBRD is Financed"
1079:"Interactive Timeline"
655:foreign exchange swaps
609:
512:By 2012, according to
488:Asian Development Bank
191:Development assistance
135:International Bank for
47:relies excessively on
607:
3136:New Development Bank
2894:Immanuel Wallerstein
2555:Capital accumulation
2421:Endangered languages
1652:Kristalina Georgieva
1602:Eugene R. Black, Sr.
695:Bretton Woods system
634:sovereign guarantees
630:subnational entities
589:According to a 2019
568:New Development Bank
505:(EBRD) and expanded
302:economic development
283:developing countries
2966:Business portal
2525:Transnational crime
2431:Forced displacement
2416:Economic inequality
2290:Trade globalization
2186:Alter-globalization
2084:Category World Bank
1417:World Bank (2012).
1048:The Washington Post
718:38.8990Ā°N 77.0425Ā°W
714: /
659:interest rate swaps
653:products including
330:improved sanitation
320:, domestic policy,
306:eradicating poverty
235:Parent organization
138:
2739:Andre Gunder Frank
2513:Race to the bottom
2503:NorthāSouth divide
2221:Global citizenship
1607:George David Woods
1470:. World Bank Group
1447:. World Bank Group
1445:"Hedging Products"
1398:. World Bank Group
1375:. World Bank Group
1352:on 5 November 2011
1260:. World Bank Group
1081:. World Bank Group
968:on 8 February 2012
942:. World Bank Group
920:, 21 February 2020
610:
250:worldbank.org/ibrd
3149:
3148:
2974:
2973:
2940:
2939:
2799:K. Anthony Appiah
2794:Daniele Archibugi
2543:
2542:
2332:COVID-19 pandemic
2238:Global governance
2110:
2109:
2104:Country Relations
2072:
2071:
2068:
2067:
810:on 16 August 2010
723:38.8990; -77.0425
642:sovereign default
519:According to the
289:lending arm, the
281:to middle-income
255:
254:
195:poverty reduction
132:
131:
124:
106:
16:(Redirected from
3209:
3167:World Bank Group
3141:World Bank Group
3001:
2994:
2987:
2978:
2964:
2963:
2952:
2951:
2905:
2814:Jean Baudrillard
2782:
2729:Giovanni Arrighi
2717:
2674:Branko MilanoviÄ
2654:Jagdish Bhagwati
2632:
2627:
2518:pollution havens
2483:Invasive species
2387:
2308:
2303:
2253:Global workforce
2163:
2162:
2137:
2130:
2123:
2114:
2101:
2100:
2094:World Bank Group
2091:
2090:
2082:
2081:
1758:
1754:
1632:James Wolfensohn
1617:Alden W. Clausen
1546:World Bank Group
1531:
1524:
1517:
1508:
1498:
1497:
1495:Official website
1480:
1479:
1477:
1475:
1463:
1457:
1456:
1454:
1452:
1440:
1434:
1433:
1431:
1429:
1423:
1414:
1408:
1407:
1405:
1403:
1391:
1385:
1384:
1382:
1380:
1368:
1362:
1361:
1359:
1357:
1342:
1336:
1335:
1333:
1331:
1326:on 16 April 2013
1315:
1309:
1308:
1307:
1305:
1299:
1292:
1281:
1270:
1269:
1267:
1265:
1253:
1247:
1246:
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1236:
1229:
1221:
1210:
1209:
1207:
1183:
1168:
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1113:
1112:
1110:
1108:
1097:
1091:
1090:
1088:
1086:
1074:
1068:
1067:
1065:
1063:
1038:
1023:
1022:
1020:
1018:
1005:
999:
998:
996:
994:
984:
978:
977:
975:
973:
958:
952:
951:
949:
947:
935:
929:
928:
927:
925:
915:
911:"IBRD Governors"
907:
901:
900:
898:
896:
884:. 9 April 2019.
874:
847:
846:
844:
842:
831:
820:
819:
817:
815:
799:
793:
792:
790:
788:
772:
763:
762:
760:
758:
746:
729:
728:
726:
725:
724:
719:
715:
712:
711:
710:
707:
689:
684:
683:
682:
622:local currencies
328:, and access to
310:sovereign states
271:Washington, D.C.
240:World Bank Group
205:Washington, D.C.
164:
162:
157:
146:
139:
127:
120:
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3010:
3005:
2975:
2970:
2958:
2936:
2917:Thomas Friedman
2903:
2898:
2849:Anthony Giddens
2824:Manuel Castells
2789:Arjun Appadurai
2780:
2778:
2773:
2715:
2713:
2708:
2704:Joseph Stiglitz
2644:Richard Baldwin
2630:
2622:
2616:
2575:Fiscal localism
2539:
2493:McDonaldization
2411:Development aid
2385:
2380:
2349:Multilingualism
2344:Labor arbitrage
2320:Climate justice
2306:
2294:
2248:Global politics
2201:Deglobalization
2174:
2146:
2141:
2111:
2106:
2064:
1763:
1748:
1667:
1642:Robert Zoellick
1612:Robert McNamara
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685:
680:
678:
675:
667:commodity swaps
602:
535:
533:Financial model
494:(CAF), and the
434:, Denmark, and
420:Washington Post
407:
357:
342:capital markets
236:
224:
214:
207:, United States
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117:
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108:
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2841:
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2696:
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2684:Thomas Piketty
2681:
2679:Kevin O'Rourke
2676:
2671:
2669:Michael Hudson
2666:
2661:
2659:Robert Brenner
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2530:Westernization
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2369:Tax inversions
2366:
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2346:
2341:
2339:Digital divide
2336:
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2334:
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2315:Climate change
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2018:
2013:
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1669:
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1639:
1637:Paul Wolfowitz
1634:
1629:
1624:
1622:Barber Conable
1619:
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1604:
1599:
1597:John J. McCloy
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1488:
1487:External links
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783:on 19 May 2016
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638:line of credit
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2932:Vandana Shiva
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2884:Saskia Sassen
2882:
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2877:
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2874:Antonio Negri
2872:
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2869:L. H. M. Ling
2867:
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2860:
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2854:Michael Hardt
2852:
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2764:Susan Strange
2762:
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2742:
2740:
2737:
2735:
2734:Robert W. Cox
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2700:
2697:
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2612:World-systems
2610:
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2607:World history
2605:
2603:
2602:Social change
2600:
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2580:Modernization
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2243:Global health
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455:In 1960, the
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443:Marshall Plan
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2912:Noam Chomsky
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2754:David Harvey
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1647:Jim Yong Kim
1592:Eugene Meyer
1553:
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2011:South Korea
1976:Philippines
1771:Afghanistan
1396:"Financing"
1304:24 February
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841:24 February
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1806:Cape Verde
1762:by country
1663:Ajay Banga
1584:Presidents
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751:World Bank
733:References
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430:, France,
405:Background
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275:World Bank
228:Ajay Banga
82:newspapers
49:references
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777:"History"
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1791:Botswana
1654:(acting)
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2327:Disease
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2179:Aspects
2170:Studies
2165:Outline
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