World Bank

Economic globalization is the process where everyone becomes more connected financially.

The World Bank is related to economic globalization because the goal of the World Bank is to build long-term economic resilience in low and middle-level countries.

The World Bank aims to build long-term economic resilience by creating jobs and supporting small farms and farmers while building secure healthcare systems. Additionally, it provides loans for critical infrastructure projects to ensure sustainable development and stability in various regions.

“Our mission is to end extreme poverty and boost shared prosperity on a livable planet. This is threatened by multiple, intertwined crises. Time is of the essence.”
-World Bank mission statement

Pros

• Financial support
  • The World Bank helps developing countries by providing loans to help fight poverty.
• Low interest rates
  • Loans come with lower interest rates than other international banks.
• Equality
  • An objective of the World Bank is to close the gap between wealthier and underdeveloped countries.
• Overcome poverty
  • The bank has helped many countries by providing them with basic needs like food and healthcare facilities.

Cons

• Lack of transparency and accountability
  • Critics have questioned the effectiveness and lack of transparency, undermining the public’s trust in the World Bank.
• Lack of representation
  • Despite being an NGO that helps underdeveloped and developing countries, these countries are overshadowed by wealthier nations.
• Environmental and Social Impact
  • Certain projects funded by the World Bank, such as dams and highways, have led to environmental degradation and displacement of Indigenous peoples, prompting critics to argue for more sustainable projects.

I feel like the World Bank is effective in its goals in the world.
Firstly, I see them backing various enviornmental and economical projects in various countries.
Secondly, I'm seeing a lot of success stories of people and countries benefit from the World Bank.
Finally, despite eariler doubts and criticism, they have stablized many unstable and developing countries's economy.
In summary, the World Bank is hitting its goals and is continuing to help countiress with economic and enviormental issues.