The failure of the international financial system and financing global justice – the World Development Fund: a global Marshall Plan The record of the World Bank and the IMF in global development and avoiding

2003 ◽  
pp. 190-219
2019 ◽  
Vol 5 (4) ◽  
pp. 25
Author(s):  
Daryna Abbakumova

The main purpose of the article is to provide legal analysis of the activities of the World Bank and the International Monetary Fund, as well as to clarify their role in the international financial system and the peculiarities of the correlation with the sphere of human rights. Methodology. To achieve the scientific objectivity of the results, the entire complex of general scientific and special research methods, which are widely used in the modern science of public international law and international economic law in particular, were used. Thus, the method of objectivity was used to determine the probability and completeness of the information that was used in the research process. The dialectical method was useful in studying the development of the organizational structure and powers of the World Bank and the IMF. The special legal method allowed analysing the provisions of the constituent documents of these international organizations, and system-structural – to determine their place in the international financial system. The comparative legal method has become useful in defining the features of supranationality of international organizations. The results of the study revealed that the World Bank and the International Monetary Fund continue to occupy key positions in the international monetary and financial system, despite the fact that they were created in the middle of the last century. It has been found that in recent years, the World Bank and the IMF have somewhat changed their position in providing financial assistance to the states. Their position has become more rigid than the one they followed at the beginning of their activity. It is established that this is manifested, first of all, in the application of the principle of good governance, when considering the issue of the allocation of money. This principle, which became fundamental in the activity of these international financial institutions, helps to determine whether the government of the state is fair and honest enough for using the provided assistance for the right purposes, not for the corrupt schemes, and whether these funds would not be stolen by the government in the future. The main practical impact of such research is to identify the link between the functioning of the World Bank and the IMF, which are fully focused on monetary and financial operations, and such completely remote from them area as human rights. Clarification of the relationship between the activities of these financial institutions and the field of human rights allows us to find ways to protect people, whose rights have been violated during the realization of the projects funded by the World Bank and the IMF. Value/originality. The main features that international intergovernmental organizations must have to be regarded as those who have supranational nature are investigated. On this basis, it was established that the World Bank and the IMF do not have supranational features, and the only organization possessing such features remains the European Union.


Author(s):  
Nguyen Manh Hung

Trong khoảng 10 - 15 năm gần đây, ở Việt Nam đã nổi lên luận điểm rằng: cải cách thể chế kinh tế ngày càng đóng vai trò quan trọng hơn trong tiến trình đổi mới. Khi các nguồn lực như tài nguyên thiên nhiên, lao động giá rẻ và vốn...đã đến giới hạn thì cải cách thể chế trở thành đòi hỏi tất yếu đối với nền kinh tế. Tuy nhiên, đây cũng là thử thách khó khăn của quá trình phát triển. Trên thế giới, nhiều quốc gia chỉ đạt được một phần mục tiêu của cải cách, thậm chí ở một số quốc gia nỗ lực cải cách thể chế lại đẩy nền kinh tế vào những bất ổn không ngừng.  Tiến trình cải cách thể chế kinh tế sẽ khó thể thành công nếu không đi kèm với nỗ lực thiết lập một nền tảng quản trị quốc gia vững mạnh. Từ khóa Quản trị, thể chế, kinh tế thị trường, cải cách References [1] Acemoglu, Daron and James Robinson (2012). Why Nations Fail: The Origins of Power, Prosperity, and Poverty. Random House[2] Acemoglu, Daron, Simon Johnson and James A. Robinson (2001), “The Colonial Origins of Comparative Development: An Empirical Investigation” The American Economic Review Vol. 91, No. 5 (Dec., 2001)[3] Acemoglu, Daron, Simon Johnson and James Robinson (2005). “Institutions as Fundamental Cause of Long run Growth”, Handbook ofEconomic Growth, Volume IA. Edited by Philippe Aghion and Steven N. Durlauf. 2005 Elsevier B.V[4] Asian Development Bank (1995). Governance: Sound Development Management, October 1995;[5] Diễn đàn kinh tế tư nhân Việt Nam 2016: Cơ hội, thách thức và giải pháp. Hà nội,[6] Heritage Foundation (2017). 2017 Index of Economic Freedom,[7] [http://www.heritage.org/index/ranking][8] International Development Association (1998). Additions to IDA Resources: Twelfth Replenishment (IDA12). 23 December 1998; [9] Kasper, Wolfgang and Manfred E Streit (1999). Institutional Economics: Social Order and Public Policy, Edward Elgar. Tr. 41[10] Kaufmann, Daniel; Aart Kraay, Massimo Mastruzzi (2010), The Worldwide Governance Indicators Methodology and Analytical Issues, the World Bank Policy Research Working Paper 5430, September 2010[11] Nguyễn Quang Thuấn (2017). “Cải thiện nền quản trị quốc gia, tạo môi trường thuận lợi thúc đẩy tăng trưởng kinh tế trong giai đoạn tới”, tham luận tại Diễn đàn Kinh tế Việt Nam 2017: Phát huy nội lực, tăng trưởng bền vững, Ban kinh tế trung ương ngày 27/06/2017[12] North, D.C. (1990), Institutions, Institutional Change and Economic Performance, Cambridge and New York: Cambridge University Press.[13] Osborne, S. P. (2006), “The New Public Governance?” Public Management Review, vol. 8, No. 3, pp. 377-388.[14] UNDP (1997). “Governance for Sustainable Human Development” New York; WB (1994). Governance: The World Bank’s Experience. Washington DC; [15] VCCI & USAID (2015). Báo cáo năng lực cạnh tranh cấp tỉnh năm 2015. Hà Nội: Phòng Thương mại và Công nghiệp Việt Nam và Cơ quan Phát triển Quốc tế Hoa Kỳ [16] Wolfensohn, James D. (1999), Address to the Board of Governors (September 28, 1999), the World Bank[17] WB (1992). World Development Report: Governance and Development, Washington DC. [18] WB (1989). Sub-Saharan Africa: From Crisis to Sustainable Growth, Washington DC[19] WB (2016). Ease of Doing Business 2016. Washington DC [20] http://www.doingbusiness.org/data/exploreeconomies/vietnam[21] WB (1997). World Development Report 1997. Washington DC. [22] WB (2017). Worldwide Governance Indicator, [23] http://info.worldbank.org/governance/wgi/index.aspx#reports[24] World Economic Forum (2016). Global Competitiveness Report 2016-2017, Geneva.


2007 ◽  
Vol 2 (3) ◽  
pp. 230-241 ◽  
Author(s):  
Mikaela Luttrell-Rowland

This article examines the World Bank's recent World Development Report on youth and development (2007) as an empirical example to explore the links between the employment of ‘group identity’ and the use of policy frameworks. Drawing on feminist theory to analyse the representations of young people put forward within the report, this article demonstrates how the report privileges economic indicators, elevates formal institutions, and obfuscates structural inequality and power. The article argues that the report's failure to indicate the partiality of its perspective on youth and development problematically narrows the policy options the World Bank is able to present.


Author(s):  
Hakimah Yaacob ◽  
Adli Yaacob ◽  
Khairul Hidayatullah Basir ◽  
Qaisar Ali

When the Islamic bank was first established in 1963, they realised leveraging on the conventional platform was an easy way out to create an Islamic banking system. Despite of financial outcry, multiplications, and lack of welfare on the customers, the bank continues championing the financial system. Behaving as an alternative to the conventional financing, Islamic banking is no different. With all the conventional guidelines and controlled regulations of IMF and the World Bank, the Islamic bank's hands are tied. Nothing much has been done to ensure a complete move out to assist customers in getting ‘good financing facility,' which is humane in nature. This chapter is an attempt to explore Zakat Bank out of banking furore using a Zakat platform. The finding suggests that the establishment of Zakat Bank is crucial to ensure the true financing based on Shariah principles and guidelines. This chapter adopts library research including reports and guidelines from the financial regulators. The chapter concludes with a proposed model for a Zakat Bank for authority's consideration.


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