Definition Of Globalisation By World Bank

In the developing world trade has delivered high growth and technological progress.

Definition of globalisation by world bank. Future of globalization and world bank s role in next 25 years the population of the entire world would go up by 2 billion to a figure of 8 billion people. Globalisation refers to the integration of markets in the global economy leading to the increased interconnectedness of national economies. As the world bank expanded beyond its initial scope and purpose of rebuilding europe after the second world war the world bank grew through the creation of four additional organizations. The world bank is the name that has come to be used for the international bank for reconstruction and development ibrd founded at bretton woods.

Perhaps no sector of the economy better illustrates the potential benefits but also the perils of deeper integration than banking. Back cover photo courtesy of associated press. The bank has been criticized as foisting free market ideology on developing countries. Globalization is the spread of products investment and technology across national borders and cultures.

The world bank is an international organization that offers developmental assistance to middle income and low income countries. The 98 of the surge in population would be in the developing countries. According to the world bank as many as half of the world s six billion inhabitants live on the equivalent of less than 2 per day and about one fourth of the world lives on the equivalent of less than 1 25 per day chen ravallion 2008. Markets where globalisation is particularly significant include financial markets such as capital markets money and credit markets and insurance markets commodity markets including markets for oil coffee tin and gold and product.

But just because managing the effects of globalization is difficult does not mean we should throw our hands up and quit. By 2020 4 1 billion or 55 would be living. According to the world bank since 1990 trade has helped to halve the number of people living in extreme poverty. In economic terms it describes the loosening of barriers to international trade.

Since the global financial crisis of 2007 international banking has attracted heightened interest from policy makers researchers and other financial sector stakeholders. The world bank is a group of five multilateral institutions that aim to eradicate global poverty.