First World imprint. First, the World Bank was, and is, controlled by its five largest First World shareholders. Second, the president of the World Bank is selected by the United States president, and the managing director of the IMF is appointed by the largest European nations (the United Kingdom, France, and Germany).7 Third, the Bank finances foreign exchange costs of approved projects, encouraging import dependence (in capital-intensive technologies) in development priorities. Finally, the IMF adopted a “conditionality” requirement, requiring applicants to have economic policies that met
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