Globalization and the role of World Bank has become the latest topic of discussion among the learned men and the experts. The process of globalization has acted as a source of opportunity as well as the cause of misery simultaneously and the World Bank serves to eradicate the evils of globalization.
The concept of globalization incorporates the consolidation of nations' economies with the aid of corporate investments and financial inflow. But the most important aspect of globalization involves trade in goods as well as services within various nations. Globalization also serves to dismantle various barriers that surface while carrying out trading activities within various nations. The scope of has increased manifolds within the past few years due to monumental progress achieved in the field of communication and technology and the best example of technological as well as communication development is satellite communication. The advancement in the arena of transportation of commodities has also facilitated the growth of globalization. Globalization has offered new employment opportunities to the people all over the world and has also expanded the employment opportunities within the existing industries.
Globalization has however, created financial crisis all over the world as the superpowers in the world are losing their jobs to the underdeveloped countries mainly because of the low cost of labor and lack in sufficient labor rights. Globalization also affects the labor community of the super powers as they do not have any power to change the decisions of the top level authorities of international corporations who operate from far away locations. Therefore, it be comes clear that globalization is both a source of boon as well as bane to the entire world as it is engaged in the throwing challenges and risks and at the same time is engaged in providing opportunities.
The only way to purge globalization of its harmful effects is by incorporating adjustment processes and by the up gradation of the infrastructure of the each and every country. Even improvement in the present societal condition of the individual counties accompanied with improvement of the financial position of the countries will facilitate in the eradication of the harmful effects of globalization.
World Bank has come forward to accomplish the task of eradicating the harmful effects of globalization from the underdeveloped countries who are subjected to the severe incidence of globalization. The connection between globalization and the role of World Bank is clear. The first step of the World Bank towards the accomplishment of the task is debt relief. The World Bank has various considered plans to start the process of debt relief. World Bank has drawn plans to coordinate with the government of individual underdeveloped countries to provide guidelines regarding the proper path to attain good governance, bring effective modification in the judicial system. Modify the legal system and strengthen the financial system and aid in the eradication of crime. World Bank has considered such plans for the underdeveloped to aid them in the inflow of more foreign direct investment and help in the reducing the incidence of poverty. The World Bank first plans to target up gradation of the rural sector in the underdeveloped countries as the population density in the rural sector is very high. For the up gradation purpose the World Bank is looking forward for the active cooperation of the Consultative Group for International Agricultural Research.
In accordance, with the project of the World Bank to up grade the underdeveloped counties the second step has been planned to ensure gender equity and make the life of the women of underdeveloped countries more secured. The work of ensuring education for girls is also included in the agenda and the other focus areas include health and nutrition of the citizens of the underdeveloped countries. Health and nutrition act as the greatest impediment in the road to improvement of the underdeveloped countries and therefore, the World Bank has decided to provide assistance in the up gradation of the basic infrastructure comprising sanitation, clean water, development of communication system and protection against diseases like tuberculosis and AIDS. The World Bank has developed 2 significant strategies to accomplish the task - the first has been named as the Comprehensive Development Frame work the second one is called Poverty Reduction Strategy Papers.
The World Bank has also drawn plans to help the middle income countries in the development of their infrastructure and develop their trade. The plans include mainly the eradication of the trade barriers so that the middle income counties achieve more exports and therefore, earn more foreign exchange and attract substantial foreign direct investment to improve the overall standard of the country. The World Bank will assist the middle income countries by helping them in getting long term loans and offer suggestion on the formulation of the appropriate policy to improve the infrastructure of the country and abolish the undesired social, institutional as well as structural policies and also offer guidelines to attract the cooperation of the private sector and its improvement.
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