World Bank
The World Bank (Bank) or International Bank for Reconstruction and Development was created at a meeting of the forty-four World War II allied nations in Bretton Woods, New Hampshire, in 1944. Because of its promotion of economic development, the Bank is also an international institution involved to some extent with issues relevant to science, technology, and ethics.
Historical Emergence
At its inception, the Bank's mission was to make long term capital loans to countries harmed by World War II and, more generally, to undeveloped countries worldwide. Sister organizations founded at the same time, with overlapping missions, include the International Monetary Fund (IMF), the International Development Association, the International Finance Corporation, and the Multilateral Investment Guarantee Agency. Through an agreement signed in November 1948, the Bank acts as a specialized UN agency.
Surprisingly the Bank was largely irrelevant to the process of rebuilding Europe after World War II; the majority of the huge financial commitment came through the United States' Marshall Plan. In the first twenty-five years after its creation, the World Bank made only a handful of loans to European states (albeit large ones), including loans for the reconstruction of the steel industry in France, Belgium, and Luxembourg (McLellan 2003).
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