In 1944, the Bretton Woods Conference ushered in a new international economic order. The World Bank emerged as one of the most powerful financial institutions in the world, and a new colonial authority in all but name. But how does it operate, who funds it, and what agenda does it work to promote?

In The World Bank: A Critical History, Eric Toussaint answers all of these questions and more. Offering up a highly readable yet uniquely authoritative account, the book analyses the World Bank from its beginnings to the present day. Chapters on gender, climate and the pandemic era complement the peerless research that informed Toussaint's 2007 classic, The World Bank: A Critical Primer, and provide the reader with a truly contemporary, definitive text.

Seven international case studies illustrate the impact of World Bank policy, and Toussaint also explores the political, economic and strategic motives of the US government with regard to the World Bank. The book concludes with a proposal for replacing the World Bank, IMF and WTO with new, multilateral and democratic institutions.

About the Author
Eric Toussaint is a historian and political scientist with a PhD from the Universities of Paris VIII and Liege. He is spokesperson for the CADTM (Committee for the Abolition of Illegitimate Debt) of which he is one of the founding members. He took part in the process that launched the World Social Forum in 2001. He is the author of numerous books, including The Debt System; Bankocracy, and Debt, the IMF, and the World Bank: Sixty Questions, Sixty Answers. Gilbert Achcar teaches at the School of Oriental and African Studies.

Reviews

'Superior ... a broad ranging guide that explains the global power structure over the last eight decades. The history of the World Bank and its frequent support of dictatorships in the Global South clarifies the nexus between high finance and power politics.'

-- Carlos Marichal, El Colegio de Mexico

'The World Bank's many critics usually urge institutional redemption through reforms. In this harsh and thorough indictment, Eric Toussaint blasts those hopes. Covering the history of the Bank from its early days as a prop to European colonialism through the Rwandan genocide, the Washington Consensus and the Iraq war, he argues that the Bank is incorrigible and should, therefore, be abolished. Read and judge for yourselves.'

-- James K. Galbraith, author, 'Welcome to the Poisoned Chalice: The Destruction of Greece and the Future of Europe'

'The record of lending to authoritarian regimes ... invites fresh thinking on the need to streamline human rights considerations into development lending. Recommended reading to get a different view of the Bretton Woods institutions.'

-- Andres Solimano, founder, International Center for Globalization and Development

'Eric Toussaint's book could not be more opportune as the world enters a dangerous period of potential geopolitical conflict. Toussaint exposes, with chapter and verse, the role of the World Bank (and other 'Bretton Woods institutions) as tools for the financial control of the world - in particular, the exploitation of the Global South through the manipulation of debt. The World Bank is found not to be a great institution to reduce global poverty, but on the contrary, to perpetuate it.'

-- Michael Roberts, Economist and co-author of 'Capitalism in the 21st Century'

'Eric Toussaint's detailed and powerful indictment of the World Bank emerges at a vital time. It should be read by all who want to challenge domination and exploitation and contribute to the struggle for global justice.'

-- 'Counterfire'



Book Information
ISBN 9780745348285
Author Eric Toussaint
Format Hardback
Page Count 432
Imprint Pluto Press
Publisher Pluto Press