The meaning of political science is often restricted to the state, government, and everyday politics. However, it goes beyond that. We as humans share various relationships. What do we do when conflicts arise in these relationships? How do we resolve them? The Socratic dialectical method or Habermas’ idea of deliberation provides a solution. It says conflicts are better resolved through dialogue rather than domination. Hence, it tells us how to talk in a dialectical manner. It is the process of reasoning together. For instance, when your father asks you to aim for a government job, but you want to become a content creator, you do not totally oppose each other. Instead, you engage rationally: Why is a government job important? Maybe because it provides security and financial stability. But being a content creator might give you creative freedom. So you decide to take a government job but also start your creator journey simultaneously — maybe by vlogging your day as a government employee...
The International Bank for Reconstruction and Development generally known as the World Bank is a child of the United Nations Monetary and Financial Conference at Breton Woods in New Hampshire, United States. World bank was created along with IMF. It became operational in June 1946. The main goal of IBRD was to establish an International Financial Order. The World Bank Group consisted of 5 institutions namely International Bank for Reconstruction and Development, International Development Association(1960), International Finance Corporation(1956), Multilateral Investment Guarantee Agency (1988), International Centre for Settlement of Investment Disputes(1966).
The function of the World Bank is redistributive in nature. Initially, the role of the World Bank was to bassist the post-war(WWll) recovery in Europe to contain the spread of communism. The focus was more on constructing large infrastructure projects like energy, telecommunication, and transport, etc. Its role was to provide low-interest rate loans and technical assistance so that those countries to build the infrastructure. But by the 1960s things started changing so the role of the World Bank. From the 1960s onwards the focus of the World Bank shifted to the developing countries and blinding large infrastructure was not the priority now. The focus was on the projects dealing with basic needs like eater, education, and eradicating poverty and hunger. The 1980s also shaped the functioning of the World Bank majorly. Now the market thinking has been embedded in the role of the World Bank. After the collapse of the Soviet Union, the World Bank took a turn to the transition countries helping them build their capacities. It is clear by this time market-oriented thinking has been developed in the World Bank also which will continue to the future.
Just like the IMF World Bank also emphasized a lot on deregulation, privatization, and export-led growth with eventually increased poverty in Asia, Sub-Saharan, and Latin America I.e. in ALA nations. By emphasizing deregulation the World Bank helped developed countries sell their manufactured high price and capital intensive goods to the developing countries which were selling low price and labor-intensive products. The headquarter of the World Bank is in the United States the US also has more share in voting power making it structurally biased against the ALA nations for the benefit of the United State of America.
But the World Bank has reacted to the criticisms more enthusiastically than the IMF. The World Bank has accepted the need for reforms in the institution. It has also changed its way of achieving goals and dealing with the ALA nations. The World Bank is doing the poverty dedication program through negotiations with the countries rather than imposing its ideas. Voting power to developing countries is also increased to 47% aim is to take it to 50%. The World Bank has also given an additional seat to Sub-Saharan Africa on the Board of Directors. This clearly shows that the World Bank is more democratic today than it ever has been.
The World Bank has accepted the need for reforms. This way the structural bias to some extent has been balanced. By giving more voting powers and indulging in negotiations with the ALA nations rather than imposing the global North's agenda, the World Bank would become more democratic and healthy.
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