ABSTRACT
A major controversy associated with the World Bank is whether its programs promote or thwart development in the Third World. While the Bank’s charter affirms that it is a purely economic institution whose primary function is to provide loans for specific projects, the Bank wields considerable power as a supranational agency shaping policy in many developing countries. Over the decades since its inception at Bretton Woods, the World Bank has become an increasingly hegemonic player in development. Its capacity for realpolitik enables it to move with great ease through the geo-political complexity of the world. Whether it is promoting broad policy “reform,” such as structural adjustment, fiscal management, or governance, or implementing particular projects in specific locations the Bank repeatedly has proven itself to be a “glocal” actor.1
