chapter  8
37 Pages

Development

ByKelly-Kate S. Pease

This chapter examines controversies surrounding the different conceptions of development, as well as governmental and intergovernmental policies designed to promote it. It surveys two of the intergovernmental organizations (IGOs) central to orthodox development - the World Bank and the International Monetary Fund (IMF) in terms of their organizational structures, their roles, and their development approaches. The World Bank is served by several affiliates. In 1956, the first affiliate, the International Finance Corporation (IFC), was created to encourage private investment in developing states. The IMF is organized very much like the World Bank having a Board of Governors and a Board of Directors, over which a managing director presides. The case studies in this chapter, show how differing worldviews and approaches inform and expand our understanding of the complexities of development. The chapter examines how a broader notion of development beyond the economic orthodoxy is being advanced multilaterally.