ABSTRACT
This chapter looks at that institution through the broader perspective of the global economic architecture. In the aftermath of World War II and in the wake of the Great Depression, the countries of the world created three international institutions designed to facilitate economic cooperation: the General Agreement on Tariffs and Trade, the International Monetary Fund and the International Bank for Reconstruction and Development. The Bretton Woods organisations are public institutions, designed to facilitate collective action at the global level. The World Bank's core mission remains the promotion of economic growth and the eradication of poverty in the less developed countries. The instruments used to pursue that objective have changed over the years, to be sure. Over the Bank's history, the balance of its effort has shifted from large-scale, growth-oriented projects toward projects, programmes, and policy advice that more explicitly incorporate the poverty reduction goal.
