The World Bank contributes to the economization of education as it focuses on the development of the world's poorest nations. The World Bank was established in 1944 to aid in post-war reconstruction. During the McNamara administration the World Bank began issuing World Development Reports describing its ongoing efforts to create a development plan that would end world poverty. In 1996, the World Bank launched the Knowledge Bank and in 1998 the Bank's World Development Report was devoted to the role of knowledge in development. The idea of a knowledge economy referred to economic growth being based on the creation of new knowledge to spur technological inventions. The World Bank's Education Strategy Review was issued in August 1995 two months after James Wolfensohn became the Bank's president. The World Bank became less of a bank and more of a development institution worried about more than giving loans.