Md Osman Sekh
Special Issue June 2023
Volume-XI, Special Issue, June 2023 | ||
Published Online: 30.06.2025 | Page No: 182-184 | |||
Role of the IMF and World Bank in
Economic Globalization
Md Osman Sekh, State Aided College Teacher,
Department of History, Panchmura Mahavidyalaya, Bankura, West Bengal, India | |
Since the 1980s, one of the most popular terms in the world system is globalization. From the beginning in the 1990s, the United States has used the IMF and the World Bank as a tool to establish global dominance.Economic background of the IMF international monetary fund is one the most important elements of globalization. The IMF was established just after the second world war to aid the war affected countries to reform.After the Second World War in 1945 AD, most of the countries of the third world gained territorial independence, but economically they could not erase the darkness of subjugation. After the collapse of the Soviet Union, the United States of America established its economic dominance alone. Economic lending to Third World countries has crippled their existence. Countries like India, Egypt, Pakistan, Vietnam, Turkey, etc. have tried to turn around economically with huge loans from the IMF and World Bank. But they are burdened with more debt to pay the principal and interest. In this way the IMF and World Bank run for the future and play an important role in economic globalization. | |
Keywords: Globalization, IMF, World Bank, United States, economic. |