Impact of the world bank and UNCTAD on developing countries Essay

Impact of the world bank and UNCTAD on developing countries - Essay Example This research will begin with the statement that UNCTAD (United Nations Conference on Trade and Development) is a trade development agreement and the world’s apex financial institutions like World Bank have highly conjectured on the welfare dynamics of the developing nations. In the exorbitant milieu of a complex business process and developing globalization, economic inequality can be said to be one of the primal parameters in the measurement of the growth and the developmental judgment of several economies of the world. Capitalism, colonialism, an influx of capital spread and concentration of wealth has generated prosperity among several territories of the world and has given rise to the developed and rich nations. In the trading pattern also the developed countries have been seizing a mammoth amount of wealth with the dominance over the less developed and developing nations and have brought the mechanism of the trading pattern in their own hands with the dictating behavior of the wealth in their own hand and the drawing of the valuable resources for production and economic development in their own territorial entity. The less developed and the developing nations of the world have been highly lacking in resources and lacking in wealth accumulation with the dominance of the developed and rich nations in their favor. The lack of resources, as well as the lack in the wealth accumulation of these countries, have made these countries plunge into the realms of a vicious circle of poverty and have lead to the utter misfortune of these countries. Thus there has been the requirement of various international financial institutions to try and develop the economic deterioration of these countries and impart these countries towards the trajectory of sustainable growth. UNCTAD’s motive was directed towards a stylized development mission. At that juncture, the world has been changed drastically and the critical division of the East-West was making the very lit tle significant change after the collapse of the Berlin Wall. The axis of the North-South was a reality of the world with the North being depicted as the developed nations and the south being that of the developing as well as the developing nations. The trajectory of the development on the angle of North-South division was becoming the prime concern regarding the division of the developing as well as the developed nations. At this critical juncture, there was a high emergence of a developmental strategy which would be throwing the developing nations towards a domain where they will be receiving a high sigh of relief. The creation of UNCTAD was basically conjectured on the agenda of promoting development and advancement to the un-developed as well as the under-developed and newly independent countries as well as the newly industrialized countries (NICs). The main purpose of its establishment was focused on the economic integration of these economies into the world economy through the method of a balanced approach. It was the time when UNCTAD was developed, the world was at the summit of the East-West conflict and the south has been emerging as an economic clustering of poor countries vis-a-vis the northern countries which are the rich countries.