Why is the world bank an American bank?

Question

Why is the world bank an American bank?

Answer 1

The World Bank is not an American Bank.

The World Bank is owned, and governed by, 185 different countries.  It is not a one-country one-vote structure, though, and the US is the largest shareholder.

Answer 2

It was set up at the end of World War II to provide reconstruction funds for Europe. At the time, the US was the most powerful and wealthy nation in the world, so it is not surprising that the bank was headquartered in the US, or that the US dominated the bank's operations and contributed the most capital to it. The bank is governed as a corporation, and the  US still owns the controlling block of voting shares, around 17%. The president of the bank has always been an American, but this is only by virtue of an unwritten gentleman's agreement. Many officials and directors of the bank feel that the neoconservative approach of unilateral militarism is not consistent with the bank's mission of alleviating world poverty and fostering economic development. This was a major reason for Wolfowitz's ouster. The new appointee, Zoellick, is also a neoconservative,  and if he appears to be cut from the same cloth as Wolfowitz, US dominance of the World Bank could end.



http://www.washingtonpost.com/wp-dyn/con...

http://www.dollarsandsense.org/archives/...

Answer 3

Because like the UN, the US taxpayer funds it.

Answer 4

It was set up in the US because most of the largest financial markets are in the US. Bear in mind that there is nothing that prevents any country/government, even a local one from borrowing money from any financial instution they want. The limitation is only the country's credit history.  Would you loan money to someone who you didn't think would ever pay it back?

BTW, few people realize that the total money loaned out by the World Bank is about $350M USD. Compared to the total money lent by the Citigroup which is a few Trillion dollars. There are individual Fortune 50 companies with more than $300M in debt outstanding.

Answer 5

It's not an American bank.  The U.S. only gets to nominate someone for the presidency of the bank, primarily since we hold the greatest monetary and voting interest in it.

Answer 6

Because the U.S. has always been coerced into being the hand that feeds.

Answer 7

Because U.S.A. is a biggest contributor of money to the World Bank.

Answer 8

It is not an American Bank, but predominatly controlled by Americans.

Anyways it is the worst bank in this world which does not let other countries to use the money that,  they take as a loan,  to their best interests. Instead the penalities are High!!

I think its the bank of most foolish and corrupt!