The World Bank and the Evolution of Development Thinking

The World Bank is a United Nations international financial institution that offers loans, advice, and an array of customized resources to more than 100 developing countries all around the world. The World Bank is a component of the World Bank Group, and the largest global development institution focuses exclusively on private sector ventures and projects in developing countries in partnership by financing investment, mobilizing capital in international financial markets, and providing advisory services as well as technical assistance to businesses and governments. Its institutional culture and approach to development have changed in parallel with the evolution of international development thinking over the past sixty years. This research aims to argue connection between the World Bank and development thinking. Through a review of the literature, this research attempts to clarify the ways in which the World Bank's institutional culture has both influenced and been influenced by the understanding of 'development'.