International Journal of Advanced Research and Development

International Journal of Advanced Research and Development


International Journal of Advanced Research and Development
International Journal of Advanced Research and Development
Vol. 3, Issue 1 (2018)

World Bank approach to poverty alleviation in third world countries: A study on micro-finance contribution


Dr. J Saravanan

Poverty is a concern around the world which created more unrest in third world countries and developing countries. Due to various economic, social and political reasons, the Post- world war period witnessed many changes in the Global order. The ideological war between USA and USSR not only influenced both the countries and their allies but also third world and developing countries. The impact on third world countries was more because the super power conflict was more in third world countries than in their respective territories. For example the countries like Vietnam, North Korea, African and Latin American Countries had much impact due to the hegemony of the Super Powers (USA and USSR).
Moreover, the efforts of third world countries to overcome poverty suffered from insufficient inputs in all the fronts such as social, economic, political, cultural and technological aspects. World countries believed that, by increasing GDP growth rate, poverty can be eradicated. Only in the later period of 1980s, world countries have started to intervene through various schemes in order to eradicate poverty through wage employment and self-employment, but it failed to achieve its target due to the lack of political will in their respective countries.
Washington consensus by John Williamson replaced the poverty alleviation strategy adopted in the early period. But due to the inefficiency of these programmes, it has failed to achieve its goal. Later the Millennium Development Goal, which focused on complete eradication of poverty by 2015 along with many other goals, receives funds from International Institutions like World Bank, IMF, and UN etc. Further, the microfinance strategy proposed by Dr. Mohammed Yunus from Bangladesh became popular amongst the development thinkers. He has been awarded the Nobel Prize for Peace for his excellence in executing micro finance to eradicate poverty in Bangladesh. This same model has been practiced by many countries across the world including US. Towards this background the paper makes an attempt to study the World Bank Approach to Poverty Alleviation in Third World Countries with reference to Micro- Finance Contribution
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How to cite this article:
Dr. J Saravanan. World Bank approach to poverty alleviation in third world countries: A study on micro-finance contribution. International Journal of Advanced Research and Development, Volume 3, Issue 1, 2018, Pages 761-769
International Journal of Advanced Research and Development International Journal of Advanced Research and Development