Global Financing and Exchange Rate Term Paper

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The globalization of poverty has indeed occurred during a period of rapid technological and scientific advance. While the latter has contributed to a vast increase in the potential capacity of the economic system to produce necessary goods and services, expanded levels of productivity have not translated into a corresponding reduction in levels of global poverty." (Chossudovsky, 1998)

The ability of corporations to easily pick up and move into cheaper labor havens throughout the Third World has actually led to more downsizing, corporate restructurings and the relocations of whole companies which has led to higher levels of unemployment and lower earnings throughout the urban communities and the rural farm. Unemployment was at one time localized in small segments but it has now become an international problem. "We live in a world so rich that global income is more than $31 trillion a year. In this world, the average person in some countries earns more than $40,000 a year. But in this same world, 2.

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8 billion people -- more than half the people in developing countries -- live on less than $700 a year. Of these, 1.2 billion earn less than $1 a day." (Chossudovsky, 1998)

The World Bank is not a bank in the true sense of what the average person would consider a bank. The World Bank has more or less become a specialized poverty focused social and financial assistance program or agency. The World Bank falls under the jurisdiction of the United Nations and is one of their more specialized agencies. The World Bank consists of one hundred eighty four nations currently who are jointly responsible for the oversight of the institution and.....

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