The large scale economic development programmes, growth of international trade, and the fast growing activities of multinational corporations has resulted the change in demand and supply of international funds. But till mid-1940s, there was no multilateral agency to provide international funds and only in 1945 was the International Bank for Reconstruction and Development (IBRI) established that provide international funds and only in 1945 was the International Bank for Reconstruction and Development (IBRI) established that provided loans for reconstruction of the war-ravaged economies of Western Europe and then from 1948 began providing development loans. The IBRD’s function was limited to lending after the guarantee by the borrowing government and provision of equity finance lay beyond its scope. To overcome these problems, the International Finance Corporation (IFC) was established in 1956 which provides loan even without government guarantee and provides equity finance as well. But the poor countries of the developing world were not in a position to utilise the costly resources of the IBRD because funds carried market rate of interest and poor countries were not in capacity to pay high rate of interest. For the benefit of poor countries, another sister institution was created in 1960 name as International Development Association (IDA). In 1988, the Multilateral Investment Guarantee Agency (MIGA) was established to cover the non-commercial risks of the foreign investors. These four institutions namely, IBRD, IDA, IFC and MIGA- together are now known as the World Bank Group.
During the first half of the twentieth century, funds flowed from the empire to its colonies for meeting a part of the budgetary deficit of the colonial government but neither it was normal practice nor external assistance that mean in the present day context. The US president Truman in January 1951 announced bilateral economic assistance first time. The motivation behind the announcement was primarily political and economic because the cold war between the USA and then USSR was at its peak those days and government of USA tried to be the friend of developing countries to bring them into its own camp in order to make itself more powerful politically. This bilateral may help the US economy to come closer to the developing economies and also helpful to get the desired raw material and foodstuffs therefrom.
In the second half of the 1950s, the USSR bloc too announced its external assistance programme in order to counter the US Move. In the late 1950s, many other governments of the Organisation of Economic Co-operation and Development (OECD) announced external assistance programmes and bilateral lending boom came into the 1960s.
Theme 6: Critical Realism.
1. The basic problems raised by English realists of the 19th century in their works.
2. Charles Dickens – his life and work. His best novels.
3. William Thackeray – his life and work.
4. Snobbism according to Thackeray. 'Vanity Fair'.
Charles Dickens is the greatest representative of English critical realism, a classic of world literature. He was born near Portsmouth. His father was a clerk in the navy Pay Office. When the boy was ten years old, the family settled in a mean quarter in London. Things went from bad to worse until Dickens' father was imprisoned for debt. The little boy, weak and sensitive, was now sent to work in a blacking factory for six shillings a week. His poverty, however, brought him into contract with the homes of very poor and he saw with his own eyes all the horrors and cruelty in a large capitalist city. He later described this period of his childhood.
When his father's affairs took a turn for the better, Dickens was sent to school. In fact, his education consisted in extensive reading of miscellaneous books. After his schooldays, he entered the employment of an attorney and in his spare time studied shorthand writing.
At the end of 19, Dickens became a parliamentary reporter. This work led naturally to journalism and journalism to novel-writing. His first novel 'The Posthumous Papers of the Pickwick Club' appeared in 1836. This work at once lifted Dickens into the foremost rank as a popular writer of fiction. Charles Dickens is famous as one of the world's best humorists, but among his humorous books there is only one that can be called essentially humorous, and that is his earliest novel 'The Posthumous Papers of the Pickwick Club'.
His novel 'Oliver Twist' published in 1837-9 deals with social problems and is one of the best works of Dickens. The novel tells the story of a little boy born in a workhouse and left an orphan. Brought up under cruel conditions, the hero runs away from the workhouse to London. The boy kind and honest by nature falls into the hands of a gang of thieves and lives through dreadful hardship. The adventures of the hero boy were used by Dickens to describe the lower depths of London. He makes his readers aware of the inhumanity of city life under the conditions of capitalism.
As Dickens believes in the inevitable triumph of good over evil, it is only natural; therefore, that Oliver Twist overcomes all difficulties and eventually eludes all dangers. The novel ends in a happy issue which has become a characteristic feature of the greater part of Dickens' works.
In 1841 Dickens visited the USA to lecture on his work. It is with great indignation that he describes the conditions under which the Negroes live in America. The writer's impression of the USA was summed up in his 'American Notes'.
In 1847 Dickens began to publish one of his most popular novels 'Dombey and Son'.
In 1850 he wrote 'David Copperfield' which is to a great extent, an autobiographical novel. In the character of David Copperfield Dickens disclosed many features of his own life. The hero of the novel is a virtuous young man who lives through hardships and injustices but finally attains well-being. Clinging to the idea that a hard-working and honest man can achieve his little individual happiness in capitalist society Dickens tinges the novel with optimism.
In 1852-53 Dickens writes 'Bleak House'. The novel is a bitter criticism of England's court of justice and aristocracy. In 1854 Dickens published 'Hard Times' – a novel of social criticism directed against the English bourgeoisie and its reactionary ideology. 'Little Dorrit' (1855-57) – is the story of a little girl whose parents are thrown into a debtors' prison. The complicated plot of the novel serves as a background against which the author lays bare the reactionary essence of the English state system.
Dickens' next novel 'A Tale of Two Cities' (1859) is devoted to the events of the French revolution (1789-94).
The greatest English realist of the time Charles Dickens with a striking force and truthfulness created pictures of bourgeois civilization of his time. In his works he utters his protest against workhouses, debtors' prisons, bad schools, the exploitation of children, and the rich class. He wants to teach and reform these exploiters rather than stir up revolution among the suffering and exploited.