Globalisation is a multi-dimensional concept. It has political, economic and cultural manifestations, and these must be adequately distinguished. The impact of globalisation is vastly uneven. It affects some societies more than others. It is important to avoid drawing general conclusions about the impact of globalisation without paying sufficient attention to specific contexts. Globalisation as a concept fundamentally deals with flows. These flows could be of various kinds- ideas moving from one part of the world to another, capital shunted between two or more places, commodities being traded across borders, and people moving in search of better livelihoods to different parts of the world.

Choose the incorrect from the following:-

World Bank provides loans to member- countries as well as non-member countries.

The correct answer is option (2) - World Bank provides loan to member- countries as well or non-member countries.

The World Bank provides loans and grants to the member-countries only.

The World Bank was created during the Second World War in 1944. It is an international organisation (Option 1). Its activities are focused on the developing countries (Option 3). It works for human development (education, health), agriculture and rural development (irrigation, rural services), environment protection (pollution reduction, establishing and enforcing regulation), infrastructure (roads, urban regeneration, electricity) and governance (anti-corruption, development of legal institutions) (Option 4). It provides loans and grants to the member-countries (correct version of Option 2). In this way, it exercises enormous influence on the economic policies of developing countries. It is often criticised for setting the economic agenda of the poorer nations, attaching stringent conditions to its loans and forcing free market reforms.