The U.S. helped establish the World Bank and the International Monetary Fund (IMF) to assist nations recovering from the widespread devastation of World War II, to prevent a reversion to protectionist policies that contributed to the Great Depression’s depth and duration, and to help spur economic growth and development in poor or newly independent countries. Today, both institutions have diverged from their original objectives and taken on missions and responsibilities for which they are ill-suited. American leadership is needed to refocus the World Bank’s activities to activities that will better catalyze economic growth and development in recipient nations.
In an April 2 speech, World Bank President Jim Yong Kim set out the ambitious goal of ending extreme poverty within a generation.[1] Outlining a bold development agenda in advance of the World Bank–IMF spring meetings from April 19 to 21, Kim emphasized the importance of fostering “inclusive growth” and building “a science of delivery for development.” The search for a…
On April 16, Dr. Jim Yong Kim, president of Dartmouth College, was elected as the next president of the World Bank. Kim, a physician with a background in public health, prevailed after an unusual race contested by two highly regarded economists from Nigeria and Colombia. Kim’s background raises plenty of questions regarding his suitability for the job and particularly his…
Abstract: The anticorruption movement has been making progress—bad guys, from national governments to private corporations, have had their feet held to the fire, being forced to shape up or pay restitution. More and more, the global community is recognizing the scope and devastating effects of corruption. On May 12, 2011, Leonard McCarthy, the World Bank’s Vice…
Abstract: Multilateralism is not an end in itself. It is one of many foreign policy tools, admittedly a very important one, in the diplomatic kit. For the United States, multilateralism faces its greatest challenge at the United Nations, where the all-too-frequent clash of worldviews between liberty and authoritarian socialism has stymied multilateralism more than…
Abstract: In ongoing campaigns against the expansion of the palm oil industry in developing countries, non-governmental organizations (NGOs) and environmental groups claim that palm oil production destroys tropical rainforests and threatens wildlife. In truth, a major motivation for their opposition seems to be sheer protectionism: In addition to being a vitally…
No group is more vulnerable to the international financial crisis and recession than the poor in developing countries. The World Bank has offered a gimmick to help them out. A proposed "Vulnerability Fund" seeks to siphon off 0.7 percent of developed countries' stimulus packages for World Bank and United Nations assistance to poor countries.[1] Those familiar…
Schaefer appeared on Reuters to discuss Wolfowitz, President of the World Bank.…
Brett Schaefer looks at Paul Wolfowitz's record on Reuters television.…
Next week, when the two most important international financial institutions, the World Bank and the International Monetary Fund (IMF), meet in Singapore, they will have to face two key questions. The IMF must ask what it can do to make itself relevant in a crisis-free world. The World Bank must ask how it can deliver foreign aid more effectively. Can the IMF…
Every September, the Board of Governors of the World Bank and the International Monetary Fund (IMF) meets to discuss their role, work, and strategy to reduce poverty and preserve global financial stability. The discussions this year will center on the Millennium Development Goals (MDGs) and the Monterrey Consensus to encourage developing countries to increase…
Map 1: Countries Receiving World Bank Loans for 25 years or LongerTable 1: Economic Growth Rates of Recipients of World Bank Loans, Algeria - LesothoTable 1: Economic Growth Rates of Recipients if World Bank Loans, continued, Madagascar - ZambiaTable 2: How Long Term Recipients of World Bank Loans Rate on Economic FreedomTable 3: Economic Growth and Government…
On September 23, 2003, the World Bank Group and the Board of Governors of the International Monetary Fund (IMF) will meet in Dubai to discuss the work of their respective institutions in international monetary and development issues. This meeting would be worth its high expense if the discussion were centered on these institutions' own reform rather than on how they…
(Archived document, may contain errors) 727 September 22,1989 WHYTHEWORLD BANK SHOULD READ ITS OWN REPORT INTRODUCTION As the World Bank and International Monetary Fund (IMF) prepare to convene their annual meeting in Washington next week, the delegates should study w hat could become the hottest new publication on economic development. It is the World…
(Archived document, may contain errors) 7/1/87 167 THE WORLD BANKS ENVIRONMENTAL DISASTERS T he World Bank is financing a series of environmental :mistakes around the Third World. Barber Conable, the Bank's new president has admitted that there are serio us environmental problems with current and past bank projects, but insists that the Bank…
When Paul Wolfowitz takes over the presidency of the World Bank this month, he will face the challenging task of turning the World Bank into a more transparent, more accountable, and more effective organization. Despite its good intentions and hundreds of billions of dollars in development assistance over five decades, the Bretton Woods institution has failed to…
The selection of Paul Wolfowitz as the American candidate to succeed James Wolfensohn as President of the World Bank has ruffled feathers in Europe. This is no surprise, as Deputy Secretary of Defense Wolfowitz is known as an architect of the Iraq war, which was unpopular in much of Europe. These governments should look past their animosity and recognize the…
The Montenegrin parliament is delaying approval of the government's package of free-market measures, designed to improve the investment environment and encourage informal small and medium businesses to enter the formal market. The package includes a reduction of employers' payroll taxes and contributions to pension and health care. This time, however, reform is…
In his October 1 speech to the 45th Annual Meeting of the…
Argentina’s vice president, Amado Boudou, is confirmed to speak tomorrow at the annual Council of the Americas (COA)...…
Dr. Jim Yong Kim, the U.S. nominee for the next chief of the World Bank, has been on a “global listening tour.” Kim’s...…
The House Rules Committee advanced three proposals Wednesday that may help curb a growing problem for the nation’s...…
The United States spent $28.7 billion dollars in 2009 on official development assistance, more than any other country...…
The economic world for good reason is focused intently on Greece and the potential for financial contagion in...…
Yesterday President Barack Obama asked his cabinet to make a total of $100 million in cuts among their departments. That...…
News reports indicate that the G-20 pledged an additional $1.1 trillion in financing for the International Monetary...…
Just when you thought that you had seen everything, here come the World Bank and the United Nations to claim their...…
This past weekend President Bush announced plans to host an "emergency" summit of world leaders to "overhaul the...…
Senior Policy Analyst, Economic Freedom