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.
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… Read more
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… Read more
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… Read more
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… Read more
Schaefer appeared on Reuters to discuss Wolfowitz, President of the World Bank. … Read more
Brett Schaefer looks at Paul Wolfowitz's record on Reuters television. … Read more
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… Read more
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… Read more
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… Read more
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… Read more
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… Read more
Map 1: Countries Receiving World Bank Loans for 25 years or LongerTable 1: Economic Growth Rates of Recipients of World Bank Loans, Algeria… Read more
(Archived document, may contain errors) SUBSIDIZING TRAGEDY: THE WORLD BANK AND THE NEW COLONIALISM by Yonas Deressa You have all seen the pictures of starving, gaunt-faced men and women, the children with the dull, hopeless eyes and swollen bellies. This year, like three years ago, famine has returned to Ethiopia. This time, a… Read more
The International Economic Policy, Export, and Trade Promotion Subcommittee of the Senate Foreign Relations Committee is planning to hold a September 12 hearing on the 13th replenishment of the World Bank's International Development Association (IDA), of which the U.S. would pay $850 million annually in FY 2003 (an 18 percent increase over America's commitments to… Read more
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 being… Read more
The House Rules Committee advanced three proposals Wednesday that may help curb a growing problem for the nation’s...… Read more
The United States spent $28.7 billion dollars in 2009 on official development assistance, more than any other country...… Read more
The economic world for good reason is focused intently on Greece and the potential for financial contagion in...… Read more
Yesterday President Barack Obama asked his cabinet to make a total of $100 million in cuts among their departments. That...… Read more
News reports indicate that the G-20 pledged an additional $1.1 trillion in financing for the International Monetary...… Read more
Just when you thought that you had seen everything, here come the World Bank and the United Nations to claim their...… Read more
This past weekend President Bush announced plans to host an "emergency" summit of world leaders to "overhaul the...… Read more
Senior Policy Analyst, Economic Freedom