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Article: Who's Minding the BANK?(evaluation of the World Bank management)
- Article from:
- Foreign Policy
- Article date:
- September 1, 2001
- Author:
CopyrightCOPYRIGHT 2001 Carnegie Endowment for International Peace. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The World Bank is in crisis, struggling to devise a formula for development as critics slam it for incompetence, inefficiency, and irrelevance. Who to blame? Try bank President Jim Wolfensohn, whose personal failings and misguided policies have muddled the bank's mission and pushed its best staff out the door. But the bank's travails also underscore the hypocrisy of its rich shareholder nations, who speak grandly about reducing poverty but stand by as the world's top development institution falls apart. An exclusive investigative report.
If the World Bank were a private corporation, the 1990s would have been a decade of record profits, and the institution a ...