Report
Nancy Birdsall
{
"authors": [
"Nancy Birdsall"
],
"type": "other",
"centerAffiliationAll": "",
"centers": [
"Carnegie Endowment for International Peace"
],
"collections": [],
"englishNewsletterAll": "",
"nonEnglishNewsletterAll": "",
"primaryCenter": "Carnegie Endowment for International Peace",
"programAffiliation": "",
"programs": [],
"projects": [],
"regions": [
"North America"
],
"topics": [
"Trade"
]
}
REQUIRED IMAGE
Other
World Bank of the Future: Victim, Villain or Global Credit Union?
Published on Sep 25, 2000
Source: Carnegie
Street protesters in Prague in September 2000 are not the only ones complaining about the World Bank. Conservative critics are pointing the finger too. On the left, champions of social justice argue that World Bank loan conditions hurt the poor. On the right, conservatives claim lending practices crowd out private investment. Critics from all sides compound public confusion about globalization and the impact on people of global financial institutions.
Nancy Birdsall dissects the critics' positions and proposes World Bank reforms rarely put on the table: end "cookie-cutter pricing" or the outdated tradition of a single interest rate and loan term no matter what; give countries like China and Brazil more voting power; and don't give up on much-maligned conditionality but fix and enforce it. Birdsall notes that governance of international financial institutions will never be perfectly representative nor accountable, in part because of failures of democracy in borrowing countries. But, conceiving of the World Bank as a club, she argues for balanced reform not shutdown.
Click on the link above for the full text of this Policy Brief.
About the Author
Nancy Birdsall
Former Senior Associate
- The Role of the Multilateral Development Banks in Emerging Market Economies
- Washington Contentious: Economic Policies for Social Equity in Latin AmericaReport
Nancy Birdsall, Rachel Menezes
Recent Work
Carnegie does not take institutional positions on public policy issues; the views represented herein are those of the author(s) and do not necessarily reflect the views of Carnegie, its staff, or its trustees.
More Work from Carnegie Russia Eurasia Center
- What the Russian Energy Sector Stands to Gain From War in the Middle EastCommentary
The future trajectory of the U.S.-Iran war remains uncertain, but its impact on global energy trade flows and ties will be far-reaching. Moscow is likely to become a key beneficiary of these changes; the crisis in the Gulf also strengthens Russia’s hand in its relationships with China and India, where advantages might prove more durable.
Sergey Vakulenko
- Beyond Oil: Hormuz Closure Puts Russia in the Lead in the Fertilizer MarketCommentary
The Kremlin expects to not only profit from rising fertilizer prices but also exact revenge for the collapse of the 2023 grain deal.
Alexandra Prokopenko
- A Tight Spot: Challenges Facing the Russian Oil Sector Through 2035Paper
Russian oil production is remarkably resilient to significant price changes, but significant political headwinds may lead to a drop regardless of economics.
Sergey Vakulenko
- Georgia’s Fall From U.S. Favor Heralds South Caucasus RealignmentCommentary
With the White House only interested in economic dealmaking, Georgia finds itself eclipsed by what Armenia and Azerbaijan can offer.
Bashir Kitachaev
- Lithuania’s Potash Dilemma Raises Questions About Sanctions’ EffectivenessCommentary
What should happen when sanctions designed to weaken the Belarusian regime end up enriching and strengthening the Kremlin?
Denis Kishinevsky
