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The Leader the World Bank Needs

14 8 3

ITHACA/WASHINGTON, DC – Jim Yong Kim’s sudden resignation as president of the World Bank Group (WBG) offers an opportunity to reflect on the direction, legitimacy, and effectiveness of that 75-year old institution. Like other multilateral institutions, the Bank in recent years has been criticized for its elitism and for championing outmoded models of economic globalization that have failed to deliver broad-based benefits. It has also become another staging ground for the geopolitical great-power rivalry between the United States and China.

Jan 8, 2019 Joseph S. Nye questions whether the US president is capable of understanding the risks that the US faces in 2019.

Recognizing this, finance ministers and central bank governors from the G20 established a commission in April 2017 to recommend reforms to the global financial architecture and the international financial institutions. And at a G20 meeting in October 2018, the commission issued a report outlining steps “to create a cooperative international order for a world that has changed irreversibly.”

The proper mission of multilateral development finance institutions is to help solve urgent, large-scale problems in the developing world. For example, we are currently witnessing the largest urban expansion in history, and managing it will require a doubling of the global infrastructure........

© Project Syndicate