“Whose World Bank?”

Joseph E. Stiglitz, a Nobel laureate in economics and former Chief Economist of the World Bank weights in the debate with an opinion piece in Project Syndicate:

“Should America continue to insist on controlling the selection process, it is the bank itself that would suffer. For years, its effectiveness was compromised because it was seen, in part, as a tool of Western governments and their countries’ financial and corporate sectors. Ironically, even America’s long-term interests would be best served by a commitment—not just in words, but also in deeds—to a merit-based system and good governance.”

And in case you have not seen Mohamed A. El-Erian’s opinion piece, also in Project Syndicate, here it it is “The Hazard of Second Best.”  Mr. El-Erian is the CEO and co-Chief Investment Officer of the global investment compamy PIMCO, with approximately $1.4 trillion in assets under management

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