Monday, October 16, 2017


"The turning point came when, in the mid 1990s, with the opening up of world capital markets to most developing countries outside Africa, the bank had three choices, as noted by Anne Krueger:

:to downsize and concentrate only on the countries that are truly poor, and phase out activities in middle income countries

:continue to operate in all countries, focusing on the ‘soft issues’ of development, such as the environment, women’s rights, labour rights and the encouragement of NGOs

:to shutdown.

The new President James Wolfensohn chose the second option. I argued in my Reviving the Invisible Hand for the third. The arguments of this paper provide further support for my position. "

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