March 6th, 2012

Sachs offers World Bank a fitting perspective on poverty

The World Bank was created in 1944, and its official goal is still to end poverty. You wouldn’t necessarily know that, though, by studying the succession of Wall Street bankers and career politicians who have led the international financial institution that provides billions of dollars of loans to developing countries.

Their lack of expertise on global economic development issues and insensitivity to the needs of developing nations have eroded the institution’s credibility and, more important, undermined its ability to carry out its mission to reduce poverty and increase stability in some of the world’s poorest regions.

Current World Bank President Robert Zoellick, previously a managing director of Goldman Sachs, will step down when his five-year term ends on June 30. By nominating world renowned American economist Jeffrey Sachs to succeed him, the administration of Barack Obama can move the World Bank in a more constructive direction — one more closely aligned with its mission…

Read full editorial in The Detroit Free Press.

 

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