March 8th, 2012

Why Jeffrey Sachs Would Make a Better World Bank President

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Sachs understands how conditions imposed by the World Bank have harmed developing countries’ economies. He’d reform that

The World Bank now has its first contested race for the president of the institution in 68 years. Economist Jeffrey Sachs has thrown his hat into the ring, and as of this week has been officially nominated by the governments of Kenya, Malaysia, Jordan, and East Timor.

This is good news for the World Bank and the world, since the bank has considerable influence in developing countries, especially poor ones, and is badly in need of reform. Sachs is facing an uphill battle: this is an election year, and some of the corporations who make millions off the bank are also contributors to US political campaigns. President Obama has strong personal and political incentives to do what all his predecessors have done, and appoint a crony who will keep these people happy. The outgoing president, Robert Zoellick, was a former US trade representative and also worked for – you guessed it – Goldman Sachs…

Read full article in The Guardian.

 

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