March 2nd, 2012

Why the World Bank Needs Jeff Sachs at the Helm

By Michael Shank, The Huffington Post

With Robert Zoellick stepping down from the World Bank helm, there is no better time for a development economist with solid on-the-ground and substantial international experience — like Dr. Jeffrey Sachs — to take his place.

There are three clear reasons for this. The first has to do with levels of poverty and income inequality, which are reaching record levels in the US and remain problematic abroad, with over 1 billion people living in extreme poverty — at less than $1.25 a day — and another 2.5 billion without basic sanitation.

The second has to do with the broken economic systems of the developed and developing worlds and the deleterious impacts they will continue to have. All we have to do is watch the fall of Greece, Portugal, Italy, and Spain, let alone the imminent ripple effects in even poorer countries, to forecast the kind of cleanup with which the Bank will be tasked.

The third has to do with climate change’s increasingly disastrous impacts on global development and poverty. That climate disasters in the US alone surpassed $50 billion last year alone shows a dangerous trend. Hurricanes and tsunamis and floods are on the rise. Sachs’ frequent work in Bangladesh…

Read full article in The Huffington Post.


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