Michael Yates
Doug Henwood wrote:
>
> J. Barkley Rosser, Jr wrote:
>
> > I am curious. Please give some examples of
> >nasty adjustment loans the WB has been involved in.
> >I am seriously curious. It may be that the Metzler
> >Commission is right about this aspect: make the WB
> >go back to its original function.
>
> Read their annual reports. There's a summary of adjustment lending at
> <http://www.worldbank.org/html/extpb/annrep/sum9.htm>; an overview of
> the lending mix at
> <http://www.worldbank.org/html/extpb/annrep/lending.htm>.
>
> > I don't think the WB can be held responsible for the
> >fact that global income distribution has become more
> >unequal.
>
> Not solely responsible, but they're part of the machinery.
>
> Back during the heat of the Asian crisis, a WB official complained
> that the other players - the IMF and the U.S. Treasury in particular
> - were using the Bank as an ATM to fund their bailout/restructuring
> schemes.
>
> > Most of its efforts have been directed at raising
> >incomes in poorer countries. These may not have been as
> >successful as most would like,
>
> Internal WB audits estimate that 50-70% of their projects fail by
> their own criteria. "There's no success like failure, but failure's
> no success at all"?
>
> > but unless one can show that
> >they actually worsened the situations of those countries, I
> >don't think the WB can be held responsible for the more general
> >outcome. I do think the IMF can be held so responsible, at
> >least to some extent.
>
> They work together, like a good cop/bad cop pair. You can't separate
> them that easily.
>
> I'd say that when an institution has as its main goal the raising of
> incomes among the poor and the eradication of poverty, and the poor
> go nowhere or end up worse off, then they've failed. They're not the
> only guilty parties, but they're co-conspirators.
>
> > BTW, the best study on global income inequality was put
> >out by a WB staffer, as you know, Branko Milanovic (we should
> >probably keep our voices down so that he does not get fired...!!!).
>
> Like I said, there are many people at the WB who aim to do good. But
> they answer to Wolfie and Larry and their bondholders, which puts a
> rather severe crimp on their style.
>
> Doug