Global Ethics Corner: Is the World Bank Outdated?
From: Carnegie Council
Series: Global Ethics Corner
Length: 01:57
With the election of another American to head the World Bank, some are questioning the institution's legitimacy and role in the world. Since once-impoverished nations are driving world economic growth, should the developing world have a greater say in the bank's governance?
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Piece Description
With the election of another American to head the World Bank, some are questioning the institution's legitimacy and role in the world. Since once-impoverished nations are driving world economic growth, should the developing world have a greater say in the bank's governance?
Transcript
The World Bank is making headlines for a rare turn of events: For the first time, America's nominee for World Bank president faced international competition.
The United States has always determined the president of the World Bank, just as Europe has always decided the head of the International Monetary Fund. But this year, surprise challenges by one contender from Nigeria and another from Columbia had many analysts rooting against the American candidate. Both have experience in government and finance—experience the American candidate lacked. In the end, however, the American candidate won, calling into question the legitimacy of the World Bank's selection process and the bank's role in the modern era.
The World Bank was founded to allocate post-World War II reconstruction funds. It has set its sights on alleviating global poverty. But global poverty has changed dramatically in recent d...
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Additional Credits
Deborah Carroll – Executive Producer
Marlene Spoerri – Contributing Writer
Julia Kennedy - Content Editor
Robert Smithline - Editor
Terence Hurley - Editor
Gusta Johnson - Production Assistant
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