How Well Did James Wolfensohn

How Well Did James Wolfensohn Do At the World Bank?

James Wolfensohn will be stepping down as President of the World Bank in June.

Ken Rogoff, former chief economist of the International Monetary Fund (IMF), the World Bank's sister institution, evaluates Wolfensohn's tenure: "A Final Grade For Wolfensohn"

• Wolfensohn made the bank much more sensitive to corruption in third world countries.
• The bank has become less insistent on making loans contingent on good policies in recipient countries.
• Bank became too prone to follow development "fads."
• Bank adopted the view that governments in developing countries are in the best position to understand their development needs - but this doesn't take account of poor governance in many developing countries.
• Wolfensohn was not sufficiently cooperative (waged war "by proxy" on, launched his troops in a series of wild-swinging attacks on") the IMF during the Asian financial crisis.
• Failed to solve fundamental funding problems faced by the bank.
• Left the bank a stronger institution than the one he found.

I learned about this from Mahalanobis.

The campaign to replace Wolfensohn is on, and may be followed here: "World Bank President".

1-17-05: minor change in title.