“Why have the policy tutors performed so miserably and the pupils so brilliantly?”, wondered professor John Weeks of the School of Oriental and African Studies in an October article for Social Europe Journal. He notes that developing countries who embraced the World Bank and IMF’s macroeconomic orthodoxy have fared the worst in recent crises, whereas those that have best weathered the storm have in common “exactly those sins/virtues absent in the ‘advanced’ countries: willingness to intervene with growth-enhancing policies”. Weeks cautions that advanced countries are now ready to apply “the neoliberal anti-growth Washington Consensus macro policies” at home.
Originally created to help the poor escape poverty and deprivation, the World Bank became the most important advocate for the commercialised microcredit model. Yet, critics argued it undermined the chances of sustainable and equitable development to create a poverty trap of historic proportions.
While the World Development Report (WDR) 2018 on education has some redeeming features, it is part of the Bank's longstanding very narrow view of education, and is silent on education financing.
Donate to the Bretton Woods Project
The Bretton Woods Project is an ActionAid hosted project (UK registered charity no. 274467).