The same man who called the World Bank’s approach to privatisation “bribarization” and publicly renounced the Washington consensus received passionate support from the World Bank’s President when he became a Nobel laureate. “I do want you to know that we love you,” Wolfensohn told the former World Bank Chief Economist Joe Stiglitz whom he fired two years earlier for his outspoken criticism of the IFIs. Stiglitz, invited back to his old institution to share his new fame, stressed “the important role for government” in regulating markets “particularly in developing countries [where] markets typically work much less well and information is much less perfect.” The theories that won him the Nobel Prize prove that financial markets aren’t the perfect vehicles assumed by many economists because they often work with incomplete or incorrect information. “The Nobel Prize … is recognizing a line of thought that has, I think, profound implications for how we think about the economy and the role of government,” Stiglitz said.
Review maintains inadequate and inconsistent approach to economic and gender inequality, as well as climate change.
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The Bretton Woods Project is a UK-based NGO that challenges the World Bank and IMF and promotes alternative approaches. We serve as an information provider, watchdog, networker and advocate. Our flagship publications are the Bretton Woods Observer, a quarterly critical review of developments at the World Bank and IMF, the Dispatch, a biannual analysis of the World Bank and IMF Spring and Annual Meetings, and the NewsLens, a bi-weekly roundup of key news and critical viewpoints published about the World Bank and IMF.
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