“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.
New BWP briefing offers critical gender analysis of World Bank lending instrument to borrowing countries.
At 75, the World Bank and IMF face a crisis of multilateralism in no small part of their own making as failed economic policies have resulted in skepticism of the international order they helped to create.
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