“Paul Wolfowitz’s nomination to lead the World Bank could turn out to be the right and inspired choice, following on the heels of John Bolton’s nomination as US ambassador to the UN. Both are political realists who appreciate the power of the USA to provide the global Pax and promote a liberal international economic order. Both are sceptics of international organisations and have no time for global-governance chatter. Now Mr Wolfowitz should marry his political realism with economic liberalism. The World Bank should promote markets and economic freedom in the developing world, but with more modest, pared-down means and ends. It should emphasise information-sharing, the exchange of ideas, policy surveillance and technical assistance. But its power of the purse through project and programme lending should be overhauled and kept within strict limits. And global-governance fantasists should be told where to get off.”
– Dr Razeen Sally of the London School of Economics in the report 2005 and Beyond: The Future of Trade, Development & International Institutions (PDF)
The failure of the state, not of markets, is central to the African tragedy.Amen to that.
Damn. The articulate part of that first bit was supposed to be quoted. Preview is my friend.