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From World Bank to World Development Cooperative
Publication Date: October 2007
Publisher(s): Center for Global Development; Center for Global Development
Author(s): Nancy Birdsall; Arvind Subramanian; Nancy Birdsall; Arvind Subramanian
Topic: Banking and finance (International banking and finance)
Abstract:
In this CGD Essay, Birdsall and Subramianian argue that the World Bank faces twin crises of relevance and legitimacy in a rapidly changing world. The solution, they argue, is for the bank to become a more active catalyst for generating global public goods and knowledge and a more reluctant lender to governments. The World Bank should move, in effect, from being a bank to being a global development cooperative. The essay suggests specific, practical steps for such reforms.