A Message to the New World Bank President

Publication Date: July 1991

Publisher: Heritage Foundation (Washington, D.C.)

Author(s): Bryan T. Johnson

Research Area: Banking and finance

Keywords: Economy

Type: Report

Abstract:

Lewis T. Preston takes command of the World Bank at a time of worldwide economic and political change. Socialism and government direction of economies have ruined one country after another and led to political revolutions. Such countries now look to the West for guidance and assistance. In the past, the Bank has been giving bad advice to less developed countries. As a result, many poor countries became addicted to loans and aid, while refusing to reform their own economic environments. Preston has an opportunity to change the Bank's course by rejecting the philosophy found in the latest World Bank report.