The World Bank Is Failing and Needs a Restart

Paul Collier

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Created in 1944 to finance post-World War II reconstruction and development, the World Bank is by far the largest international public agency. By 1973, when the need for reconstruction had receded and many newly independent countries had become members, the bank’s revised goals were spelled out by its president, Robert McNamara. The World Bank was “to accelerate economic growth and reduce absolute poverty.” At the bank’s Washington headquarters, this purpose is emblazoned on the wall of the entrance lobby for all to see: “Our dream is a world free of poverty.”