The state of the World Bank

As the preeminent global development organization, the World Bank has been adapting its products, governance, and ideas to reflect the dramatic changes in its economic and political environment-but not rapidly enough. It continues to push the questionable Washington Consensus idea that integrated global markets for labor and capital are the best route to economic development, and it continues to transfer resources almost entirely through credit and debt. Still, it needs to be defended as one of the few powerful yet truly global economic forums we have.