Monday, March 26, 2012

New World Bank President Nominee: Non-Economic Paradigm Shift?

 President Obama's nomination of Dr. Jim Yong Kim is receiving immediate reaction in the global media as an inspired and surprising choice. It is indeed both 
It is inspired not merely because by nominating a Korean-born U.S. national, President Obama virtually assures Asian and some other developing world support for his choice, thereby countering the growing chorus for a non-U.S. national to lead the Bank and virtually assuring his selection, which it does. It is inspired not just because Dr. Kim is the first U.S. nominee to have actual, deep experience as a professional in global development issues (such a novel concept!), which he is. And it is inspired not solely because it reflects the broad and growing ethnic and cultural diversity within the United States itself and thus reflects a multicultural world view that President Obama is uniquely suited to promote, which it does 
While I believe all the above to be true, the central reason this appointment is inspired -- and also surprising (leaving aside the astonishing ability of the Obama administration to avoid having the name leaked ahead of time) -- is that it is the most self-conscious recognition to date that the World Bank's role as principal financier to the developing world has shifted to the point that it is more important to have at the helm of the institution someone conversant in cutting-edge development issues than finance and policy formulation. [emphasis added]
Read it at The Huffington Post
New World Bank President Nominee: Non-Economic Paradigm Shift?
by Scott White | Former deputy general counsel, World Bank; Former chief capital markets and pension investments lawyer, World Bank

Looks like it could be a turning point in the global economy and the approach to development. Neoliberals will likely see it as loosing their grip, however, with the appointment of someone that is apparently not one of them.


googleheim said...

Don't forget about how South Korean stole billions from IMF and World Bank in years of old

We basically funded their grift with our tax revenue and printing machine so THEY could make memory cheaper than AMD or other USA companies and put us our of work.

Great Mr Obama, "block party organizer" in chief.

A Roy said...

Good post!

I hope it is a paradigm shift.

The blogger Economic Maverick has some similar thoughts: