The financial institutions' focus on generating economic growth without ensuring the concomitant increase in jobs, and the inequality this generates, is partly to blame for the waning public support for global economic integration.
Despite the World Bank president Dr. Kim's high-profile calls to tackle climate change, the institution continues to barrel forward with its support for a dirty new coal plant in Kosovo. Local civil society has made its opposition to these plans abundantly clear.
As Dartmouth's outgoing president, World Bank Group President-Elect Jim Yong Kim stressed the importance of interdisciplinary research. The need for students to engage with the rest of the world. To push beyond their comfort zone.
Now the dust has settled, let's celebrate the race for the World Bank presidency. We had the highest quality field in history and a winner who just might manage to refocus the institution on the dominant challenge of development today: inequality.
The reaction to Jim Yong Kim's nomination from development economists and people experienced in the business of lending to poor countries has been overwhelmingly negative. They are making a big mistake. Mr. Kim would make an excellent World Bank president.
If Dr. Kim is selected as president of the World Bank, it would be the first time the professional experience of its leader matched its stated mission. His commitment to working with the very poor will help ensure the Bank focuses on its core mission.
The international development community is abuzz over President Obama's decision to nominate Dr. Jim Yong Kim to president of the World Bank. Yet it is striking how little attention has been paid to what, exactly, he should do over the coming years.
The opening up of the contest for World Bank president is a historic change whose significance has not been fully appreciated. This is not surprising, given the widespread misunderstanding of the IMF and World Bank.