The new world bank president
ITHACA, NEW YORK — The World Bank has a new president, but many questions remain about whether the selection process was indeed transparent, open and merit-based, as promised by the leaders of the Group of 20 economies.
The preordained selection of the U.S. nominee, Jim Yong Kim, perpetuates the advanced economies’ dominance of the top jobs at the major international financial institutions.
This tradition has become untenable and unjustifiable. The predetermined success of Dr. Kim’s nomination reflects how global governance continues to lag behind shifting economic realities. Emerging market economies are increasingly dominant in global trade, finance and output, but the advanced economies continue to maintain their positions of privilege at the helm of major international financial institutions.
The old guard, which comprises the major advanced economies that once dominated the global economic landscape, will not give up its privileges without a fight. Changes in the structure of global governance will require more forceful and coordinated actions by emerging markets.
Such coordination has proven easier in the context of fighting for larger voting shares at the international financial institutions; in this case there is a common purpose as all emerging markets have something to gain.
Categories: Americas, Economics, Science and Technology, World