Ebrahim-Khalil Hassen - Have we reached the end of the road for redistribution in South Africa? Recent publications by the World Bank and the South African Communist Party (SACP) suggest that the time for redistribution may well be over. The oddness of the pairing - usually with different ideological stances - is remarkable in itself, but the underlying logic for reaching the conclusion is even more remarkable. The policy recommendation is similar. After a strong focus on expanding services, South Africa must now...
Patrick Bond - Is age 70 a dignified time for retirement, especially for policies and practices long considered destructive but now back in official favour at the World Bank? Founded in 1944 to finance war-torn Europe’s reconstruction, the Bank is now suffering one of its most severe credibility crises. A new civil society campaign, ‘WorldVsBank’, features protests and teach-ins on Friday, October 10, at the Bank’s Annual Meeting in Washington and ten other countries, including...
Robin Broad and John Cavanagh - The statistics upon which most poverty elimination strategies are based are extremely misleading, and often steer experts toward the wrong solutions. Now here is what sounds like a New York Times headline to celebrate: “Dire Poverty Falls Despite Global Slump, Report Finds.” That report would be a 6-page World Bank briefing note, the press release for which is titled: “New Estimates Reveal Drop in Extreme Poverty 2005-2010.” Echoes The Economist: “For the...
During the past four decades Sub-Saharan Africa has experienced a financial haemorrhage, much of it as a result of corrupt, kleptocratic dictatorships that funnelled money out of the country to international banks during the Cold War. While many dictators have fallen, the results of their corrupt ways still affect the people of the subcontinent. Is it fair to ask Africans to pay back the loans of corrupt dictators? Africa’s people are poor because “the subcontinent's...
Liepollo Pheko - The race which decided who would be heading up the International Monetary Fund (IMF) is finally over. Yesterday, France’s finance minister, Christine Lagarde, who beat Mexico’s Agustín Carstens to the post, was announced as the new managing director of the international financial institution. You will likely recall that our very own Trevor Manuel dropped out of the race at an early stage, recognising perhaps that he was no match for the determined Europeans’...
Leonard Gentle - The arrest of Dominic Strauss-Kahn (DSK) on allegations of attempted rape certainly has got tongues wagging. In the Guardian newspaper, French journalist Angelique Chrisafis alleged that DSK “always had a problem with women.” Also writing in the Guardian, Dean Baker, co-director of the Washington DC-based Centre for Economic and Policy Research, notes how ironic it is that the immigrant hotel worker who made the allegations may simply have been dismissed under the “flexible...