How Dirty Money Binds the Poor
October 13, 2004
Jennifer Nordin
Global Financial Integrity
Raymond Baker
The World Bank in its 2005 World Development Report issued last month calls for governments to promote a “better investment climate” in the developing world and implores the international community to remove trade barriers and offer more aid. “A good investment climate”, it declares, “plays a central role in growth and poverty reduction.” All nice words, but the bank overlooks the shadowy underside of the global economy that conspires to keep poor countries in their place.
For more than 50 years, the World Bank has committed billions of dollars and the brain power of some of the brightest economists to fighting poverty, and yet outright success has been elusive. Even among World Bank staffers, there is a sense that something is missing that might explain the mystery of why so much development aid has done so little good.