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Brave New Words? A Critique of Stiglitz’s World Bank Rethink

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  • Guy Standing

Abstract

While in the position of Chief Economist of the World Bank, Joseph Stiglitz produced a string of papers, one of which proposed moving beyond the ‘Washington consensus’ to a ‘new development paradigm’, which he hoped the World Bank would espouse. This article offers a critique of that paper and the premises underlying any attempt to reposition an international banking agency. In particular, it focuses on Stiglitz’s attempt to jettison ‘conditionality’ and his argument that developmental assistance should seek to foster socio‐economic transformation and not be about ‘projects’. It also considers the ramifications of the call to make the World Bank ‘the knowledge bank’. Finally, it highlights what is missing from the proposed paradigm, bearing in mind the World Bank’s new ‘holistic development framework’.

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  • Guy Standing, 2000. "Brave New Words? A Critique of Stiglitz’s World Bank Rethink," Development and Change, International Institute of Social Studies, vol. 31(4), pages 737-763, September.
    • Handle: RePEc:bla:devchg:v:31:y:2000:i:4:p:737-763
    DOI: 10.1111/1467-7660.00175
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    Cited by:

    1. Mansour Omeira & Simel Esim & Sufyan Alissa, 2008. "Labor Governance and Economic Reform in the Middle East and North Africa: Lessons from Nordic Countries," Working Papers 436, Economic Research Forum, revised 09 Jan 2008.
    2. Jonathan Perraton, 2004. "Joseph Stiglitz's, Globalization and its Discontents," Journal of International Development, John Wiley & Sons, Ltd., vol. 16(6), pages 897-905.
    3. Susanne Schech, 2002. "Wired for change: the links between ICTs and development discourses," Journal of International Development, John Wiley & Sons, Ltd., vol. 14(1), pages 13-23.
    4. Operations Evaluation Department, 2004. "Addressing the Challenges of Globalization : An Independent Evaluation of the World Bank's Approach to Global Programs," World Bank Publications - Books, The World Bank Group, number 14755.
    5. Meltem Yılmaz Şener, 2012. "Turkish Academics as Neoliberal Subjects?," Journal of Developing Societies, , vol. 28(3), pages 299-322, September.
    6. Emma Mawdsley & Jonathan Rigg, 2002. "A survey of the World Development Reports I: discursive strategies," Progress in Development Studies, , vol. 2(2), pages 93-111, April.
    7. Fine, Ben, 2002. "Economics Imperialism and the New Development Economics as Kuhnian Paradigm Shift?," World Development, Elsevier, vol. 30(12), pages 2057-2070, December.

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