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Listening banks

The IMF and the World Bank are lending institutions; they cannot be run by their borrowers. But they can listen more to poor countries

By P L   October 2002

The protesters who make a habit of disrupting big international financial gatherings have wrought at least one desirable change. The sprawling annual meetings of the IMF and the World Bank have been slimmed down this September. But this gesture of modesty has not silenced the critics. The global financial establishment is under unprecedented attack-not just for the alleged harm it causes, but for its perceived lack of legitimacy.

Joseph Stiglitz, the former World Bank chief economist, delighted the anti-globalisers recently with his claim that: “The most fundamental change that is required to make globalisation work in the way that it…

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