Magazine
Latest Issue

Wolfensohn’s World Bank

What is the role of the World Bank, the world's biggest development agency, now that private capital flows freely to many poor countries? Michael Prest surveys the first year in office of president James Wolfensohn and his attempt to renew the bank's sense of purpose

Each year on April Fool’s Day a samizdat magazine circulates among World Bank staff. Called Bank Swirled, a play on the title of the recently abolished staff magazine Bank’s World, it satirises bank life with Swiftian cruelty. The authors, whose identity is one of this gossip-ridden institution’s best-kept secrets, spare no person or policy.

Some of the most savage attacks have been reserved for bank presidents. A couple of years ago, the late, luckless Lewis Preston was the subject of a cruel cartoon which asked: “Where’s Lew?” But this year’s edition is unusually generous to the present incumbent, James Wolfensohn.…

Register today to continue reading

You’ve hit your limit of three articles in the last 30 days. To get seven more, simply enter your email address below.

You’ll also receive our free e-book Prospect’s Top Thinkers 2020 and our newsletter with the best new writing on politics, economics, literature and the arts.

Prospect may process your personal information for our legitimate business purposes, to provide you with newsletters, subscription offers and other relevant information.

Click here to learn more about these purposes and how we use your data. You will be able to opt-out of further contact on the next page and in all our communications.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

We want to hear what you think about this article. Submit a letter to letters@prospect-magazine.co.uk

More From Prospect