The mission of the World Bank is supposed to be to eradicate extreme poverty and promote shared, sustainable prosperity. Yet to many of us, the bank has actually done more to entrench poverty and injustice than any other global institution, including through the conditionalities it imposes on poor nations that need its loans.One of the reasons for the World Bank’s failure is its archaic governance structure, set up after World War II, at a time when most African and Asian nations had not achieved independence and so had no sovereign voice. Another reason is that its leadership is not recruited through an open global process but rather by a patriarchal “gentleman’s agreement” that allows the president of the United States to unilaterally appoint the bank’s president.Every one of the 12 full-time presidents of the World Bank to date has been a male, US citizen.
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