George Soros On Globalization by Soros George;

Author:Soros, George;
Language: eng
Format: epub
Publisher: PublicAffairs
Published: 2011-02-27T16:00:00+00:00

I agree with the Meltzer Report that the World Bank’s mission and operating methods ought to be reconsidered. Its lending business is inefficient, no longer appropriate, and in some ways counterproductive because it reinforces the role of the central government in the recipient countries. But I cannot agree that the role of the proposed World Development Agency should be as restricted as the Meltzer Commission would have it. There is too much poverty remaining in countries like Brazil, which would be excluded under the Meltzer formula. These countries also suffer from the high cost of capital. Local enterprises, particularly the small and medium-sized ones, are penalized vis-à-vis multinationals. Therefore there is no justification for returning capital to the rich countries or canceling the callable capital of the World Bank. Rather, the callable capital of the World Bank ought to be put to more active use.

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