Wolfowitz, the World Bank, and illegtimate lending

Hanlon, Joseph (2007). Wolfowitz, the World Bank, and illegtimate lending. The Brown Journal of World Affairs, 13(2) pp. 41–54.

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The World Bank has a co-responsibility with borrowing governments for improper loans, and as part of its new stress on corruption must share some of the responsibility for lending to corrupt and notorious dictators. In a special journal issue on Paul Wolfowitz’ brief tenure as President of the World bank, the article argues that in bringing corruption to the forefront, Wolfowitz looked only at borrowing governments and not at lender connivance. The article further looks at changing international standards, which give lenders sharply increased responsibility in domestic lending and have increasingly considered that governments were wrong to lend to Saddam Hussein of Iraq. This leads, in turn, to the broader concept of ‘illegitimate debt’, which consists of loans which the lender should not have made.

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