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March 29, 2012

Obama's Pick for World Bank Hates Capitalism (Updated)

Topics: Political News and commentaries

Why, pray tell, would the president of the United States of America appoint a man with no business or banking experience, who hates capitalism and believes that economic growth is bad for the poor across the world ... to head the World Bank?

Obama's appointee has even coauthored a book attacking capitalism and touting -- communist Cuba's health care system -- as a true success.

Clearly, the two men must share very similar views ... and, of course, neither have any business, banking, or experience in 'successfully' managing economic or financial matters of a country, and in the case of Obama's appointee ... a world bank.


[...] If economic growth hurts the poor, especially in the Third World, what helps their cause? The book answers that question with a chapter touting what it considers a true success: communist Cuba's health-care system. As the chapter's author tells it, Cuba's health care is supposedly on par with that of the United States, an achievement made "possible because of a govern­mental commitment not only to health in the narrow sense but to social equality and social justice." Relying on bogus statistics from the Cuban government and distorting the extreme inequities of Cuban health care, where few of Cuba's poor can either afford or obtain either medicine or doctors' treatment, the study is revealing mostly of the ideological extremism of its author. Indeed, it might well have been written by Chomsky, which in fact it was: the author is Aviva Chomsky, Noam Chomsky's eldest daughter. Noam Chomsky himself is quoted in the book's conclusion, which cites his dismissal of economic growth as "efforts to make people feel helpless." The book's authors, including Jim Yong Kim, seem to agree.

They could hardly be more wrong. In fact, there is overwhelming evidence that economic growth raises income levels, which in turn reduces poverty and improves the lot of the global poor. Much of that evidence has been documented by the World Bank, the very institution that Kim has been tapped to lead. Earlier this month, for instance, the World Bank released a report documenting a decline in the poverty rate of the poor in all the regions of the developing world. The finding is especially striking because it comes amidst a global downturn. Economic growth accounts for much of this astounding progress.

And that progress is truly impressive. In 1990, 52 percent of the population in the developing world lived below the poverty rate of $1.25 a day. That number was halved by 2008, when 22 percent lived below the poverty rate. Progress has been most dramatic in East Asia, particularly China, which has seen the greatest surge in economic growth. In the 1980s, according to the World Bank report, East Asia had the world's highest poverty rate, with 77 percent of the population living below the poverty rate as recently as 1981. By 2008, that number had plunged to 14 percent. The report points out that in China alone, 662 million people are no longer living poverty. Not only is no one "dying" due to economic growth, but literally millions of lives have been bettered thanks to economic gains.

China may be the most spectacular example of economic growth's unmatched capacity to improve the lives of the poor, but it is not an exception. ...

Read the rest here. As the piece goes on to point out, it's hard to see how the World Bank's already poor reputation will be redeemed by a World Bank president who seems to believe that the greatest danger to the global poor comes from the only proven strategy to improve the quality of their lives.

Related: Obama Doubling Down on His Leftist Radicalism

Posted by Hyscience at March 29, 2012 10:34 AM

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