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World Bank gets reality check

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Section: International News Geography: Latin America

February 28, 2006

World Bank gets reality check

by Gwalgen Geordie Dent

The World Bank has recently released a report on poverty in Latin America arguing for a reversal of many of the market reform policies known as "The Washington Consensus." The Bank has been supporting these policies for more than 15 years, reports The Washington Post

Under The Washington Consensus, countries were offered loans from the IMF and World Bank if they deregulated industries, privatized corporations and chose to focus on balanced budgets and inflation control over state welfare and reducing unemployment. The report entitled "Poverty Reduction and Growth: Virtuous and Vicious Circle" argues that the World Bank should be focusing on reducing income inequality and highlights the importance of an increased role of the state.

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The Dominion is a monthly paper published by an incipient network of independent journalists in Canada. It aims to provide accurate, critical coverage that is accountable to its readers and the subjects it tackles. Taking its name from Canada's official status as both a colony and a colonial force, the Dominion examines politics, culture and daily life with a view to understanding the exercise of power.

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