Appointing Wolfowitz Successor at World Bank

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Dr. Devesh Kapur, associate professor of political science at the University of Pennsylvania


Co-author of the official history of the World Bank, "The World Bank: Its First Half Century"

His research focuses on human capital, national and international public institutions and the ways in which local/global linkages affect political and economic change in developing countries.


"Developing countries have responded to the lack of voice in the Fund, maintained by the persistence of the old governance structures, by quietly exiting -- building up foreign exchange reserves, securing access to foreign exchange through remittances or setting up new central bank swap facilities. They see little reason to engage in a battle for power at an archaic organization that is losing relevance by the year.

"While Wolfowitz's departure undoubtedly mitigates the Bank's current problems, it does not resolve the deeper structural causes. The old international order is increasingly threadbare, but the new is a long way from arriving.  And that transition holds increasing global risks, not least to multilateral institutions."