Tweet
Earlier this week I chronicled the backlash against Jim Yong Kim, President Obama’s nominee to run the World Bank. That has continued, including a critique from a close pal of Larry Summers:
Larry Summers has been unnaturally silent on President Obama’s surprise decision to pass him over for the World Bank presidency in favor of Dartmouth University president and public health hero Jim Yong Kim. Well, one of Summers’ closest chums at Harvard’s Kennedy School, Lant Pritchett, has now gone public with a scorching blast at Kim. Pritchett told Forbes magazine, “It’s an embarrassment to the U.S. You cannot with a straight face say this person is the most qualified to lead the World Bank.”
It was Pritchett, while working under Summers at the World Bank in 1991, who drafted the embarrassing memo that Summers signed on the supposed economic benefits of exporting polluting industries to third world countries. Pritchett later contended that the leaked parts of the memo were doctored to omit his ironic intent. The full memo never surfaced. Pritchett took the fall for Summers’ embarrassment when he was up for the presidency of Harvard. So, it’s fair to say these senior and junior colleagues are close.
Now, it’s possible that Pritchett went public with his startling comments about Dr. Kim without Larry Summers’ consent or knowledge. It’s also possible that subprime bonds are a terrific investment, and that the Red Sox will sweep this year’s World Series.
Pritchett’s critique comes from a place of perceived authority. Kim isn’t a member of the economics club, and therefore is unworthy. If that doesn’t sum up Larry Summers’ worldview…
Dr. Kim himself has spoken out in a Financial Times op-ed, articulating his vision for the World Bank, which has substantial responsibility in global development rather than simply finance.
My own life and work have led me to believe that inclusive development – investing in human beings – is an economic and moral imperative. I was born in South Korea when it was still recovering from war, with unpaved roads and low levels of literacy. I have seen how integration with the global economy can transform a poor country into one of the most dynamic and prosperous economies in the world. I have seen how investment in infrastructure, schools and health clinics can change lives. And I recognise that economic growth is vital to generate resources for investment in health, education and public goods.
Every country must follow its own path to growth, but our collective mission must be to ensure that a new generation of low and middle-income countries enjoys sustainable economic growth that generates opportunities for all citizens.
What a scrub! What an economic illiterate!
Kim also promises to give developing nations a “greater voice” in the World Bank’s affairs. This is his true opposition for the position, not the taunts of Summers’ pals. Kim will have to win a majority of the World Bank board to get the position, and a number of emerging countries are forwarding their own candidates. It’s very likely that Kim will win, however, much to the chagrin, apparently, of Larry Summers. Wahh wahh wahh.
18 Comments
Support this site!
Subscribe to the newsletter
Advertise on Firedoglake
Send
us your tips
Make us your homepage
About FDL News Desk
Barack Obama has made a slew of unforced errors in his first term. Allowing Summers to worm his way into the White House inner circle ranks near the top of the list.
I can hardly think of a more “worthy” enemy, if that is the proper way to frame S’s opposition. He has been a disgrace since long before Ob. gave him too much power…thanks for this piece. Wonder also what Obama was thinking….seems like a break from his previous S/Geit. ties….Nice.
Do we have any idea how the good doctor plans to achieve the lovely vision he has?
It’s comforting to know who Summers’ BFF is. what a stand up guy. /s
If Jabba the Summers objects to an appointment, you know it’s probably a good thing.
He’s a non-white do-gooder. That’s enough to disqualify him, right. The fear that he might actually do a better job than any previous World Bank head is not surprising. Besides how can they continue to reap huge profits screwing over third world countries without one of “The Boys” running things.
I’ll bet you $10,000 they try to sabotage his efforts.
Well this will be the third time I repost, … no I think twice was enough.
Kim as not as he seems. This analysis is lacking a through review of Kim.
If O wants him, then … think about it.
That is faulty logic, and if there is one thing we can count on is Obama’s inexperience and as @tammanytiger notes: a history of unforced errors, and it’s coupled with stubbornness and conceit about his own abilities.
im Kim was criticized for leaving people who would be most affected by his decisions out of the process in his university job.
I think he needs some references from actual progressive economists. Just because Summers proxies don’t like him doesn’t mean he’s great.
I almost would rather see Comb-over Wolfoshitz back at the WB rather than triple loser Summers.
Hopefully, he’ll start by ignoring advice from people like you.
Thats an insinuation of racism, for which you lack proof. The last thing this world/country needs is an affirmative action hire.(or a sinecure placement from the old boys club) We’ve got one of those for president, incompetent, but loads of Liberal White Guilt was washed away with his election. Enough.
This nomination by 0 has certainly stirred the pot. If summers or one of that ilk gets in, we know what the results would be: more austerity for the nations that have the misfortune to be saddled with the bank’s heavy hand, and more draining of profits from those nations to the 1%. I don’t need a link for any reader here to know that scenario. The 1% do not want to give up any control over the world.
I really don’t know much about Jim Yong Kim except what I have read here. When he is quoted as saying
then I think that is the vision that most of us non-1% want to see in operation. I certainly do not want to see a continuation of the ‘leadership’ of summers or wolfowitz or anyone similar in outlook.
First Larry gets chumped out by Ben Bernanke when he wanted to become Fed chairman, now he gets chumped out by a Dartmouth liberal. Looks like Larry’s going long on being a loser.
Lacks proper credentials?
All eleven of the World Bank’s presidents since 1946—men who have presented themselves as missionaries of the poor—have been members of the CFR. (The exception was George Woods. And he was a trustee of the Rockefeller Foundation and vice-president of Chase-Manhattan Bank.)
I’m surprised it wasn’t Tim Geithner twisting the knife
Unforced errors. A brilliant description. After having read Ron Suskind’s book Confidence Men and how Summers trashed Obama as a light weight, to think he would be picked for anything else by Obama is not surprising. Even for a doormat like Obama
Nice to see a non hippe get punched every now and then
Do the arithmietic moron. It doesn’t take that much income to generate a decent life, unless your decent life requires a 5000 square foot mcmansion and a private jet. You really should stop exposing yourself in public before you get sunburn.
On the economics blogs I generally read there is widespread agreement that Larry Summers would be a disaster as the World Bank president, that thank goodness there was virtually no chance anybody close to Obama would disagree with that evaluation, and that it’s a darned shame we are stuck with demanding an American, because the Nigerian woman proposed is, in fact, ideal and would be the best possible appointment. I think I would hold the fact that Kim is not an economist in his favor, but a background in banking would probably have been a good idea.