8 The World Bank has pushed debt-led economic development, and hundredsof billions of dollars in Bank loans were supposed to bring progress to thedeveloping world. Where did the money go?
The World Bank and the $100 Billion Question
Fostering a culture of lending without regard for results, the management of the World Bank has built a wall of misinformation around its lending operations, creating the illusion that all is well in the world of development. They have created the myth that they are at the “cutting edge” of development, while they hide the appalling number of failures within the Bank’s portfolio—failures that enrich the governing elites of the Third World, while creating mountains of debt that cannot be repaid. Singing ...