Doug Bandow, Forbes | July 24, 2012
The newly appointed president of the World Bank, Jin Yong Kim, should close the organization. ++ The Bank may have played a useful role in the past, but it has since abandoned its original mission as lender of last resort and instead has financed many doomed-to-fail projects and unjust regimes. ++ Aid cannot compensate for bad domestic economic policies in recipient countries. ++ Ultimately, only private sector development in the Third World will alleviate poverty. ++ Therefore, the Bank is no longer needed.