Jim Yong Kim, the World Bank’s president, is
trying to revitalize a hidebound institution.
But his embrace of Wall Street is controversial... provides cash to companies in exchange for equity stakes, the World Bank currently drums up more than $7 billion a year from the private sector to invest in ventures in the developing world. Mr. Kim wants that figure to increase eventually to $30 billion... The World Bank promised to protect investors against some losses... those benefiting from the World Bank’s lending practices were “the people who fly in on a first-class ticket to give advice to governments.”.. The argument was that growing investment flows into developing countries rendered World Bank lending mostly superfluous... Last year, the World Bank dispensed $61 billion in loans and investments. By contrast, investors now inject more than $1 trillion a year into emerging markets
.. In effect, he was pitching the bank’s services as a middleman, ready to back projects with guarantees and other incentives. No longer could the World Bank be the sole provider of loans, which, he said, are “crowding out” the private sector.
.. the World Bank economists whose pay is tied to how many loans they churn out
.. “One of the most difficult things to do in a large bureaucracy is to change incentives,
.. “And if you have a large bureaucracy full of economists it is especially hard, because it turns out that economists really hate it when you change the incentives.”
.. On Wednesday, the bank’s top economist, Paul Romer, abruptly resigned.
.. His end came after he claimed, in an interview with The Wall Street Journal, that the World Bank’s closely-watched report on business conditions in different countries had been altered for political reasons.
.. the bank tends to see private sector solutions — those involving the profit motive — as morally questionable.
.. World Bank staffers are used to talking to governments, and now they have to leverage the private sector? It is a different skill set, and flexibility is not the hallmark of development institutions.”
.. “He had to work against his own incentives,” Mr. Kim said, referring to the bank’s practice of rewarding staff for loans. “And that is part of the institutional problem here.”
.. “He has pursued a strategy of making himself popular in Davos by attacking the organization and its staff,” said Lant Pritchett, a retired World Bank executive. “It is this idea that his hand has been hampered by bureaucratic machinations. That may be accepted in Davos — but it’s completely false.”
.. His biggest coup was working with Ivanka Trump
.. They eventually settled in Muscatine, Iowa, where Mr. Kim was a high school quarterback before going on to Brown and securing advanced medical and anthropology degrees from Harvard.
Know-Nothings for the 21st Century
If you’re a student of history, you might be comparing that person to a member of the Know Nothing party of the 1850s, a bigoted, xenophobic, anti-immigrant group that at its peak included more than a hundred members of Congress and eight governors. More likely, however, you’re suggesting that said person is willfully ignorant, someone who rejects facts that might conflict with his or her prejudices.
.. The parallels between anti-immigrant agitation in the mid-19th century and Trumpism are obvious. Only the identities of the maligned nationalities have changed.
After all, Ireland and Germany, the main sources of that era’s immigration wave, were the shithole countries of the day. Half of Ireland’s population emigrated in the face of famine, while Germans were fleeing both economic and political turmoil. Immigrants from both countries, but the Irish in particular, were portrayed as drunken criminals if not subhuman. They were also seen as subversives: Catholics whose first loyalty was to the pope. A few decades later, the next great immigration wave — of Italians, Jews and many other peoples — inspired similar prejudice.
.. Yet conservative professors are rare even in hard sciences like physics and biology, and it’s not difficult to see why. When the more or less official position of your party is that climate change is a hoax and evolution never happened, you won’t get much support from people who take evidence seriously.
But conservatives don’t see the rejection of their orthodoxies by people who know what they’re talking about as a sign that they might need to rethink. Instead, they’ve soured on scholarship and education in general. Remarkably, a clear majority of Republicans now say that colleges and universities have a negative effect on America.
So the party that currently controls all three branches of the federal government is increasingly for bigotry and against education. That should disturb you for multiple reasons, one of which is that the G.O.P. has rejected the very values that made America great.
.. Think of where we’d be as a nation if we hadn’t experienced those great waves of immigrants driven by the dream of a better life. Think of where we’d be if we hadn’t led the world, first in universal basic education, then in the creation of great institutions of higher education. Surely we’d be a shrunken, stagnant, second-rate society.
.. Moretti argues, rightly in the view of many economists, that this new divergence reflects the growing importance of clusters of highly skilled workers — many of them immigrants — often centered on great universities, that create virtuous circles of growth and innovation. And as it happens, the 2016 election largely pitted these rising regions against those left behind
.. one way to think of Trumpism is as an attempt to narrow regional disparities, not by bringing the lagging regions up, but by cutting the growing regions down. For that’s what attacks on education and immigration, key drivers of the new economy’s success stories, would do.
The ’70s and Us
In certain ways sexual predation actually was the culture in the years when Weinstein came of age, in the entertainment industry and the wider society it influenced and mirrored.
.. There is a liberal tendency to regard sexual exploitation as a patriarchal constant that feminism has mitigated, and a conservative tendency to regard it as a problem that’s gotten steadily worse since the sexual revolution.
.. You can remember some of it with ’70s statistics: Never so many divorces, never so many abortions, a much higher rate of rape, an S.T.D. crisis that culminated in the AIDS epidemic.
.. something new happenedin Catholicism between 1960 and 1980: The prevalence of pedophilia stayed about the same, but suddenly the rate of priests groping and seducing and raping teenagers shot way, way up. As went Bowie and Zeppelin, so went the most putatively-conservative institution in the country.
.. The coarse worldview I’ve called “Hefnerism” endured, as the victims of Weinstein and Bill Clinton and Donald Trump can well attest.
.. They featured our civilization’s last great burst of creative energy. Those predatory directors and rape-y rock stars made great movies and memorable music.
.. peace feels like cultural exhaustion.
The Dark History of Fear, Inc.
How politically-driven bugaboos always distract us from the real monsters.
Back in 1835, Samuel F.B. Morse (who went on to invent the telegraph and the Morse Code), wrote a book about a plot to overthrow the American republic. The conspiracy, Morse wrote, was well-funded, highly secretive, and hatched in Vienna by members of the The St. Leopold Foundation, which had dispatched cells of Jesuit missionaries to the U.S. to forcibly convert the nation to Roman Catholicism. This was no small intrigue: The plot’s leaders, as Morse meticulously catalogued, were Austrian diplomat Klemens von Metternich, Ferdinand V of Hungary, and (of course) Pope Gregory XVI. “It is high time that we awakened to the apprehension of danger,” Morse wrote.
.. Morse’s book seeded the rise of the nativist“Know-Nothing” party, whose goal was to curb immigration, root out Catholicism, and return America to its protestant ideals. In essence, they were the America-firsters of the nineteenth century. The Know-Nothings swept into office in Chicago, were strong in Massachusetts and, in 1856, nominated a national ticket (Millard Fillmore and Andrew Donelson), for the presidency; they tallied nearly 900,000 votes, one-quarter of those cast. “I know nothing but my country, my whole country and nothing but my country,” they chanted.
.. Before the Know-Nothings there were the Anti-Masons, a political movement that warned of a takeover by secretive apron-wearing do-gooders who met for god-knows-why. And before that Americans were warned about witches named Dorothy, Rebecca, Martha, and Rachel, dancing in New England’s forests. Some 120 years after Morse, in 1964, historian Richard Hofstadter dubbed this “the paranoid style in American politics”—a paradigm-shifting essay that catalogued a raft of intrigues peopled by witches, Illuminati, Masons, Jesuits, Mormons, Jewish bankers, Bilderbergers and, in Hofstadter’s time, communist dupes doing Moscow’s bidding.
.. The problem is not that this is patently false (The Germans! The Japanese! The Russians!), but that it’s often exaggerated—and, sometimes, purposely so. Then too, as Hofstadter implied, preying on these fears for political gain not only isn’t new, it’s tried, tested, and often successful. Scaring the dickens out of voters is as American as the 4th of July.
.. John Kennedy insisted that the Soviet Union had outstripped the U.S. in ballistic missile production. There was a growing and dangerous “missile gap” Kennedy claimed, placing the nation in great peril.
.. As it turns out, Kennedy was right: there was a missile gap, but not in a way that he thought—we had plenty, while they had none (a later CIA report speculated that, actually, they might have had three, maybe).
.. The same kinds of claims were retailed by U.S. intelligence services about Russia’s allies: a 1987 CIA fact book said that East Germany’s GDP per capita was higher than West Germany’s, a claim so ludicrous that Senator Daniel Patrick Moynihan dismissed it to a panel of CIA officers with a legendary quip: “I know a Berlin taxi driver who could have told you that wasn’t true.”
.. The world has problems, big problems but it is not going to hell. Here’s what going to hell looks like. In the autumn of 1941, Europe was under the domination of a genocidal regime that had extended its murderous policies through all of Europe and whose armies were headed towards Moscow. In Asia, large swathes of China and all of Southeast Asia were occupied by Japanese militarists. The two, with Italy, had formed an axis and controlled significant portions of the globe. Their enemies were teetering on the edge of defeat. The world was going to hell, alright, but the U.S. had yet to get into the war.
.. During the early morning hours of September 26, 1983, Lt. Col. Stanislav Petrov was notified by his computer system that the U.S. had launched five intercontinental ballistic missiles at Russia. Petrov sat there for a moment, when he should have been on the telephone to his superiors. After several moments he concluded that the warning just didn’t make sense. Why would the U.S. launch only five missiles at Russia, when everyone in the Soviet military supposed they would launch a barrage. “The siren howled, but I just sat there for a few seconds,” he later told the BBC, “staring at the big, back-lit, red screen with the word ‘launch’ on it.” Petrov ignored the warning—and may well have prevented a nuclear holocaust.