The crisis that led to Paul Wolfowitz's forced resignation from the World Bank raises the longer-term question of the global institution's domination by the United States, says Robert Wade.
The bank can and should shift more of its activity into genuinely global problems, where private-capital markets are less likely to lend, especially for global-problem-reducing investments in low-income countries. For example, it can and should take a much bigger role in tackling one of the biggest questions of our time: how to decouple economic growth from carbon emissions.
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