DOCSLIB.ORG

Revitalizing the Spirit of Bretton Woods 50 Perspectives on the Future of the Global Economic System

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Revitalizing the Spirit of Bretton Woods 50 Perspectives on the Future of the Global Economic System REVITALIZING THE SPIRIT OF BRETTON WOODS 50 PERSPECTIVES ON THE FUTURE OF THE GLOBAL ECONOMIC SYSTEM The Bretton Woods Committee REVITALIZING THE SPIRIT OF BRETTON WOODS 50 PERSPECTIVES ON THE FUTURE OF THE GLOBAL ECONOMIC SYSTEM JULY 2019 The Bretton Woods Committee ACKNOWLEDGMENTS The Bretton Woods@75 Compendium membership and stakeholder network, is a unique and timely publication, though they do not purport to represent issued to honor a historic year for the the views of all Committee members Bretton Woods institutions, and during or to serve as the collective voice of the an extraordinary moment in history Bretton Woods Committee. for the global, rules-based system that Such a monumental effort could not they have operated through and helped have taken place without a great deal of to strengthen since their inception in support from a handful of individuals 1944. As the world celebrates the his- who are exceptionally dedicated to the toric milestone of the 75th anniversary Bretton Woods Committee. Production of the Bretton Woods Conference (for- of this volume was conceived, planned, mally known as the United Nations and implemented by the Committee sec- Monetary and Financial Conference) in retariat team, based in Washington, D.C.: July 2019, the rules-based international Randy Rodgers, Emily Slater, Brooke economic system and its staunchest sup- Snowdon, and Kasey Stelter, with support porters face a significant challenge: how from Melissa Smith and Hana Barkett. to ensure that the global economic system Direction and advisory support were evolves and endures to meet the challenges provided by Bretton Woods Committee of this and the next generation. Co-chairs Richard A. Debs, James D. This collection of insightful and Wolfensohn, and Jim Kolbe, as well as forward- looking thought pieces orga- William R. Rhodes, a key member of nized by the Bretton Woods Committee the Committee’s Advisory Council. is—we hope—an inspiring attempt to The Committee greatly appreci- respond to such an ambitious ques- ates the invaluable review and advice tion. The Bretton Woods Committee received from the members of the is the nonpartisan network of prom- Bretton Woods@75 Compendium inent global citizens that works to Review Committee, who generously demonstrate the value of international shared their expertise and time to economic cooperation and to foster guide the production of this volume strong, effective Bretton Woods institu- from commencement to comple- tions as forces for global well-being. The tion. Specifically, the Bretton Woods essays in this volume are authored by a Committee recognizes Meg Lundsager, diverse cross-section of the Committee’s Public Policy Fellow at the Wilson iv | REVITALIZING THE SPIRIT OF BRETTON WOODS Center; Scott Morris, Senior Fellow Additionally, the Bretton Woods Com- and Director of the US Development mittee wishes to thank long- standing Policy Initiative at the Center for Global members Mark Gillen and Gary Kleiman, Development; Jeffrey J. Schott, Senior as well as Committee friend and colleague Fellow at the Peterson Institute for Elizabeth King, for contributing advisory International Economics; and Edwin support to various sections of the volume. M. Truman, Nonresident Senior Fellow The Bretton Woods Committee at the Peterson Institute for International wishes to acknowledge the generous Economics. Meg Lundsager, who served support of Bretton Woods@75 principal as Chair of the Review Committee, sponsors Morgan Stanley and Mizuho. contributed guidance throughout the The Committee is also grateful for editorial and compilation processes for significant contributions from Bretton this volume and was instrumental to Woods@75 sponsor SICPA and com- the success of the project. pendium sponsor Structured Credit International Corporation. REVITALIZING THE SPIRIT OF BRETTON WOODS | v SPONSORS We are defined by our people, our founders, our company veterans and our newest recruits. We draw on the strength of their diverse talents and perspectives, generating growth for our clients in ways that are forward-thinking and sustainable. We collaborate across departments and our global network of offices to deliver exceptional ideas and solutions to the world’s most complex challenges. morganstanley.com © 2019 Morgan Stanley & Co. LLC. Member SIPC. CRC 2566277 6/19 We’re by your side every step of the way. Throughout the world, we are regarded for our dependability, agile thinking, and attention to detail. As your partner, we work closely beside you, ensuring that we meet your immediate needs and long-term goals. Whether it’s in investment banking, capital markets, asset management, or sales and trading, we’re committed to your success, today and beyond. mizuhoamericas.com ENABLING TRUST SICPA is a leading global provider of secured authentication, identification and traceability solutions and services and a long-trusted advisor to governments, central banks, high security printers and industry. Founded in 1927, headquartered in Switzerland and operating on five continents, SICPA’s mission is to Enable Trust through constant innovation. Based on core expertise in high security inks, the company protects the majority of the world’s banknotes, as well as security and value documents such as passports, from the threats of counterfeiting and fraud. Furthermore, SICPA integrates material security features and cutting edge digital technology to offer sophisticated tracking and tracing, data management and tax administration systems, in particular for excisable products. These systems protect the legitimate economy, safeguard consumer health, strengthen domestic revenue mobilization and fight illicit trade around the world. SICPA is building and leading the Economy of Trust. The Committee has advanced public understanding of the Bretton Woods institutions through your diligent work. We are most grateful to you for these efforts, and we would urge you to expand the unique and important role which your organization has proved itself capable of performing. —A. W. Clausen, former World Bank President ENABLING TRUST CONTENTS SICPA is a leading global provider of secured authentication, identification and traceability solutions and services and a long-trusted advisor to governments, central banks, high security printers and industry. Founded in 1927, headquartered in Switzerland and Acknowledgments .......................................................................................................iv operating on five continents, SICPA’s mission is to ...................................................................................................................... Enable Trust through constant innovation. Based on core Sponsors vi expertise in high security inks, the company protects the Foreword ...................................................................................................................xiii majority of the world’s banknotes, as well as security and value documents such as passports, from the threats of MEG LUNDSAGER counterfeiting and fraud. Furthermore, SICPA integrates material security features and cutting edge digital technology to offer sophisticated tracking and tracing, data management and tax administration systems, in THE SPIRIT OF BRETTON WOODS: particular for excisable products. These systems protect PAST, PRESENT, AND FUTURE .................................................................... 1 the legitimate economy, safeguard consumer health, strengthen domestic revenue mobilization and fight illicit The Spirit of Bretton Woods ........................................................................................ 2 trade around the world. SICPA is building and leading the Economy of Trust. PAUL A. VOLCKER The Bretton Woods Mission: Before, Then, Now ......................................................... 5 RICHARD A. DEBS Rethinking Multilateralism for Our Future World ......................................................14 JAMES D. WOLFENSOHN LEADERSHIP OF THE BRETTON WOODS INSTITUTIONS .......25 The Innovative Monetary Fund ................................................................................. 26 CHRISTINE LAGARDE Common Purpose Advancing Development: 75 Years of Innovation for Progress and Shared Prosperity ...........................................................................31 DAVID MALPASS Strengthening the WTO for the Future ......................................................................41 ROBERTO AZEVÊDO MULTILATERAL COOPERATION AND SYSTEMS CHANGE .....47 Building the New Cooperative International Order ..................................................48 THARMAN SHANMUGARATNAM The World of More Unpredictable and Harder-to-Understand National and Global Economies ................................................................................. 55 MOHAMED A. EL-ERIAN Bretton Woods at 75: Rethinking Multilateral Cooperation for the Modern Era ...... 62 ARMINIO FRAGA Has Globalization Peaked? Renewing the Prospect and Promise of Global Integration ............................................................................ 65 CATHERINE L. MANN Toward a New Economy of Trust ............................................................................... 78 PHILIPPE AMON Better Business with Bretton Woods ......................................................................... 85 MYRON BRILLIANT AND GARY LITMAN Trans-sovereign Networks: China’s Role in the New Global Order ........................... 92 KEYU JIN Reshaping Multilateralism as a
Load more

Recommended publications
  • E-Development: from Excitement to Effectiveness
    34147 Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized E-Development: From Excitement to Effectiveness Edited by Robert Schware Prepared for the World Summit on the Information Society Tunis, November 2005 Global Information and Communication Technologies Department THE WORLD BANK GROUP Washington, D.C. i E-Development: From Excitement to Efficiency ©2005 The International Bank for Reconstruction and Development / The World Bank 1818 H Street NW Washington DC 20433 Telephone: 202-473-1000 Internet: www.worldbank.org E-mail: [email protected] All rights reserved This volume is a product of the staff of the International Bank for Reconstruction and Development / The World Bank. The findings, interpretations, and conclusions expressed in this paper do not necessarily reflect the views of the Executive Directors of The World Bank or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgement on the part of The World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries. Rights and Permissions The material in this publication is copyrighted. Copying and/or transmitting portions or all of this work without permission may be a violation of applicable law. The International Bank for Reconstruction and Development / The World Bank encourages dissemination of its work and will normally grant permission to reproduce portions of the work promptly. For permission to photocopy or reprint any part of this work, please send a request with complete information to the Copyright Clearance Center Inc., 222 Rosewood Drive, Danvers, MA 01923, USA; telephone: 978-750-8400; fax: 978-750-4470; Internet: www.copyright.com.
    [Show full text]
  • IS DEMOCRACY in TROUBLE? According to Many Scholars, Modern Liberal Democracy Has Advanced in Waves
    IS DEMOCRACY IN TROUBLE? According to many scholars, modern liberal democracy has advanced in waves. But liberal democracy has also had its set- backs. Some argue that it is in trouble in the world today, and that the young millennial generation is losing faith in it. FREEDOM IN THE WORLD 2017 Source: Freedom in the World 2017 This map was prepared by Freedom House, an independent organization that monitors and advocates for democratic government around the globe. According to this map, how free is your country? Which areas of the world appear to be the most free? Which appear to be the least free? (Freedom House) Since the American and French revolutions, there authoritarian leaders like Russia’s Vladimir Putin. have been three major waves of liberal democracies. Freedom House has rated countries “free,” “partly After each of the first two waves, authoritarian regimes free,” and “not free” for more than 70 years. Its Free- like those of Mussolini and Hitler arose. dom in the World report for 2016 identified 67 coun- A third wave of democracy began in the world in the tries with net declines in democratic rights and civil mid-1970s. It speeded up when the Soviet Union and the liberties. Only 36 countries had made gains. This nations it controlled in Eastern Europe collapsed. Liberal marked the 11th straight year that declines outnum- democracies were 25 percent of the world’s countries in bered gains in this category. 1975 but surged to 45 percent in 2000. The big news in the Freedom House report was that Many believed liberal democracy was on a perma- “free” countries (i.e., liberal democracies) dominated the nent upward trend.
    [Show full text]
  • The Two Faces of Populism: Between Authoritarian and Democratic Populism
    German Law Journal (2019), 20, pp. 390–400 doi:10.1017/glj.2019.20 ARTICLE The two faces of populism: Between authoritarian and democratic populism Bojan Bugaric* (Received 18 February 2019; accepted 20 February 2019) Abstract Populism is Janus-faced; simultaneously facing different directions. There is not a single form of populism, but rather a variety of different forms, each with profoundly different political consequences. Despite the current hegemony of authoritarian populism, a much different sort of populism is also possible: Democratic and anti-establishment populism, which combines elements of liberal and democratic convic- tions. Without understanding the political economy of the populist revolt, it is difficult to understand the true roots of populism, and consequently, to devise an appropriate democratic alternative to populism. Keywords: authoritarian populism; democratic populism; Karl Polanyi; political economy of populism A. Introduction There is a tendency in current constitutional thinking to reduce populism to a single set of universal elements. These theories juxtapose populism with constitutionalism and argue that pop- ulism is by definition antithetical to constitutionalism.1 Populism, according to this view, under- mines the very substance of constitutional (liberal) democracy. By attacking the core elements of constitutional democracy, such as independent courts, free media, civil rights and fair electoral rules, populism by necessity degenerates into one or another form of non-democratic and authori- tarian order. In this article, I argue that such an approach is not only historically inaccurate but also norma- tively flawed. There are historical examples of different forms of populism, like the New Deal in the US, which did not degenerate into authoritarianism and which actually helped the American democracy to survive the Big Depression of the 1930s.
    [Show full text]
  • The Oecd at the Turn of the Century: the World's Window on Globalization
    THE REINVENTING BRETTON WOODS COMMITTEE THE OECD AT THE TURN OF THE CENTURY: THE WORLD'S WINDOW ON GLOBALIZATION Conference Report and Recommendations April 4-5, 1997 New York City May 1997 CONTENTS Foreword .......................................................................................................................... 3 Executive Summary ........................................................................................................ 5 Recommendations ........................................................................................................... 7 Introduction ..................................................................................................................... 10 CHAPTER ONE: Why the OECD Needs Reform Part I. The Loss of Identity of the OECD ................................................ 13 Part II. A Pioneer and Interdisciplinary Institution .................................. 16 CHAPTER TWO: Regaining an Identity as the World's Window on Globalization Part I. A Window on Globalization ........................................................ 19 Part II. The OECD at the Crossroads of Cooperation between Old and New World's Major Players ............................................................................... 21 Part III. An Undisputed Forum for Assisting Non- and Future Members .. 23 CHAPTER THREE: Challenges Ahead: Membership, Governance and Visibility Part I. Definition of a Clear Membership ............................................... 26 Part II. Improving Efficiency by Reforming
    [Show full text]
  • Technological Revolution, Democratic Recession and Climate Change: the Limits of Law in a Changing World
    TECHNOLOGICAL REVOLUTION, DEMOCRATIC RECESSION AND CLIMATE CHANGE: THE LIMITS OF LAW IN A CHANGING WORLD Luís Roberto Barroso Senior Fellow, Carr Center for Human Rights Policy Justice, Brazilian Supreme Court CARR CENTER DISCUSSION PAPER SERIES Discussion Paper 2019-009 For Academic Citation: Luís Roberto Barroso. Technological Revolution, Democratic Recession and Climate Change: The Limits of Law in a Changing World. CCDP 2019-009. September 2019. The views expressed in Carr Center Discussion Paper Series are those of the author(s) and do not necessarily reflect those of the Harvard Kennedy School or of Harvard University. Discussion Papers have not undergone formal review and approval. Such papers are included in this series to elicit feedback and to encourage debate on important public policy challenges. Copyright belongs to the author(s). Papers may be downloaded for personal use only. Technological Revolution, Democratic Recession and Climate Change: The Limits of Law in a Changing World About the Author Luís Roberto Barroso is a Senior Fellow at the Carr Center for Human Rights Policy. He is a Justice at the Brazilian Supreme Court and a Law Professor at Rio de Janeiro State University. He holds a Master’s degree in Law from Yale Law School (LLM), and a Doctor’s degree (SJD) from the Rio de Janeiro State University. He was a Visiting Scholar at Harvard Law School in 2011 and has been Visiting Professor at different universities in Brazil and other countries. Carr Center for Human Rights Policy Harvard Kennedy School 79 JFK Street Cambridge, MA 02138 www.carrcenter.hks.harvard.edu Copyright 2019 Discussion Paper September 2019 Table of Contents TECHNOLOGICAL REVOLUTION, DEMOCRATIC RECESSION AND CLIMATE CHANGE: THE LIMITS OF LAW IN A CHANGING WORLD .....................................................................................................................................
    [Show full text]
  • Living Our Democratic Values
    Living Our Democratic Values Protecting human rights and upholding democratic values has been a perennial goal for presidents of both major political parties in the United States. Yet the current administration has abandoned our democratic allies and values by embracing authoritarian leaders, enabling corruption, and engaging in a transactional foreign policy. The next administration must take immediate steps to reverse harmful policies and halt human rights violations in U.S. domestic and foreign policy, demonstrating through words and deeds a renewed commitment to living our values. ›› 31 Center for American Progress | The First 100 Days: Living Our Democratic Values Over successive administrations, the United States has strived—however imperfectly— to uphold democratic values. Yet the current administration has actively undermined those values, damaging America’s democratic institutions and attacking the very idea of universal human rights.1 President Donald Trump has coddled dictators and repudi- ated America’s most reliable treaty allies.2 In the process, his administration has hobbled America’s ability to pursue its founding principles at home and abroad. Rebuilding America’s support for democracy and respect for human rights will take serious time and energy, and the next administration must get started immediately in January 2021. The damage that the next administration will need to repair is immense. It is hard to overestimate the harm that the current administration has inflicted. From daily attacks on the free press3 to intervening in Justice Department investigations4 to using the Oval Office to promote private business interests,5 the Trump administration has assaulted fundamental norms that American presidents and leaders have long upheld.
    [Show full text]
  • Pitchfork Politics Elections
    failed to gain traction in national THE AME Pitchfork Politics elections. On the left, the countercultural protest movements of the 1960s and The Populist Threat to 1970s challenged the status quo but didn’t secure institutional representa- R I Liberal Democracy tion until their radicalism had subsided. C As the political scientists Seymour AN DISTEMPER Yascha Mounk Martin Lipset and Stein Rokkan famously observed, during the postwar years, the party structures of North America and ince Roman times, virtually every western Europe were “frozen” to an type of government that holds unprecedented degree. Between 1960 Scompetitive elections has experi- and 1990, the parties represented in the enced some form of populism—some parliaments of Amsterdam, Copenhagen, attempt by ambitious politicians to Ottawa, Paris, Rome, Stockholm, Vienna, mobilize the masses in opposition to an and Washington barely changed. For a establishment they depict as corrupt or few decades, Western political establish- self-serving. From Tiberius Gracchus and ments held such a firm grip on power the populares of the Roman Senate, to the that most observers stopped noticing champions of the popolo in Machiavelli’s just how remarkable that stability was sixteenth-century Florence, to the Jacobins compared to the historical norm. in Paris in the late eighteenth century, Yet beginning in the 1990s, a new to the Jacksonian Democrats who stormed crop of populists began a steady rise. nineteenth-century Washington—all Over the past two decades, populist based their attempts at mass mobilization movements in Europe and the United on appeals to the simplicity and goodness States have uprooted traditional party of ordinary people.
    [Show full text]
  • 2016-2017 Report
    The Society of Fellows in the Humanities Annual Report 2016–2017 Society of Fellows Mail Code 5700 Columbia University 2960 Broadway New York, NY 10027 Phone: (212) 854-8443 Fax: (212) 662-7289 [email protected] www.societyoffellows.columbia.edu By FedEx or UPS: Society of Fellows 74 Morningside Drive Heyman Center, First Floor East Campus Residential Center Columbia University New York, NY 10027 Posters courtesy of designers Amelia Saul and Sean Boggs 2 Contents Report From The Chair 5 Special Events 31 Members of the 2016–2017 Governing Board 8 Heyman Center Events 35 • Event Highlights 36 Forty-Second Annual Fellowship Competition 9 • Public Humanities Initiative 47 Fellows in Residence 2016–2017 11 • Heyman Center Series and Workshops 50 • Benjamin Breen 12 Nietzsche 13/13 Seminar 50 • Christopher M. Florio 13 New Books in the Arts & Sciences 50 • David Gutkin 14 New Books in the Society of Fellows 54 • Heidi Hausse 15 The Program in World Philology 56 • Arden Hegele 16 • Full List of Heyman Center Events • Whitney Laemmli 17 2016–2017 57 • Max Mishler 18 • María González Pendás 19 Heyman Center Fellows 2016–2017 65 • Carmel Raz 20 Alumni Fellows News 71 Thursday Lectures Series 21 Alumni Fellows Directory 74 • Fall 2016: Fellows’ Talks 23 • Spring 2017: Shock and Reverberation 26 2016–2017 Fellows at the annual year-end Spring gathering (from left): María González Pendás (2016–2019), Arden Hegele (2016–2019), David Gutkin (2015–2017), Whitney Laemmli (2016–2019), Christopher Florio (2016–2019) Heidi Hausse (2016–2018), Max Mishler (2016–2017), and Carmel Raz (2015–2018).
    [Show full text]
  • The Future of the German-Jewish Past: Memory and the Question of Antisemitism
    Purdue University Purdue e-Pubs Purdue University Press Books Purdue University Press Fall 12-15-2020 The Future of the German-Jewish Past: Memory and the Question of Antisemitism Gideon Reuveni University of Sussex Diana University Franklin University of Sussex Follow this and additional works at: https://docs.lib.purdue.edu/purduepress_ebooks Part of the Jewish Studies Commons Recommended Citation Reuveni, Gideon, and Diana Franklin, The Future of the German-Jewish Past: Memory and the Question of Antisemitism. (2021). Purdue University Press. (Knowledge Unlatched Open Access Edition.) This document has been made available through Purdue e-Pubs, a service of the Purdue University Libraries. Please contact [email protected] for additional information. THE FUTURE OF THE GERMAN-JEWISH PAST THE FUTURE OF THE GERMAN-JEWISH PAST Memory and the Question of Antisemitism Edited by IDEON EUVENI AND G R DIANA FRANKLIN PURDUE UNIVERSITY PRESS | WEST LAFAYETTE, INDIANA Copyright 2021 by Purdue University. Printed in the United States of America. Cataloging-in-Publication data is on file at the Library of Congress. Paperback ISBN: 978-1-55753-711-9 An electronic version of this book is freely available, thanks to the support of librar- ies working with Knowledge Unlatched. KU is a collaborative initiative designed to make high-quality books Open Access for the public good. The Open Access ISBN for this book is 978-1-61249-703-7. Cover artwork: Painting by Arnold Daghani from What a Nice World, vol. 1, 185. The work is held in the University of Sussex Special Collections at The Keep, Arnold Daghani Collection, SxMs113/2/90.
    [Show full text]
  • Ko Voskuilen
    Orchestration in International Governance: the case of the India, Brazil and South Africa Dialogue Forum. Ko Voskuilen Leiden University Faculty of Humanities International Studies This thesis is submitted for the degree: Master of arts in International Relations. Ko Voskuilen July 2017 July 2017 S1215221 First reader: Dr. S.S, Regilme. Second reader: Dr. K. Smith. Wordcount: 14973. 2 Orchestration in International Governance: the case of the India, Brazil and South Africa Dialogue Forum. Contents. List of abbreviations. ............................................................................................................................... 4 Abstract. .................................................................................................................................................. 5 Introduction. ........................................................................................................................................... 5 Chapter 1 - Literature Review. ................................................................................................................ 8 Chapter 2 - Theory and methodology. .................................................................................................. 14 Chapter 3 - Putting IBSA in perspective. ............................................................................................... 22 South-South cooperation. ............................................................................................................. 22 IBSA ..............................................................................................................................................
    [Show full text]
  • Fast Policy Facts
    Fast Policy Facts By Paul Dufour In collaboration with Rebecca Melville - - - As they appeared in Innovation This Week Published by RE$EARCH MONEY www.researchmoneyinc.com from January 2017 - January 2018 Table of Contents #1: January 11, 2017 The History of S&T Strategy in Canada ........................................................................................................................... 4 #2: January 18, 2017 Female Science Ministers .................................................................................................................................................... 5 #3: February 1, 2017 AG Science Reports ................................................................................................................................................................ 6 #4: February 8, 2017 The deadline approaches… ................................................................................................................................................. 7 #5: February 15, 2017 How about a couple of key moments in the history of Business-Education relations in Canada? .............. 8 #6: February 22, 2017 Our True North ........................................................................................................................................................................ 9 #7: March 8, 2017 Women in Science - The Long Road .............................................................................................................................. 11 #8: March 15, 2017 Reflecting on basic
    [Show full text]
  • September 6, 2019 the Honorable
    1701 K STREET, N.W., SUITE 950 • WASHINGTON, D.C. 20006 • PHONE: 202.331.1616 • WWW.BRETTONWOODS.ORG September 6, 2019 The Honorable James E. Risch The Honorable Bob Menendez Chairman Ranking Member Committee on Foreign Relations Committee on Foreign Relations United States Senate United States Senate Dear Senator Risch and Senator Menendez: We write to ask that you support both the authorization and appropriations for the general capital increase (GCI) for the International Bank for Reconstruction and Development (IBRD) and the International Finance Corporation (IFC) of the World Bank Group. As you know, the World Bank Group’s shareholders endorsed an ambitious package of measures for the capital increase in 2018. It includes internal reforms and a set of policy measures that greatly strengthens the institution’s ability to scale up resources and deliver on its mission of fighting global poverty. It was developed in response to an increasingly complex development landscape and to confront emerging challenges to the global economy which will require a coordinated and sustained effort. The Bank has also developed, for the first time, a comprehensive strategy to address fragility, conflict and violence in countries where assistance is needed the most. It is important that the United States supports this effort because it: • Promotes National Security Interests World Bank support to countries where poverty and disease can breed political instability and foster extremism is vital to U.S. national security interests. World Bank projects promote stability in weak states and help mitigate cross-border problems – such as the Ebola outbreak and refugee crises – which precipitates positive spillover effects on national, regional, and global security fostering a safer world for all Americans.
    [Show full text]