Brave New Words? A Critique of Stiglitz's World Bank Rethink

While in the position of Chief Economist of the World Bank, Joseph Stiglitz produced a string of papers, one of which proposed moving beyond the 'Washington consensus' to a 'new development paradigm', which he hoped the World Bank would espouse. This article offers a critique of that paper and the premises underlying any attempt to reposition an international banking agency. In particular, it focuses on Stiglitz's attempt to jettison 'conditionality' and his argument that developmental assistance should seek to foster socioeconomic transformation and not be about 'projects'. It also considers the ramifications of the call to make the World Bank 'the knowledge bank'. Finally, it highlights what is missing from the proposed paradigm, bearing in mind the World Bank's new 'holistic development framework'.