[World] Bank researchers have...done extremely visible work on globalization, on aid effectiveness, and on growth and poverty. In many ways, they have been the leaders in these issues. But the panel had substantial criticisms of the way that the research was used to proselytize on behalf of Bank policy, often without taking a balanced view, and without expressing appropriate skepticism. Internal research that is favorable to Bank positions was given great prominence, and unfavorable research ignored. In these cases, we believe that there was a serious failure of checks and balances that should have separated advocacy and research. The panel endorses the right of the Bank to strongly defend and advocate its own policies. But when the Bank leadership selectively appeals to relatively new and untested research as hard evidence that these preferred policies work, it lends unwarranted confidence to the Bank's prescriptions. Placing fragile selected new research results on a pedestal invites later recrimination that undermines the credibility and usefulness of all Bank research.
(
An Evaluation of World Bank Research, 1998-2005)
Globalization has failed to provide capital a escape route from its accumulating crises. With its failure, we are now seeing capitalist elites giving up on it and resorting to nationalist strategies of protection and state-backed competition for global markets and global resources, with the US capitalist class leading the way. This is the context that Jeffrey Sachs and other social democrats fail to appreciate when they advance their utopia: an "enlightened global capitalism" that would both promote and "humanize" globalization.
Late capitalism has an irreversible destructive logic. Instead of engaging in the impossible task of humanizing a failed globalist project, the urgent challenge facing us is managing the retreat from globalization so that it does not provoke the proliferation of runaway conflicts and destabilizing developments such as those that marked the end of the first wave of globalization in 1914.
by
Walden Bello*
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