10. Speeches of World Bank Presidents [collection under construction]

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Strategies to Fight the Globalization Trap

( 2000-01-31) Wolfensohn, James D.

James D. Wolfensohn, President of the World Bank Group, discussed the concept of a globalization trap that have gotten support from quite a few critical publications recently. His concern with regards to globalization centers on two aspects of the problem. The first aspect is an increasingly imbalanced development path in which globalization is the reason for winner taking it all while the losers are left behind. The second aspect is that public interest is becoming secondary to individual interest, or turn it the other way around, globalization drives development, whereas government is at a loss to control it. An offensive strategy to fight the globalization trap is needed: the first aspect being a closer cooperation between the public and private sector to improve education and infrastructure, the second being to use the markets to solve problems rather than rely on government regulations, and the third is to make global communication facilities a tool for global cooperation.
Address to the International Labour Conference, June 13, 1997

(World Bank, Washington, DC, 1997-06-13) Wolfensohn, James D.

James D. Wolfensohn, President of the World Bank Group, discusses the relationship, which has been going on for years between the Bank and the International Labour Organization (ILO), has indeed been deepened and strengthened. The Bank has established some work programs, including joint studies on reform of vocational education and training systems, on the labor-market impact of export processing zones, and joint workshops for trade unionists on labor and development issues. Wolfensohn reviewed the differing role of the Bank compared to the ILO. The Bank is focusing direct and specific attention on poverty alleviation within a sustainable environment. He discussed other partners in development: other multilateral institutions, the private sector, civil society, and governments. The aims of the Bank and the ILO are linked to giving individuals a chance for freedom and economic opportunity with a sense of justice and fairness.