The rebellion in the World Bank might be seen as an enunciation of the enormous resistance coming across the world to the restructuring policies imposed by the Bank on developing nations (“ >Lessons from mutiny on the bounty ,” Oct. 21). Though, one cannot expect the bank to relinquish its neo-liberal agenda, it is essential that it has an honest review of its policies. The implications of these policies that are being imposed for the past three decades worldwide may be seen in light of this discontent within the organisation.
Pramod Gouri,
Rohtak, Haryana
The steady diet of bitter pills that the mean-spirited, economic hit-men of the World Bank prescribed for the working populace of many a nation, is a move now returning home to roost as the “ghosts of economic horrors past.” The lessons for India from this episode is quite clear. The pro-growth neo-liberalism that is endlessly chanted by our economic advisers and recycled from the World Bank/IMF is foretelling. The writer is on the mark when he says that economic advisers represent policies that are like “the recolonisation of the Indian mind.” As a nation, “buyer beware” should be our watchword.
G. Parameswaran,
Coimbatore
When the bank is looked at with awe, as an institution of super knowledge and governance, what was the need of appointing a consultant like McKinsey and with a humongous fee for a restructuring exercise? And why a fabulous bonanza for the CFO for “scarce skills” for doing his normal work? If this is what happens to people in the most affluent country, what happens to the poor is anyone’s guess.
One always thought the World Bank to be a role model as an employer. The article shows that the bank’s reputation is at stake.
Mani Payikkattu,
Kochi
