As the World Bank and the International Monetary Fund gather this week, they will rightfully claim to be at the center of the international financial system, as central bank governors, finance ministers, private sector participants, and civil society organizations from around the world descend on Washington.
As with all international organizations, the World Bank and IMF prefer the involvement of all nations, not just those that hold the original values and aims of economic integration in the aftermath of World War II. Unfortunately, this is a mistake.
This all-inclusive approach may be appropriate for a diplomatic organization such as the United Nations. But the World Bank and the IMF are financial institutions, designed by the West to promote development and economic growth and stability. They were not designed for participation by non-market economies such as China, nor for promotion of their interests.
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Dan Katz is an adjunct fellow at the Manhattan Institute and served as a senior advisor at the United States Department of the Treasury from 2019 to 2021. D.J. Nordquist, a senior advisor at the Center for Strategic and International Studies, served as the U.S. executive director of the World Bank Group.
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