The World Bank Needs to Join the 21st Century

Nearly two decades into the 21st century, the World Bank remains a 20th-century institution. In recent years, its reputation has faded and its influence diminished—the natural outcome of the rise of China and other emerging markets and the increasing access of even the poorest countries to borrowing on the private capital market. The current World Bank president, Jim Yong Kim, essentially acknowledged his own institution’s reduced importance with his preemptive resignation, effective Feb. 1, to take a job with a private equity firm.