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Notes PREFACE 1. One of the bad habits I picked up in the World Bank was referring to it simply as the Bank. Similarly, the International Monetary Fund, or IMF, is referred to as the Fund. 2. As in the case of the Soviet Union, much insight can be gained into the Bank by listening to the jokes. In this case, the joke was: “What’s the difference between Stiglitz and God?” Answer: “God is everywhere—including Washington.” 3. The joke is that after Joe’s last trip before his resignation, Joe was as usual called to Jim’s of‹ce. Jim said: “Joe, you missed the last management meeting!”—to which Joe replied: “Jim, I certainly would have made it if I knew it was the Last Management Meeting.” 4. One joke about the Joe and Jim show went as follows. Joe arrived to ‹nd the Bank divided into operations types (represented by Jim)—who built “cathedrals in the desert”—and research types (to be represented by Joe)— who built “castles in the air.” As the protests mounted, the external affairs (PR) department decided to take a page out of Jimmy Carter’s book and do a video of Joe and Jim building a house together to show the Bank doing good work. Jim supervised, and Joe was given a hammer and a box of nicely laid out nails. As the cameras rolled, Joe took out a nail and hammered it in and then took out the next nail and threw it away. After seeing this repeated several times, Jim intervened to ask why Joe was throwing away every other nail. Joe pointed out that if Jim had read any of Joe’s papers, then he would know that everything comes in two classes—and that those were the nails with the heads on the wrong end. Jim said: “Aha, now we see the superiority of the Bank’s operations people. We know there is nothing wrong with those nails; they are just for the opposite side of the house.” The video was never released. 5. For Joe’s farewell party, his staff put together a top ten list of reasons 265 why he resigned. The top reason was “He had just seen one too many ‘hot Summers’ in Washington.” 6. I contributed to ‹ve out of the nine speeches selected for the volume Joseph Stiglitz and the World Bank: The Rebel Within (Chang 2001), representing Stiglitz’s years in the Bank. 7. When Joe got the Nobel prize, his ex-staff put together another top ten list of reasons why Joe got the Nobel prize in economics, and the top reason was “Because there is no Nobel Prize in Organizational Management.” 8. Joe had renewed my three-year ‹xed-term contract while he was chief economist; I was never a regular “tenured” Bank staff member. 9. Many of the original memos are posted on my website www.ellerman .org under the heading “Notes, Memos, and other Rants from the World Bank.” 10. The partnership with Gheorge Efros in Moldova was particularly fruitful (see Ellerman and Kreacic 2002). 11. The managers who rise through the ranks (particularly vice presidents) often were in the Young Professionals (YPs) program. The YPs form an elite corps in the Bank that can only be likened to the Janissaries in the Ottoman Empire (see Coser’s 1974 study of the Janissaries and of other “Patterns of Undivided Commitment”). They were “kidnapped” out of (graduate) school and then raised up in the “sultan’s palace” so they had the total allegiance necessary to be the “elite managers” in the “empire,” and so they literally knew of no other way of doing things. CHAPTER 1 1. See and Oxfam 1985, 14. 2. Truman 1956, 227. Quoted in Dichter 2003, 286. 3. In the preface to their book, Dewey and Tufts identify which author wrote which chapter. All the quotes from Dewey and Tufts are from the chapters by Dewey. 4. Note the rephrasing that changes the people from being passive recipients of teaching to being active learners with some facilitation or help from others. 5. The latest are the Millennium Development Goals, or MDGs. See the World Bank’s site: The suggestions for changing development assistance to reach the MDGs run the whole gamut from more money to still more money. 6. See Easterly 2001 and Dichter 2003 generally and Van de Walle 2001 speci‹cally on Africa. 7. The...


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