Despite massive investment of money and research aimed at ameliorating third-world poverty, the development strategies of the international financial institutions over the past few decades have been a profound failure. Under the tutelage of the World Bank, Africa experienced two lost decades in the 1980s and 1990s when economic growth all but disappeared. Poverty remains persistently high and inequality is rising. In Beyond the World Bank Agenda, Howard Stein argues that the controversial institution is plagued by a myopic, neoclassical mindset that wrongly focuses on individual rationality and downplays the social and political contexts that can either facilitate or impede development. Drawing on the examples of Africa, Asia, Latin America, and transitional European economies, this revolutionary volume proposes an alternative vision of institutional development with chapter-length applications to finance, state formation, and health care to provide a holistic, contextualized solution to the problems of developing nations.
