The Fund and Bank: learning the right lessons?

The Bretton Woods twins, the International Monetary Fund and the World Bank, now nearing 60, are not greatly loved these days. At their birth Keynes made a felicitous wish that a good fairy would bestow the gifts of universalism, courage and wisdom but added the hope that there was no wicked fairy around who would put a curse on them. Today, as they are blamed for many of the economic woes of the world, one wonders about that bad fairy. They are portrayed as bungling bureaucracies, the lackeys o