catallaxy files

catallaxy in technical exile

Paul Wolfowitz at the World Bank

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Paul Wolfowitz has delivered his maiden speech at the World Bank. Extracts are posted on the site of the Mercatus Centre which is based at the George Mason University. There is a link to the full text of the speech at the World Bank site.

Wolfowitz said that sustainable development depends as much on leadership and accountability, on civil society and women, on the private sector and on the rule of law, as it does on labor or capital.

This echoes the theme of the United States’s Millennium Challenge Corporation and the work of several Mercatus Center scholars in emphasising the roles of formal and informal institutions, economic freedom, property rights, and the rule of law in development.

President Wolfowitz cited as key issues in development leadership and accountability, civil society and women, the private sector (“the most important engine of growth and job creation”), and the rule of law. Significantly, he set out a definition of results-based program evaluation that focuses on results as they relate to people.

The Millennium Challenge Corporation is an interesting development.

With strong bipartisan support, the Millennium Challenge Corporation (MCC) was established on January 23, 2004. Congress provided nearly $1 billion in initial funding for FY04 and $1.5 billion for FY05. The President has requested $3 billion for FY06 and pledged to increase annual funding for the MCA to $5 billion in the future.

The MCA draws on lessons learned about development over the past 50 years:

Aid is most effective when it reinforces sound political, economic and social policies – which are key to encouraging the inflows of private capital and increased trade – the real engines of economic growth;

Development plans supported by a broad range of stakeholders, and for which countries have primary responsibility, engender country ownership and are more likely to succeed;

Integrating monitoring and evaluation into the design of activities boosts effectiveness, accountability, and the transparency with which taxpayer resources are used.

Written by Admin

September 29, 2005 at 9:45 pm

Posted in Uncategorized

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