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International Financial Institutions and the Provision of International Public Goods

Stiglitz, Joseph E.

The paper argues that the main raison d'etre of international financial institutions is the provision of international public goods such as peace, economic stability, the safekeeping of the environment and the provision of knowledge. This role will not change, as only international public institutions are capable of providing these goods. For example, one area of special responsibility is knowledge about all issues relating to development, and the World Bank has increasingly acts as a clearing-house of best practices for some of its poorer members. However, if Is should act as a complement to private capital; they cannot be a substitute.

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Economics
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April 18, 2013
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