Comment on Michaelowa and Michaelowa (2011): Climate business for poverty reduction: The role of the World Bank
- Catherine Weaver
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In 1962, Milton Friedman wrote that “there is one and only one social responsibility of business—to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud.” Friedman’s statement was clearly directed at private businesses in market economies, but it nonetheless invokes food for thought when we consider the roles and responsibilities of modern international governmental financial institutions today. In the case of the World Bank—the international organization (IO) under investigation in Michaelowa and Michaelowa’s (2011) insightful essay in this issue—the notion of socially responsible behavior is a complex one. Is the World Bank (hereafter the Bank) ultimately supposed to be a bank, motivated by profit accumulation? Or is the World Bank supposed to be a development agency, driven first and foremost by poverty alleviation goals?
- Friedman, M. (1962). Capitalism and freedom. Chicago: University of Chicago Press.
- Keohane, R., & Victor, D. (2011). Regime complex for climate change. Perspectives on Politics, 9(1), 5–21.
- Michaelowa, A., & Michaelowa, K. (2010). Coding error or statistical embellishment? The political economy of reporting climate aid. CIS Working Papers (56/2010; Zurich: Center for Comparative and International Studies (CIS), ETH Zurich and University of Zurich).
- Michaelowa, A., & Michaelowa, K. (2011). Climate business for poverty reduction? The role of the World Bank. Review of International Organizations 6.
- Comment on Michaelowa and Michaelowa (2011): Climate business for poverty reduction: The role of the World Bank
The Review of International Organizations
Volume 6, Issue 3-4 , pp 457-460
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- Print ISSN
- Online ISSN
- Springer US
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- World Bank
- Climate change
- Carbon finance
- Industry Sectors
- Catherine Weaver (1)
- Author Affiliations
- 1. LBJ School of Public Affairs, The University of Texas at Austin, 2315 Red River Street, Austin, TX, 78712, USA