Wednesday, January 25, 2006

The Sachs File (II)

Daniel of Crooked Timber has an interesting (if slightly intemperate) post on the "Harvard Boys" and how they "lost Russia". Of particular note is (and he’s referring to an article he has just read):

it was interesting the extent to which Jeffrey Sachs, who suffered quite a lot of damage to his reputation through being the titular head of HIID [Harvard Institute of International Development] at the time it all blew up, wasn’t actually in charge

There are links to longer articles in Daniel's post; I haven't read them yet, but from what Daniel appears to say, Sachs's role in the debacle was in no way criminal and that may have even had little role in the incredibly bad economic decisions that were made.

Daniel also makes a very good (general) point re corruption being something that only occurs in the third world (and never affects multi-lateral institutions - oh no never - no sireeee):

an accurate reflection of the attitude of a lot of the neoliberal class; corruption is what poor people do in countries that aren’t ready for democracy and it’s a good reason to never let them have any money. What you and me do, that can’t be corruption because we are the high priests of the market.

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