American - Public | July 25, 1953 -
Since I came to the World Bank in 2007, I have argued that we must 'modernize multilateralism.'
Robert Zoellick
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Great upheavals produce shock waves that widen cracks in political, economic, and security orders. Sometimes the old orders break. Yet it can be in the power of leaders and peoples to shape the directions of change.
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Japan rose from the ashes of World War II as a 'trading state,' the model for export-led growth. It is not clear that the old export model of growth will be sustainable in a more 'balanced' global economy that does not rely so heavily on the U.S. consumer.
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When I work with countries struggling to pay for budgets or finance trade deficits, I reflect on how Americans do not spend a moment considering the unique advantages of being able to issue bonds and print money freely.
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It is much harder for economies to prosper if they cannot sell to, buy from, invest with, and even transit their neighbors. Landlocked countries with failed or failing neighbors can lose access to the world economy.
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Private sector development and the creation of small businesses spur investment, jobs, opportunity, and hope. It empowers the market to meet local needs, whether for food, basic goods, or services.
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