Excerpts from Joseph Stiglitz's speech to the World Bank, April 1999

The Journal has published several articles critical of the World Bank and the International Monetary Fund. These articles have shown the damage caused by the neoliberal policies advocated by these agencies to the health and quality of life of the people in countries where such policies are carried out. Published here are excerpts of a speech given by Joseph Stiglitz, senior economist of the World Bank, in which he finally recognizes the damage these policies have caused in Russia, where life expectancy has fallen quite dramatically during the years of neoliberal reform. The question triggered by his speech is why the World Bank continues its neoliberal policies.