The United States, theworld Bank, and the Challenges of International Development in the 1970s

Diplomatic History

Volumn 37, Issue 3, 2013, Pages 572-604

  Sharma, Patrick ^a  

^a NONE

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EID: 84878601026     PISSN: 01452096     EISSN: 14677709     Source Type: Journal    
DOI: 10.1093/dh/dht024     Document Type: Article

References (163)

1. Minutes of the Meeting of the President's Council (hereafter PC), September 23, 1973, Papers of the President: Robert S.McNamara (hereafterMcNamara Papers), President's Council Minutes, Box 1, World Bank Group Archives (hereafterWBGA).
2. Robert S.McNamara, "To the Board ofGovernors,Nairobi, Kenya, September 24, 1973," TheMcNamara Years at theWorld Bank: Major Policy Addresses of Robert S.McNamara, 1968-1981, ed. Robert S. McNamara (Baltimore, 1981), 230-63.
3. PC, September 26, 1973,McNamara Papers, President's Council Minutes, Box 1,WBGA.
4. Statement by Robert S. McNamara, President of the World Bank and the International Development Association, January 24, 1974, McNamara Papers, Statements, Speeches, and Interviews, Box 2, WBGA.
5. "House Defeats Bill to Give $1.5 Billion to World Bank Arm," The Wall Street Journal, January 24, 1974, 14.
6. "Hill Rejects Funding for Lending Agency," The Washington Post, January 24, 1974, A2.
7. "House Defeats Bill to Give $1.5 Billion to World Bank Arm," The Wall Street Journal, January 24, 1974, 14.
8. Edwin L. Dale, Jr., "House Votes Aid to Poor Nations," New York Times, July 3, 1974, 6.
9. In so doing, this article contributes to the burgeoning literature on the international history of the seventies. For the best treatment of the topic, see Niall Ferguson, Charles Maier, Erez Manela, andDaniel Sargent, eds., The Shock of theGlobal: The 1970s inPerspective (Cambridge,MA, 2010).
10. Jon V. Kofas, The Sword of Damocles: U.S. Financial Hegemony in Colombia and Chile, 1950-1970 (Westport, CT, 2002).
11. On the power of the World Bank presidency, see Andrew Shonfield, "TheWorld Bank," in The Evolution of International Organizations, edited by Evan Luard (New York, 1966), 235-36.
12. On the Bank's independence from the United States, see Amy L. S. Staples, "Seeing Diplomacy through Bankers' Eyes: The World Bank, the Anglo-Iranian Oil Crisis, and the Aswan High Dam," Diplomatic History 26, no. 3 (2002): 397-418.
13. Staples correctly points out that the bank's management and staff's self-identification as apolitical international civil servants reflected and reinforced the organization's relative autonomy. To this it should be added that the bank's marginal position in the world economy (in its first twenty years the organization lent a total of just over US$12 billion) allowed it to fund itself exclusively through bond sales and thereby avoid significant government scrutiny.
14. Deborah Shapley, Promise and Power: The Life and Times of Robert McNamara (Boston, 1993), 425-44.
15. Robert S.McNamara, The Essence of Security: Reflections in Office (New York, 1968), 141-58.
16. Martha Finnemore, "Redefining Development at the World Bank," in International Development and the Social Sciences: Essays on the History and Politics of Knowledge, ed. Frederick Cooper and Randall Packard (Berkeley, CA, 1997), 203-27.
17. RogerD. Hansen and the Staff of the OverseasDevelopment Council, The U.S. and World Development: Agenda for Action, 1976 (New York, 1976), Table E-11.
18. Charles P. Kindleberger, Power and Money: The Economics of International Politics and the Politics of International Economics (New York, 1970), 141-42.
19. Richard Nixon, "Special Message to the Congress Proposing Reform of the Foreign Assistance Program September 15, 1970." Available via The American Presidency Project (hereafter APP): http://www.presidency.ucsb.edu/ws/?pid=2661.
20. Kevin M. Casey, Saving International Capitalism during the Early Truman Presidency: The National Advisory Council on International Monetary and Financial Problems (New York, 2001).
21. RobertDavid Johnson, Congress and the Cold War (New York, 2006), 72.
22. Jeffrey F. Taffet, Foreign Aid as Foreign Policy: The Alliance for Progress in Latin America (New York, 2007), 40.
23. Randolph Jones, "Otto Passman and Foreign Aid: The Early Years," Louisiana History 26, no. 1 (1985): 53-62.
24. National Security Council Memorandum, Arnold Nachmanoff and Robert Hormats to GeneralHaig, May 6, 1971, RG56: Records Relating to International Financial Institutions, Box 9, National Archives and Records Administration (hereafter NARA).
25. Jonathan E. Sanford, U.S. Foreign Policy and Multilateral Development Banks (Boulder, CO, 1982), 121.
26. Babb, Behind the Development Banks, 67.
27. "Expropriation Policy, 1969-1972," Editorial Note 148, Foreign Relations of the United States (hereafter FRUS), 1969-1976, IV, Foreign Assistance, International Development, Trade Policies, 1969-1972.
28. In Latin America alone, U.S.-owned companies were expropriated on at least twenty-two separate occasions between 1968 and 1976.
29. Hal Brands, "Richard Nixon and Economic Nationalism in Latin America: The Problem of Expropriations, 1969-1974," Diplomacy and Statecraft 18, no. 1 (2007): 216.
30. Brands, "RichardNixon and EconomicNationalism," 221;Memorandumfor the Record, Meeting on Expropriation of Foreign Investments, October 21, 1971, McNamara Papers, Memoranda for the Record, Box 1, WBGA.
31. "Expropriation Policy, 1969-1972," Editorial Note 148, FRUS, 1969-1976, IV, Foreign Assistance, International Development, Trade Policies, 1969-1972.
32. Quoted in Catherine Gwin, "U.S. Relations with the World Bank, 1945-1992," in The World Bank: Its First Half Century, Volume Two: Perspectives, ed. Devesh Kapur, John P. Lewis, and Richard Webb (Washington, DC, 1997), 220-21.
33. Sanford, U.S. Foreign Policy, 120 and Babb, Behind the Development Banks, 64-65.
34. PC, April 1, 1968, McNamara Papers, President's Council Minutes, Box 1,WBGA; PC, April 14, 1969, McNamara Papers, President's Council Minutes, Box 1, WBGA.
35. United States General Accounting Office,More Effective United States Participation Needed in World Bank and International Development Association (Washington, DC, 1973), 2. These finding were echoed by a Congressional Research Service report issued the following year as U.S., Congress, House, Committee on Foreign Affairs, The United States and the Multilateral Development Banks, by Margaret Goodman and Jonathan Sanford, A Report to the Committee on Foreign Affairs, 93rd Cong., 2nd sess., 1974, 210.
36. Gwin, "U.S. Relations," 219-20.
37. Memorandum of Conversation, November 17, 1969, White House Situation Room, Subject: Discussions of References to Increased Japanese Economic Development Assistance in President's Talks with Japanese Prime Minister Sato, Nixon Presidential Materials, National Security Council Files, Name Files, Box 828, NARA; "Appointment of UN Development Program Administrator," FRUS, 1969-1976, Volume 5, United Nations, 1969-1972.
38. John Blaxall, interview with the author, January 2008.
39. World Bank Office Memorandum to Mr. Lester Nurick, Subject: Cases of Nationalization Relevant to the Iraqi Dispute, June 10, 1972, RG 56, Records Relating to International Financial Institutions, Box 1, NARA.
40. Memorandum of Conversation, Palm Springs, California, May 7, 1971, 2:50-5:45 p.m., Kissinger Office Files, Country Files, Middle East, Farland, Amb. (Pakistan), Nixon Presidential Materials,NSC Files, Box 138,NARA, cited in FRUS, 1969-1976, Volume XI, South Asia Crisis, 1971;Conversation among PresidentNixon, the President'sAssistant forNational Security Affairs (Kissinger), and Attorney General Mitchell, Washington, December 8, 1971, 4:20-5:01 p.m., FRUS, 1969-1976, Volume E-7, Documents on South Asia, 1969-1972.
41. Memorandum of Conversation, Washington, July 23, 1971, 12:50-1:18 p.m., Country Files, Middle East, India/Pakistan, July 1971, Nixon Presidential Materials, NSC Files, Box 643, NARA, cited in FRUS, 1969-1976, Volume XI, South Asia Crisis, 1971; Memorandum of Conversation, Washington, July 30, 1971, 6 p.m., Geopolitical File, South Asia, Chronological File, Nov 69 to July 1971, Kissinger Papers, Box CL 210, Library of Congress, Manuscript Division, cited in FRUS, 1969-1976, Volume XI, South Asia Crisis, 1971.
42. William Clark, "Reconsiderations: RobertMcNamara at theWorld Bank," Foreign Affairs 60, no. 1 (1981): 176; J. Burke Knapp, World Bank Oral History, Papers of J. Burke Knapp, Hoover Institution Archives.
43. J. Burke Knapp, World Bank Oral History, Papers of J. Burke Knapp, Hoover Institution Archives.
44. PC, March 5, 1973, McNamara Papers, President's Council Minutes, Box 1, WBGA; "Lists of White House 'Enemies' and Memorandums Relating to Those Named," New York Times, June 28, 1973, 38.
45. PC, January 5, 1970, McNamara Papers, President's Council Minutes, Box 1, WBGA
46. PC, June 7, 1971, McNamara Papers, President's Council Minutes, Box 1, WBGA.; Sanford, U.S. Foreign Policy, 62-63.
47. JohnM.Hennessy,Draft letter toChairman ofHouse Banking and Currency Committee, Senate Foreign Relations Committee, House and Senate Appropriations Sub-Committees on Foreign Operations, undated, RG 56, Office of International Development Banks, Chronological File, Box 1, NARA.
48. Memorandum for Secretary Shultz from John M. Hennessy, Assistant Secretary for International Affairs, Subject: "Stretch-out" U.S. Contribution to IDA, April 16, 1973, William E. Simon Papers (microfiche), Series IIIA Subject Files (D.S.) Drawer 14 Federal Energy Office Folders 14:1 thru 14:64, Gerald Ford Library (hereafter GFL).
49. PC, September 23, 1973,McNamara Papers, President'sCouncil Minutes, Box 1,WBGA.
50. Gwin, "U.S. Relations," 215.
51. On the decline in U.S. support for foreign aid during this time, see David Ekbladh, The Great AmericanMission: Modernization and the Construction of an American World Order (Princeton, NJ, 2010), 226-56.
52. Randall Bennett Woods, J. William Fulbright, Vietnam, and the Search for a Cold War Foreign Policy (New York, 1998), 255.
53. Selig S. Harrison, "Administration Plans New Aid Fund Attempt," The Washington Post, February 10, 1974, A17.
54. On developed country responses to the oil crisis, see G. John Ikenberry, "The Irony of State Strength: Comparative Responses to theOil Shocks in the 1970s," International Organization 40, no. 1 (1986): 105-37.
55. On the failure of the Iranian proposal, see Memorandum for the Record, Meeting with Mr. Ullberg, Minister Counsellor, Norwegian Embassy, March 1, 1974, McNamara Papers, Memoranda for the Record, Box 1, WBGA. On the failure of the Intermediate Financing Facility, see Kapur et al., TheWorld Bank, Volume One: History, 984. On the failure of the general capital increase, see Michael E. Akins, "United States Control over World Bank Group Decision-Making" (PhD diss., University of Pennsylvania, 1981), 147-55.
56. V.H. Oppenheim, "WhoseWorld Bank?" Foreign Policy 19 (1975): 106-8.
57. Quoted in Gwin, "U.S. Relations with theWorld Bank," 217.
58. PC,February 2, 1976, McNamara Papers, President's Council Minutes, Box 2, WBGA.
59. PC, December 16, 1974,McNamara Papers, President'sCouncil Minutes, Box 1,WBGA.
60. On American responses to theNIEO, see John Toye and Richard Toye, "From New Era to Neo-Liberalism: U.S. Strategy on Trade, Finance, and Development in the United Nations, 1964-1982," Forum for Development Studies 1, no. 32 (2005): 151-80.
61. Henry Kissinger, Global Consensus and Economic Development, Speech Delivered to the Seventh Special Session of the United Nations General Assembly, September 1, 1975 (Washington, DC, 1975)
62. Peter Dickson, Kissinger and the Meaning of History (Cambridge, UK, 1978), 181
63. PC, April 26, 1976, McNamara Papers, President's Council Minutes, Box 2, WBGA.
64. Robert Hormats, National Security Council memorandum for Brent Scowcroft, January 20, 1976, Subject: Nigeria: Treasury Intends to Oppose IBRD Lending, FRUS, 1969-1976, Volume E-6, Documents on Africa, 1973-1976.
65. On Kissinger's growing appreciation for the role of economics in international affairs, see Daniel J. Sargent, "The United States and Globalization in the 1970s," in The Shock of the Global, 49-51.
66. Kissinger to Simon, March 3, 1976, FRUS, 1969-1976, Volume E-6, Documents on Africa, 1973-1976.
67. PC, January 12, 1976, McNamara Papers, President's Council Minutes, Box 2, WBGA; By contrast, the U.S. put up 41 percent of the Bank's initial capital and held 25 percent in 1975. Akins, "United States Control," 147-55.
68. In fact, at the same time that he was working to limit the IBRD and IDA Simon led a campaign to increase the size of the International Finance Corporation (IFC), the Bank's private-sector lending arm. See PC, February 2, 1976, McNamara Papers, President's Council Minutes, Box 2, WBGA.
69. PC, April 5, 1976, McNamara Papers, President's Council Minutes, Box 2, WBGA.
70. Marian D. Irish and Elke Frank, U.S. Foreign Policy: Context, Conduct, Content (New York, 1975), 444.
71. James L. Sundquist, The Decline and Resurgence of Congress (Washington, DC, 1981), 275.
72. Alice Widener, "McNamara Should Go," Human Events, October 21, 1972, 17; Ralph de Toledano, "McNamara SnubsWorld Bank Info," Human Events, September 3, 1977, 15.
73. For instance, in 1974 McNamara responded to a question about his thoughts about VietnamWar by stating that "for six years I have remained silent on national issues. I know you and your colleagues wonder why, and the answer is very simple. TheWorld Bank is owned by 123 nations." Meet the Press, March 24, 1974, McNamara Papers, Statements, Speeches, and Interviews, Box 2, WBGA.
74. Bruno S. Frey and Friedrich Schneider, "Competing Models of International Lending Activity," Journal of Development Economics 20, no. 2 (1986): 225-45.
75. See, for instance, Walden Bello, David Kinley, and Elaine Elinson, Development Debacle: The World Bank in the Philippines (San Francisco, CA, 1982).
76. CherylPayer, The World Bank: A Critical Analysis (New York, 1982).
77. PC,November 16, 1970,McNamara Papers, President'sCouncil Minutes, Box 1,WBGA.
78. On Nixon and Kissinger's efforts to overthrow Allende, see Lubna Z. Qureshi, Nixon, Kissinger, and Allende: U.S. Involvement in the 1973 Coup in Chile (Lanham, MD, 2009).
79. John Hugh Crimmins, Acting Chairman, AdHoc InteragencyWorking Group on Chile, Memorandum for Mr. Henry A. Kissinger, December 4, 1970, in "Chile and the United States: Declassified Documents Relating to the Military Coup, 1970-1976," National Security Archive (hereafter NSA). http://www.gwu.edu/_nsarchiv/NSAEBB/NSAEBB8/nsaebb8.htm.
80. On Allende's economic policies, see Edward Boorstein, Allende's Chile: An Inside View (New York, 1977). On Chile's external debt, see Daniel L. Michael, "Nixon, Chile and Shadows of the Cold War: U.S.-Chilean Relations during the Government of Salvador Allende, 1970-1973," (PhD diss., The GeorgeWashington University, 2005).
81. Memorandum, Richard Dosik to files, "Chile-Mr. Knapp's Meeting with Delegation," October 4, 1971, in Kapur et al., The World Bank, Vol. 1, 1007.
82. Quoted in "Chile and theWorld Bank," U.S., Congress, House, Committee on Foreign Affairs, United States and Chile During the Allende Years, 1970-1973, Hearings before the Subcommittee on Inter-American Affairs, a compilation (Washington, DC, 1975), 445.
83. PC, October 18, 1971, McNamara Papers, President's Council Minutes, Box 1, WBGA; PC, November 29, 1971, McNamara Papers, President's Council Minutes, Box 1, WBGA; PC, January 10, 1972, McNamara Papers, President's Council Minutes, Box 1, WBGA.
84. Memorandum, Knapp to McNamara, January 6, 1972, in Kapur et al., The World Bank, Vol. 1, 1007.
85. PC,October 2, 1972, McNamara Papers, President's Council Minutes, Box 1, WBGA.
86. Gwin, "U.S. Relations with the World Bank," 265.
87. PC, January 22, 1973, McNamara Papers, President's Council Minutes, Box 1, WBGA.
88. Kapur et al., The World Bank, Vol. 1, 1008.
89. PC, July 16, 1973, McNamara Papers, President's Council Minutes, Box 1, WBGA.
90. PC, June 18, 1973, McNamara Papers, President's Council Minutes, Box 1, WBGA.
91. For views that attribute the bank's decision to cutoff lending to Chile to Nixon administration pressure, see Don M. Coerver and Linda B. Hall, Tangled Destinies: Latin America and the United States (Albuquerque, NM, 1999), 140; and Michael Reid, Forgotten Continent: The Battle for Latin America's Soul (New Haven, CT, 2007), 112.
92. Clark, "Reconsiderations," 179; Ann Crittenden, "Rich Nations, Poor Nations: All in Trouble," New York Times, November 21, 1976, 163.
93. Stephen Eccles, interview with the author, January 2008.
94. Quoted in Babb, Behind the Development Banks, 62-63.
95. Robert S. Allen, "World Bank Generous to Its Executives," Human Events, September 11, 1976, 19.
96. PC, March 28, 1977, McNamara Papers, President's Council Minutes, Box 2, WBGA; "Doing Well by Doing Good," The Nation, December 17, 1977.
97. Congressional Quarterly, Congressional Quarterly Almanac 1976, 787; Babb, Behind the Development Banks, 67.
98. Clarence Long, "Segment Three," National Broadcasting Corporation, May 23, 1978, McNamara Papers, Statements, Speeches, and Interviews, Box 2, WBGA.
99. Transcript of Robert S. McNamara Speaking to a Press Seminar in the World Bank on May 10, 1978,McNamara Papers, Statements, Speeches, and Interviews, Box 2,WBGA. Also see PC, September 28, 1977, McNamara Papers, President's Council Minutes, Box 2, WBGA; PC, April 17, 1978, McNamara Papers, President's Council Minutes, Box 2, WBGA.
100. "Staff Compensation Policy: Recommendations of the Management of the Bank," April 1979 and Statement by the Managing Director on 1980 Staff Compensation Review, IMF Executive Board Meeting 81/85, June 5, 1981, Computer Database, Archives of the International Monetary Fund.
101. PC, April 17, 1978, McNamara Papers, President's Council Minutes, Box 2, WBGA.
102. Clark, "Reconsiderations," 180.
103. PC, April 17, 1978, McNamara Papers, President's Council Minutes, Box 2, WBGA.
104. James Grant, "Strings Attached: Will Congress Finally Hobble the World Bank?" Barron's, July 18, 1977.
105. Clair Apodaca, "U.S. Human Rights Policy and Foreign Assistance: A Short History," Ritsumeikan International Affairs 3 (2005): 64.
106. Charles W. Yost, "ShouldU.S. Tie Aid toHumanRights?" The Christian ScienceMonitor, November 28, 1975.
107. To Board of Governors from Ken Guenther, Subject: House Rejection of Conference Report, September 19, 1977, Arthur Burns Papers, 1969-1978, Federal Reserve Board Subject File: IMF/IBRD Meeting, Washington, Sept. 30 to Oct. 4, 1974: Summary Proceedings, Box B71, GFL.
108. PC, March 14, 1977, McNamara Papers, President's Council Minutes, Box 2, WBGA.
109. PC, October 25, 1977,McNamara Papers, President's Council Minutes, Box 2,WBGA.
110. Transcript of Robert S. McNamara Speaking to a Press Seminar in theWorld Bank on May 10, 1978, McNamara Papers, Statements, Speeches, and Interviews, Box 2, WBGA.
111. Congressional Quarterly Almanac, Vol. 33 (Washington, DC, 1977), 370-75.
112. PC,February15, 1978,McNamara Papers, President'sCouncil Minutes, Box 2,WBGA.
113. U.S., Congress, Senate, Committee on Foreign Relations, U.S. Policy and theMultilateral Banks: Politicization and Effectiveness, by Jonathan E. Sanford, a Staff Report to the Subcommittee on Foreign Assistance, 95th Cong., 1st sess., May, 1977, 5.
114. Sanford, Multilateral Development Banks: Politicization and Effectiveness, 1977, 10. The senate foreign relations committee repealed the law in March 1977. According to Hubert Humphrey the restriction had been "an ineffectual message to India to 'drop dead.'" Quoted in Washington Post, March 31, 1977. Also see Akins, "United States Control," 222.
115. Sanford, Multilateral Development Banks: Politicization and Effectiveness, 1977, 31.
116. IBRD/IDA, Annual Report, 1981, 86; Clark, "Reconsiderations," 169, footnote 1.
117. IBRD/IDA, Annual Report, 1968, 89; IBRD/IDA, Annual Report, 1981, 162.
118. Memorandum for the President from W. Michael Blumenthal, Subject: Robert McNamara's Serving Another Term as President of the World Bank, March 25, 1977, Presidential Papers of Jimmy Carter, White House Central File Subject File, IT-3, Jimmy Carter Library (hereafter JCL).
119. McNamara,Remarks before Congressional Breakfast Audience,March 30, 1977, McNamara Papers, Statements, Speeches, and Interviews, Box 2, WBGA.
120. PC, April 4, 1977,McNamara Papers, President's Council Minutes, Box 2,WBGA; PC, December 5, 1977, McNamara Papers, President's Council Minutes, Box 2,WBGA; PC, March 13, 1978, McNamara Papers, President's Council Minutes, Box 1, WBGA; Babb, Behind the Development Banks, 69; Kapur, et al., The World Bank, Vol. 1, 1144.
121. Shapley, Promise and Power, 491; William Safire, Before the Fall: An Inside View of the Pre-Watergate White House (Garden City, NY, 1975), 192.
122. "Kissinger and World Bank President Robert McNamara, 3 January 1973, 5:45 p.m.," Nixon Presidential Materials Project, Henry A. Kissinger Telephone Conversations Transcripts, Chronological File, Box 17, 1973, 2-6, NSA.
123. PC, April 7, 1969,McNamara Papers, President's Council Minutes, Box 1,WBGA; PC, June 30, 1969, McNamara Papers, President's Council Minutes, Box 1, WBGA. This contrasts with David Ekbladh's claim that, as president of the World Bank, McNamara opposed efforts to develop the Mekong Delta. See Ekbladh, The Great American Mission, 224-25.
124. Letter, McNamara to Tran-Thien-Khiem, Prime Minister of Vietnam, April 19, 1971 McNamara Papers, Chronological Files (Outgoing), Box 2, WBGA.
125. PC, January 22, 1973,McNamara Papers, President's Council Minutes, Box 1, WBGA; PC, May 21, 1973, McNamara Papers, President's Council Minutes, Box 1, WBGA.
126. Mark Selden, "Multinational Aid to Saigon," The Nation, April 6, 1974, 422-23.
127. Quoted in Sanford, U.S. Foreign Policy, 214.
128. Sanford, U.S. Foreign Policy, 214.
129. Gabriel Kolko, "The United States Effort to Mobilise World Bank Aid to Saigon," Journal of Contemporary Asia 5, no. 1 (1975): 42-52.
130. World Bank Projects Database: http://www.worldbank.org/projects.
131. Babb, Behind the Development Banks, 67
132. Schoultz, "United States Participation," 566-67.
133. "House Would Bar World Bank Use of U.S. Funds to Aid Vietnam," The Washington Post, July 19, 1979.
134. PC, September 10, 1979, McNamara Papers, President's Council Minutes, Box 2, WBGA; PC, September 17, 1979, McNamara Papers, President's Council Minutes, Box 2, WBGA.
135. PC, April 30, 1979, McNamara Papers, President's Council Minutes, Box 2, WBGA.
136. Gwin, "U.S. Relations," 226.
137. ClydeH. Farnsworth, "Legislative Snags Peril Foreign Aid," New York Times, December 10, 1979, D4; PC, September 10, 1979.
138. McNamara Papers, President's Council Minutes, Box 2, WBGA; PC, September 17, 1979, McNamara Papers, President's Council Minutes, Box 2, WBGA.
139. Shapley, Promise and Power, 571
140. Babb, Behind the Development Banks, 67
141. Schoultz, "United States Participation," 566-67.
142. Republican Party Platform of 1980, Adopted by the Republican National Convention, July 15, 1980, Detroit, Michigan. Available via the APP: http://www.presidency.ucsb. edu/ws/?pid=25844.
143. William Greider, "The Education of David Stockman," The Atlantic (December 1981): 27-54
144. Robert Ayers, "Breaking the Bank," Foreign Policy 43 (1981): 104
145. Kenneth H. Bacon, "President Vows Big Budget Cuts in Inflation Fight," TheWall Street Journal, January 30, 1981, 3.
146. Ayers, "Breaking the Bank," 106
147. Stockman, The Triumph of Politics: How the Reagan Revolution Failed (New York, 1986), 116-19.
148. PC, November 10, 1980, McNamara Papers, President's Council Minutes, Box 2, WBGA.
149. Ayers, "Breaking the Bank," 105.
150. United States Department of the Treasury, Assessment of U.S. Participation in the Multilateral Development Banks in the 1980s (Washington, DC, 1981).
151. Department of the Treasury, Assessment of U.S. Participation, 56.
152. "G.O.P. is Pulled onto Bandwagon for Foreign Aid," New York Times, December 13, 1981, E3.
153. HarveyD. Shapiro, "America's Conservatives Close in on the World Bank," Institutional Investor (September 1981), 111-20.
154. Cooper and Randall, eds., International Development and the Social Sciences
155. David C. Engerman, Nils Gilman, Mark H. Haefele, and Michael E. Latham, eds., Staging Growth: Modernization, Development, and the Global Cold War (Amherst, MA, 2003).
156. Ekbladh, The Great American Mission.
157. Atlaf Gauhar, "Editorial," Third World Quarterly 4, no. 2 (1982): xvii.
158. Robert Paarlberg andMichael Lipton, "Changing Missions at theWorld Bank," World Policy Journal 8, no. 3 (1991): 475-98.
159. Ronald Reagan, "Remarks at the Annual Meeting of the Boards of Governors of the World Bank Group and International Monetary Fund, September 29, 1981." Available via the APP: http://www.presidency.ucsb.edu/ws/?pid=44311.
160. Toye and Toye, "From New Era to Neo-Liberalism," 177.
161. On the World Bank's role in the international debt crisis, see Kapur et al., The World Bank, Vol. 1, 595-682.
162. Walden Bello with Shea Cunningham and Bill Rau, Dark Victory: The United States, Structural Adjustment, and Global Poverty (London, 1994)
163. Donald Edward Sherblom, "The Latin American Debt Crisis and United States Hegemony" (PhD diss., New School for Social Research, 1992).