The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.
Opinion

When two worlds collide

On the evening before violent protesters disrupted this year's IMF/World Bank meeting in Prague, Jim Wolfensohn, president of the World Bank joined a panel discussing globalization with some untypical guests: Hong Kong trade union leader Elizabeth Tang and Paul Hewson, better known as Bono, lead singer of the Irish rock group U2.


The meeting was polite, if strains were evident. "I have never listened to so many financial people talk and in two days, I've learned a lot," said Tang. "I've learned that we live in two different worlds."


She added: "don't think workers and trade unions dislike globalization: we think it's inevitable. What we don't like is the consequence of decisions made by the World Bank and IMF which cause people to lose their jobs. Outside, in the real world, trade unions are being suppressed and weakened by policies of the World Bank and IMF on privatization and restructuring. In China, 10 million workers have been displaced by privatizations. Is the World Bank listening to these people?" She urged the World Bank to attach greater conditions to its biggest borrower, China.



Take out a complimentary trial

Take out a 7 day trial to gain unlimited access to Euromoney.com and Asiamoney.com analysis and receive expertly-curated updates direct to your inbox.

 

Already a user?

Login now

 

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree