The 1992 Rio Earth Summit was supposed to be a turning point for the World Bank. Environmental concerns would now play a major role in its lending--programs and projects would go beyond economic development to "sustainable development." More than two decades later, efforts to green the bank seem pallid.

Bruce Rich argues that the Bank's current institutional problems are extensions of flaws that had been present since its founding. His new book, "Foreclosing the Future," tells the story of the Bank from the Rio Earth Summit to today. For readers who want the full history of the Bank's environmental record, Rich's acclaimed 1994 critique, "Mortgaging the Earth," is an essential companion.
Called a "detailed and thought-provoking look at an important subject" by "The New York Times," "Mortgaging the Earth" analyzes the twenty year period leading up the Rio Summit. Rich offers not only an important history but critical insights about economic development that are ever-more relevant today.

This critique of World Bank operations examines the effects of this organization on the societies in which it operates. Highly critical of the Bank's practices in its 50 years of operation, the author demonstrates how the Bank has become virtually unaccountable and a law unto itself. He describes how the Bank has supported oppressive regimes and loaned money to support large projects which have displaced local populations. He argues further that the Bank's current policies of structural adjustment are arresting the development of Third World countries.

This critique of World Bank operations examines the effects of this organization on the societies in which it operates. Highly critical of the Bank's practices in its 50 years of operation, the author demonstrates how the Bank has become virtually unaccountable and a law unto itself. He describes how the Bank has supported oppressive regimes and loaned money to support large projects which have displaced local populations. He argues further that the Bank's current policies of structural adjustment are arresting the development of Third World countries.