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Tuesday, August 10, 2004

BANKING WORLD

The Herman Daly farewell speech

A decade ago, Herman Daly, Senior Economist in the Environment Department of the World Bank resigned after six years of work at the institution. He invited a number of World Bank economists and the press to a farewell speech in which he prescribed that the Bank take 'a few antacids and laxatives to cure the combination of managerial flatulence and organizational constipation giving rise to such a high-pressure internal environment' and to improve interactions with the external world he prescribed 'new eyeglasses and a hearing aid.'

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