Word: economisters
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...following year, however, he suffered a major blow at the hands of the Economist, which published the now-infamous internal memo from his desk at the World Bank...
...Lawrence Summers, chief economist of the World Bank, sent a memorandum to some colleagues on December 12th,” the short, straightforward write-up said. “The Economist has a copy. Some of the memo has caused a fuss within the Bank...
While the Economist called the memo’s language “crass,” they extended an appeal for balance at the end of their article, asking readers to “look at it another way: Mr. Summers is asking questions that the World Bank would rather ignore—and, on the economics, his points are hard to answer...
Despite the magazine’s advocacy, the day after the piece ran, the Financial Times announced that Summers had “found himself embroiled in controversy after the leaking of an internal memorandum.” Indeed, the weeks following the Economist leak made Summers the target of a barrage of shock and fury from environmentalist groups and policy makers. Brazilian officials filed a protest with the World Bank, while Greenpeace took the honor of being the first group ever to call for Summers’ resignation. The Boston Globe dubbed him the “enfant terrible...
Summers apologized, telling his critics that the memo was supposed to be a “sardonic counterpoint, an effort to sharpen the analysis” and that he had not been advancing a serious policy option. The week after the story broke, the Economist came to Summers’ defense, editorializing in eerily familiar terms that if Summers “was merely trying to provoke debate,” “it is to be hoped that he succeeds—and that the Bank does not, instead, go silent on the subject...