Lineages of liberalism and miracles of modernisation: The World Bank, the East Asian trajectory and the international development debate

Abstract

Until recently the World Bank, arguably the most prestigious and one of the most powerful producers of international development knowledge, played an important role in encouraging the perception that the East Asian trajectory was a veritable miracle of capitalist development. This article begins with a brief discussion of the changes in the World Bank's understanding of development over the past 30 or 40 years. This is followed by an examination of the Bank's efforts to accommodate the East Asian trajectory within the dominant Anglo-American narrative on international development. It is argued that, in the context of the shifting contours of the international political economy and of important changes to the dominant international discourse on development, the World Bank has played a crucial role in domesticating the East Asian Miracle to the dominant liberal narrative of progress and in facilitating the wider reinvention of liberalism in the post-1945 period.