1
00:00:00,120 --> 00:00:03,880
Speaker 1: With degrees and doctorates from Harvard and Brown University. Dr

2
00:00:04,000 --> 00:00:06,680
Speaker 1: Jim Young Kim is one of the best educated people

3
00:00:06,720 --> 00:00:09,240
Speaker 1: to ever serve as head of the World Bank, but

4
00:00:09,280 --> 00:00:12,559
Speaker 1: he's also one of the most unconventional. Kim's degrees are

5
00:00:12,600 --> 00:00:16,560
Speaker 1: in biology and anthropology, and his job history includes time

6
00:00:16,640 --> 00:00:20,000
Speaker 1: as a professor at Harvard and president of Dartmouth College,

7
00:00:20,120 --> 00:00:22,760
Speaker 1: where he was the first Asian American to lead at

8
00:00:22,800 --> 00:00:26,720
Speaker 1: Ivy League institution. But when President Obama nominated Kim to

9
00:00:26,840 --> 00:00:29,520
Speaker 1: lead the World Bank in twelve, he took on the

10
00:00:29,600 --> 00:00:32,280
Speaker 1: role with great zeal, calling the Bank one of the

11
00:00:32,320 --> 00:00:37,080
Speaker 1: most critical institutions fighting poverty and providing assistance to developing

12
00:00:37,120 --> 00:00:40,160
Speaker 1: countries in the world. Kim won the election to become

13
00:00:40,200 --> 00:00:43,159
Speaker 1: President of the World Bank in April of twelve, and

14
00:00:43,240 --> 00:00:45,640
Speaker 1: he was re elected to the role in September of

15
00:00:45,640 --> 00:00:49,239
Speaker 1: twenty six. He recently sat down with Carlisle Group co

16
00:00:49,320 --> 00:00:53,559
Speaker 1: founder David Rubinstein. They spoke on David Rubinstein's Bloomberg television

17
00:00:53,600 --> 00:00:57,040
Speaker 1: program Peer to Peer Conversations. He became the president of

18
00:00:57,120 --> 00:00:59,600
Speaker 1: Dartmouth I think in two thousand nine. Here there for

19
00:00:59,600 --> 00:01:02,080
Speaker 1: a couple of years, and you're a trained as a

20
00:01:02,120 --> 00:01:06,600
Speaker 1: medical doctor, and as a social anthropologist, you have no

21
00:01:06,680 --> 00:01:11,759
Speaker 1: finance background. Um, all of a sudden, somebody says, would

22
00:01:11,760 --> 00:01:13,959
Speaker 1: you like to be the president of the World Bank?

23
00:01:14,840 --> 00:01:17,000
Speaker 1: What would make you think that would be a job

24
00:01:17,080 --> 00:01:19,200
Speaker 1: you would be qualified for? And why would you want

25
00:01:19,200 --> 00:01:22,000
Speaker 1: to leave the academic setting that you've spent much of

26
00:01:22,000 --> 00:01:25,280
Speaker 1: your life in. Well, it was a it's a question

27
00:01:25,319 --> 00:01:27,679
Speaker 1: that a lot of people in the financial world asked

28
00:01:27,680 --> 00:01:31,360
Speaker 1: as well when I was nominated. But you know, we

29
00:01:31,920 --> 00:01:35,080
Speaker 1: had always known, in all of my years working in development,

30
00:01:35,280 --> 00:01:38,840
Speaker 1: that the World Bank was the most important institution for

31
00:01:38,920 --> 00:01:43,800
Speaker 1: people who wanted to help poor countries develop. And so, UM,

32
00:01:44,000 --> 00:01:47,319
Speaker 1: I came to the interview with President Obama and he

33
00:01:47,360 --> 00:01:50,720
Speaker 1: was asking me exactly the same question. He literally said

34
00:01:50,720 --> 00:01:54,080
Speaker 1: to me, why should I nominate you and not a

35
00:01:54,080 --> 00:01:57,080
Speaker 1: macar economist? And so that this is when I when

36
00:01:57,120 --> 00:01:59,920
Speaker 1: I made the pitch, probably the most important pitch I've

37
00:02:00,000 --> 00:02:02,680
Speaker 1: made in my life. I said, well, you know, um,

38
00:02:02,920 --> 00:02:04,880
Speaker 1: the first question I asked him was have you read

39
00:02:05,320 --> 00:02:08,079
Speaker 1: your mother's PhD dissertation? And he looked at me and

40
00:02:08,120 --> 00:02:10,160
Speaker 1: he said, well, yeah, I have. And I said, well,

41
00:02:10,200 --> 00:02:12,360
Speaker 1: you know, I'm an anthropologist like her. And so I

42
00:02:12,360 --> 00:02:15,040
Speaker 1: said to him, you know, I haven't been in the

43
00:02:15,040 --> 00:02:18,000
Speaker 1: finance world, but I've been on the ground doing development

44
00:02:18,000 --> 00:02:20,280
Speaker 1: work for most of my adult life. I'll be able

45
00:02:20,320 --> 00:02:22,840
Speaker 1: to tell you how it's working on the ground. And

46
00:02:22,840 --> 00:02:24,280
Speaker 1: he just looked at me and he said, okay, I

47
00:02:24,320 --> 00:02:28,000
Speaker 1: get that. So was he surprised you actually read his

48
00:02:28,080 --> 00:02:32,320
Speaker 1: mother's PhD thesis? He was, he was, And he later

49
00:02:33,240 --> 00:02:36,240
Speaker 1: we were together in a more informal setting and he said,

50
00:02:36,280 --> 00:02:37,960
Speaker 1: you know, Jim, that was one of the best ploys

51
00:02:38,000 --> 00:02:41,600
Speaker 1: to get a job I've ever seen. All right, so

52
00:02:41,960 --> 00:02:44,600
Speaker 1: did you feel intimidated for this job when you didn't

53
00:02:44,639 --> 00:02:47,200
Speaker 1: have those kind of backgrounds? Are not? Well? I certainly

54
00:02:47,360 --> 00:02:50,600
Speaker 1: felt humbled about about it. And and uh, you know,

55
00:02:50,639 --> 00:02:52,399
Speaker 1: we have people here in the audience, many of them

56
00:02:52,560 --> 00:02:55,240
Speaker 1: taught me a lot about how the World Bank works,

57
00:02:55,240 --> 00:02:58,360
Speaker 1: and so um, I I felt like, well, you know,

58
00:02:58,840 --> 00:03:02,799
Speaker 1: learning finance and learning macroeconomics is going to be a

59
00:03:02,880 --> 00:03:06,800
Speaker 1: huge challenge for me, But for the previous presidents coming

60
00:03:06,840 --> 00:03:09,960
Speaker 1: in learning development must have been an even bigger challenge

61
00:03:10,080 --> 00:03:12,640
Speaker 1: for them. And so I felt like I knew about

62
00:03:12,680 --> 00:03:15,240
Speaker 1: what development was like, what working in developing countries was like.

63
00:03:15,639 --> 00:03:18,200
Speaker 1: And then I really worked hard to learn the other

64
00:03:18,400 --> 00:03:20,840
Speaker 1: the other things that I needed to learn when I

65
00:03:20,880 --> 00:03:23,120
Speaker 1: got here. When you show up at a meeting or

66
00:03:23,160 --> 00:03:25,359
Speaker 1: something and you tell people you're the president World Bank

67
00:03:25,400 --> 00:03:28,000
Speaker 1: to they their eyes kind of open wider or their

68
00:03:28,080 --> 00:03:30,280
Speaker 1: jaws drop. It's a pretty good title. But it depends

69
00:03:30,280 --> 00:03:33,760
Speaker 1: on where you are, right. So when I in in Washington,

70
00:03:33,880 --> 00:03:35,360
Speaker 1: if you do that, they'll say, well, do you guys

71
00:03:35,400 --> 00:03:38,760
Speaker 1: have a branch in Alexandria? Right? Uh? And do you

72
00:03:38,800 --> 00:03:40,400
Speaker 1: have a T M S. I mean so, so some

73
00:03:40,480 --> 00:03:43,480
Speaker 1: places you're extremely well known, right in other places you're

74
00:03:43,480 --> 00:03:45,920
Speaker 1: not known at all. But when you're, let's playing golf,

75
00:03:45,960 --> 00:03:48,480
Speaker 1: and you're a very good golfer, you're like five handicap

76
00:03:48,520 --> 00:03:50,720
Speaker 1: as I understand it, very good golfer. I'll ask you

77
00:03:50,720 --> 00:03:53,480
Speaker 1: about that later. Do people give you punch more than

78
00:03:53,520 --> 00:03:55,600
Speaker 1: they used to when your president World Bank? Or that

79
00:03:55,640 --> 00:03:58,360
Speaker 1: doesn't happen, not at all, not at all. You know,

80
00:03:58,400 --> 00:04:01,440
Speaker 1: they have the mistaken impression that that I have access

81
00:04:01,480 --> 00:04:03,320
Speaker 1: to cash myself, and so they're trying to get that

82
00:04:03,520 --> 00:04:06,600
Speaker 1: from me. Let's talk about your background. Why did your

83
00:04:06,640 --> 00:04:08,880
Speaker 1: parents come to the United States. Your father was a

84
00:04:08,960 --> 00:04:14,680
Speaker 1: dentist and your mother was professor philosophy, My father was

85
00:04:14,720 --> 00:04:17,919
Speaker 1: a refugee from North Korea. Escaped from from North Korea

86
00:04:18,000 --> 00:04:20,080
Speaker 1: to South Korea at the age of nineteen, and so

87
00:04:20,160 --> 00:04:23,360
Speaker 1: he went into the army as a dentist, and because

88
00:04:23,440 --> 00:04:25,640
Speaker 1: he had worked so hard on his English, he became

89
00:04:25,680 --> 00:04:29,599
Speaker 1: a translator from many of the army dentists and became

90
00:04:29,640 --> 00:04:31,840
Speaker 1: good friends with him, and so they gave him a

91
00:04:31,839 --> 00:04:35,599
Speaker 1: scholarship to come to the United States. My mother was

92
00:04:35,680 --> 00:04:39,040
Speaker 1: the top student in the top high school in Korea,

93
00:04:39,080 --> 00:04:41,479
Speaker 1: because they ranked everybody literally in Korea in terms of

94
00:04:41,520 --> 00:04:45,200
Speaker 1: your high school ranking, and so she got a scholarship

95
00:04:45,320 --> 00:04:47,680
Speaker 1: and she she came to Tennessee by herself. And at

96
00:04:47,720 --> 00:04:50,719
Speaker 1: the time, this was in the early nineteen fifties, they're

97
00:04:50,720 --> 00:04:52,640
Speaker 1: probably three or four hundred Koreans and all of the

98
00:04:52,720 --> 00:04:55,680
Speaker 1: United States. And so she and my father were introduced

99
00:04:55,720 --> 00:04:58,120
Speaker 1: to each other through friends. They met in New York

100
00:04:58,160 --> 00:05:00,000
Speaker 1: City and they actually got married in New York City.

101
00:05:00,440 --> 00:05:04,520
Speaker 1: And like like all of the Koreans, they the idea

102
00:05:04,680 --> 00:05:06,280
Speaker 1: was that they would learn in the United States and

103
00:05:06,279 --> 00:05:08,560
Speaker 1: they would go back to serve their country. And so

104
00:05:08,640 --> 00:05:12,799
Speaker 1: they went back, but but inescapably, you know, they saw

105
00:05:12,880 --> 00:05:15,680
Speaker 1: how people live in the United States. And so their

106
00:05:15,720 --> 00:05:19,560
Speaker 1: own aspirations for themselves and their children went up. But

107
00:05:19,640 --> 00:05:21,000
Speaker 1: did they have It was a hard to get a

108
00:05:21,080 --> 00:05:23,360
Speaker 1: visa to come over to live here permanently. Then, so

109
00:05:23,360 --> 00:05:27,480
Speaker 1: so they My father was a fully trained dentist and

110
00:05:28,040 --> 00:05:30,920
Speaker 1: was a professor, but when he came back, he had

111
00:05:30,960 --> 00:05:33,680
Speaker 1: to complete the last two years of dental school again.

112
00:05:33,960 --> 00:05:36,040
Speaker 1: So we were in Dallas and he was a uh,

113
00:05:36,160 --> 00:05:38,120
Speaker 1: he was a dental student. At the same time, I

114
00:05:38,120 --> 00:05:40,359
Speaker 1: think we're working as a nurse in a hospital to

115
00:05:40,400 --> 00:05:44,040
Speaker 1: make enough money. And then um, we went he finished

116
00:05:44,040 --> 00:05:47,719
Speaker 1: his dental education at Baylor Dental School in Dallas. And

117
00:05:47,760 --> 00:05:50,200
Speaker 1: then for some reason that we're still trying to figure out,

118
00:05:50,240 --> 00:05:52,640
Speaker 1: we moved to Iowa. That we grew up in Iowa

119
00:05:53,760 --> 00:05:56,880
Speaker 1: at the time, you did not speak English. So when

120
00:05:56,880 --> 00:05:58,680
Speaker 1: I came at the age of five, I didn't speak

121
00:05:58,720 --> 00:06:01,760
Speaker 1: a word of English. So a move to Musketine, Iowa.

122
00:06:02,000 --> 00:06:05,320
Speaker 1: Then in high school, Um, this is what I couldn't understand.

123
00:06:05,400 --> 00:06:07,400
Speaker 1: How did you manage to be the quarterback of the

124
00:06:07,400 --> 00:06:10,360
Speaker 1: football team, the point guard on the basketball team, class

125
00:06:10,400 --> 00:06:14,080
Speaker 1: president as well. And um also Valiatorian was that like

126
00:06:14,320 --> 00:06:19,320
Speaker 1: hard to do where well, well, you know, before you

127
00:06:19,360 --> 00:06:21,719
Speaker 1: get too impressed with that. Our football team had the

128
00:06:21,760 --> 00:06:25,520
Speaker 1: longest losing streak in the nation at the town, fifty

129
00:06:25,600 --> 00:06:28,640
Speaker 1: six defeats in a row, and I very proudly say

130
00:06:28,680 --> 00:06:32,360
Speaker 1: I kept that streak going UH during recruited to play

131
00:06:32,360 --> 00:06:34,960
Speaker 1: at the University of Iowa. No, did you feel discrimination

132
00:06:34,960 --> 00:06:37,680
Speaker 1: because you were Korean or Asian or there wasn't describing

133
00:06:37,720 --> 00:06:39,720
Speaker 1: you know, there was one town that I went to

134
00:06:39,720 --> 00:06:44,360
Speaker 1: play basketball in where um, there were two African American

135
00:06:44,720 --> 00:06:49,640
Speaker 1: UH teammates in me and the people were literally screaming

136
00:06:49,680 --> 00:06:52,520
Speaker 1: at us racial epitets. You know, I can I can't

137
00:06:52,680 --> 00:06:55,359
Speaker 1: repeat them on television, but they were screaming at us,

138
00:06:55,440 --> 00:06:57,320
Speaker 1: and they threw things at us and even spit at

139
00:06:57,400 --> 00:06:59,880
Speaker 1: us as we were coming out to play. So I've

140
00:07:00,040 --> 00:07:03,440
Speaker 1: had that experience. And as a quarterback, you're looking across

141
00:07:03,560 --> 00:07:06,680
Speaker 1: and they're looking in your eyes, and you know, every

142
00:07:06,800 --> 00:07:08,880
Speaker 1: racial slury you could imagine was was thrown at me.

143
00:07:08,960 --> 00:07:10,960
Speaker 1: So I grew up with I grew up with it,

144
00:07:11,040 --> 00:07:14,840
Speaker 1: and it's a it it. I think it taught me

145
00:07:14,920 --> 00:07:17,480
Speaker 1: a lot. It made me understand what that part of

146
00:07:17,480 --> 00:07:20,440
Speaker 1: the world UH can be like, at least you know,

147
00:07:21,120 --> 00:07:25,440
Speaker 1: years ago. Okay, so you're in Iowa. You do off

148
00:07:25,520 --> 00:07:27,480
Speaker 1: very well in high school, and you go to Brown

149
00:07:27,640 --> 00:07:29,600
Speaker 1: and you apply to and I guess get in the

150
00:07:29,640 --> 00:07:32,280
Speaker 1: hardest medical school to probably get in Harvard Medical School.

151
00:07:32,320 --> 00:07:34,440
Speaker 1: So were you surprised you got in and was that

152
00:07:34,520 --> 00:07:37,680
Speaker 1: your first choice? Um? Well, I was really surprised to

153
00:07:37,720 --> 00:07:39,560
Speaker 1: get in, And in fact, it was not my first

154
00:07:39,640 --> 00:07:42,760
Speaker 1: choice because I actually I was trying to convince my

155
00:07:42,840 --> 00:07:45,280
Speaker 1: father that I was not going to go to medical school,

156
00:07:45,320 --> 00:07:47,640
Speaker 1: but I was going to go and study political science

157
00:07:47,680 --> 00:07:52,240
Speaker 1: and philosophy. I came home from Brown one summer and

158
00:07:52,720 --> 00:07:54,600
Speaker 1: he asked me, so what are you going to study?

159
00:07:54,640 --> 00:07:56,760
Speaker 1: And I said, well, Dad, you know, I think I'm

160
00:07:56,760 --> 00:07:58,920
Speaker 1: going to study political science and philosophy, and I think

161
00:07:58,920 --> 00:08:02,320
Speaker 1: I'm gonna get into politicy. Tis right. He literally pulled

162
00:08:02,320 --> 00:08:04,280
Speaker 1: the car over to the side of the road. We're

163
00:08:04,320 --> 00:08:09,400
Speaker 1: coming back from the airport tinittle Town, and he said, hey, um,

164
00:08:09,440 --> 00:08:11,800
Speaker 1: when you finish your internship and residency, you can study

165
00:08:11,800 --> 00:08:15,440
Speaker 1: anything you want, right right, And so for him, and

166
00:08:15,760 --> 00:08:17,560
Speaker 1: he used to talk like that, he said, look, you

167
00:08:17,560 --> 00:08:20,320
Speaker 1: know and and for him, of course, it was very

168
00:08:20,360 --> 00:08:23,000
Speaker 1: clear who we were in this country. We were in Ioway.

169
00:08:23,000 --> 00:08:25,520
Speaker 1: He said, you're you're you're a chinaman. He used to

170
00:08:25,520 --> 00:08:27,280
Speaker 1: say this to me, You're a chinaman. You think people

171
00:08:27,280 --> 00:08:29,800
Speaker 1: are gonna pay you to hear your ideas about political

172
00:08:29,800 --> 00:08:33,280
Speaker 1: science and philosophy? Get a skill. And I turned out

173
00:08:33,280 --> 00:08:35,440
Speaker 1: that it was really great advice. I mean, there's so

174
00:08:35,480 --> 00:08:38,920
Speaker 1: many things that I've learned and have happened because I

175
00:08:39,000 --> 00:08:42,319
Speaker 1: had this notion that I needed to contribute something concrete

176
00:08:42,600 --> 00:08:44,160
Speaker 1: in order to to make it in the world. And

177
00:08:44,240 --> 00:08:46,760
Speaker 1: then you decided to go into another program where you

178
00:08:46,760 --> 00:08:49,640
Speaker 1: get a PhD and anthropology. Now did your parents say, look,

179
00:08:49,679 --> 00:08:51,440
Speaker 1: a medical school degree is all you need. Why do

180
00:08:51,440 --> 00:08:54,120
Speaker 1: you need a PhD? As well? Well? This was the

181
00:08:54,120 --> 00:08:58,440
Speaker 1: great compromise, and my my father felt that as long

182
00:08:58,480 --> 00:09:01,520
Speaker 1: as I was in medical school, uh, that it's okay

183
00:09:01,559 --> 00:09:03,679
Speaker 1: to loosen up a little bit. So you get your

184
00:09:03,720 --> 00:09:07,160
Speaker 1: degrees and you meet in Harvard Medical School. Um, Paul

185
00:09:07,240 --> 00:09:09,640
Speaker 1: Farmer and the two of you, with a few others

186
00:09:09,840 --> 00:09:12,560
Speaker 1: started something called Partners in Health. Can you describe what

187
00:09:12,600 --> 00:09:16,080
Speaker 1: that is? Paul and I began talking. You know, gosh,

188
00:09:16,360 --> 00:09:20,800
Speaker 1: it was ur We began talking about if you have

189
00:09:21,040 --> 00:09:24,360
Speaker 1: what we call these ridiculously elaborate educations, that's what Paul

190
00:09:24,440 --> 00:09:27,240
Speaker 1: called it. What's the nature of your responsibility to the

191
00:09:27,240 --> 00:09:30,240
Speaker 1: rest of the world. And so we thought and thought

192
00:09:30,280 --> 00:09:33,840
Speaker 1: and and we tried to keep asking the questions. So,

193
00:09:34,280 --> 00:09:37,800
Speaker 1: if we have these kinds of backgrounds, what's the nature

194
00:09:37,800 --> 00:09:39,680
Speaker 1: of our responsibility to the world. And we came to

195
00:09:39,679 --> 00:09:44,640
Speaker 1: the conclusion that our responsibility was to to commit to

196
00:09:44,720 --> 00:09:50,240
Speaker 1: the poorest, most uh, most marginalized, most outcast people and

197
00:09:50,280 --> 00:09:52,360
Speaker 1: then do everything we can to provide them the best

198
00:09:52,360 --> 00:09:57,280
Speaker 1: possible healthcare, education, social protection, and that we would that

199
00:09:57,360 --> 00:10:00,280
Speaker 1: we weren't gonna win. We weren't gonna have some sort

200
00:10:00,320 --> 00:10:04,240
Speaker 1: of victorious story because at the time that we started this,

201
00:10:04,280 --> 00:10:07,920
Speaker 1: there was very little money available in terms of global

202
00:10:07,920 --> 00:10:11,040
Speaker 1: health or education. We thought, but you know, we're gonna

203
00:10:11,120 --> 00:10:14,920
Speaker 1: continue to to write about and talk about the situation

204
00:10:14,960 --> 00:10:17,920
Speaker 1: of these very poor people, and we're going to do

205
00:10:17,960 --> 00:10:20,640
Speaker 1: that for the rest of our lives without any hope

206
00:10:20,720 --> 00:10:23,640
Speaker 1: of being on the winning side. We were. We chose

207
00:10:24,120 --> 00:10:26,760
Speaker 1: at that time. We said we're going to stay and

208
00:10:26,800 --> 00:10:29,439
Speaker 1: we're gonna We're gonna We're gonna work and continue to

209
00:10:29,440 --> 00:10:32,160
Speaker 1: work on the losing side. You ran Partner's Tale for

210
00:10:32,200 --> 00:10:34,800
Speaker 1: a number of years. UH. It was focused initially on

211
00:10:34,840 --> 00:10:38,000
Speaker 1: Haiti later in Peru. And while when you were in

212
00:10:38,040 --> 00:10:41,360
Speaker 1: Peru you once led a protest against the World Bank.

213
00:10:42,000 --> 00:10:43,920
Speaker 1: In fact, you had said the World Bank should be

214
00:10:43,920 --> 00:10:46,760
Speaker 1: maybe shut down. Yes, um, do you have any regrets

215
00:10:46,800 --> 00:10:48,600
Speaker 1: about that? I just want everyone here to know I'm

216
00:10:48,679 --> 00:10:52,280
Speaker 1: very glad we lost that argument and we did. At

217
00:10:52,320 --> 00:10:55,280
Speaker 1: that time. What we were arguing was that the World

218
00:10:55,280 --> 00:10:59,680
Speaker 1: Bank Group was too focused on GDP growth of and

219
00:11:00,160 --> 00:11:02,800
Speaker 1: that the kinds of investments that were it was making

220
00:11:03,600 --> 00:11:07,040
Speaker 1: was not focused enough on things like health and education,

221
00:11:07,080 --> 00:11:09,120
Speaker 1: and that this was this was an argument that was

222
00:11:09,280 --> 00:11:11,880
Speaker 1: that was going on in development economics. You were an

223
00:11:11,920 --> 00:11:14,800
Speaker 1: expert initially on tuberculosis. I had been working on drug

224
00:11:14,840 --> 00:11:17,800
Speaker 1: resistant tuberculosis and had done a lot of work on

225
00:11:17,840 --> 00:11:22,040
Speaker 1: trying to um just get the global health community to

226
00:11:22,120 --> 00:11:24,600
Speaker 1: change its perspective on it. And then when I went

227
00:11:24,600 --> 00:11:27,120
Speaker 1: to it to UH to the health organization was the

228
00:11:27,160 --> 00:11:31,160
Speaker 1: same thing. I mean, there were the the the overwhelming consensus,

229
00:11:31,200 --> 00:11:34,920
Speaker 1: like nine percent of all the HIV physicians in the world,

230
00:11:35,000 --> 00:11:38,400
Speaker 1: we're saying impossible to treat HIV in developing countries, and

231
00:11:38,400 --> 00:11:40,760
Speaker 1: there were twenty five million people in Africa who were

232
00:11:40,760 --> 00:11:44,680
Speaker 1: living with HIV, and and the Global Health community was

233
00:11:44,720 --> 00:11:48,360
Speaker 1: about to issue a death sentence on all million people

234
00:11:48,559 --> 00:11:51,440
Speaker 1: living with HIV in Africa, and so that's that was

235
00:11:51,559 --> 00:11:54,040
Speaker 1: what I did. So you're you leave the World Health

236
00:11:54,120 --> 00:11:57,600
Speaker 1: Organization after a couple of years heading their HIV program.

237
00:11:57,760 --> 00:12:00,360
Speaker 1: You then go to Harvard Medical School and tea there,

238
00:12:00,880 --> 00:12:02,599
Speaker 1: and then somebody calls you and says, would you like

239
00:12:02,679 --> 00:12:04,560
Speaker 1: to be president of Dartmouth. Why didn't you decide to

240
00:12:04,559 --> 00:12:08,720
Speaker 1: do that? Uh, it's a great question, and sometimes I

241
00:12:08,760 --> 00:12:12,200
Speaker 1: wonder myself why. And I said to them, you know,

242
00:12:12,520 --> 00:12:15,880
Speaker 1: my work from my entire life has been focusing on

243
00:12:16,559 --> 00:12:20,280
Speaker 1: the lives of the poorest. And I said, I don't

244
00:12:20,320 --> 00:12:22,880
Speaker 1: think I can do this because it feels to me

245
00:12:23,000 --> 00:12:25,920
Speaker 1: like you're asking me to turn my back on the poor.

246
00:12:26,440 --> 00:12:30,959
Speaker 1: And um, somebody on the the the committee was, uh,

247
00:12:31,360 --> 00:12:33,880
Speaker 1: you know in a in a in was it really

248
00:12:33,920 --> 00:12:36,240
Speaker 1: a brilliant recruitment technique? Said no, no, no, we're not

249
00:12:36,280 --> 00:12:38,400
Speaker 1: asking you to turn your back on the poor. We're

250
00:12:38,440 --> 00:12:41,240
Speaker 1: asking you to turn the faces of Dartmouth students to

251
00:12:41,360 --> 00:12:44,400
Speaker 1: the poor. So I thought, wow, that sounds great, right,

252
00:12:44,480 --> 00:12:47,400
Speaker 1: sounds great. But it turns out that's not actually the

253
00:12:47,480 --> 00:12:49,960
Speaker 1: job of being president of a university, which David, you

254
00:12:50,000 --> 00:12:52,920
Speaker 1: know very well. So one of the things you focused

255
00:12:52,920 --> 00:12:55,240
Speaker 1: on with your president Dartmouth was trying to reduce the

256
00:12:55,360 --> 00:13:00,720
Speaker 1: enormous alcohol consumption that undergraduates have. Um, I think you

257
00:13:00,760 --> 00:13:03,079
Speaker 1: know for hundreds of years university president to try to

258
00:13:03,120 --> 00:13:05,679
Speaker 1: do that with very little success. How did you find

259
00:13:05,760 --> 00:13:10,360
Speaker 1: your effort? Um, let's see. Uh. You know, what we

260
00:13:10,480 --> 00:13:14,760
Speaker 1: tried at Dartmouth was, Uh. The was bring what I

261
00:13:14,800 --> 00:13:16,680
Speaker 1: had learned in medicine, and what I had learned in

262
00:13:16,679 --> 00:13:19,960
Speaker 1: medicine is that the things we do should be evidence based.

263
00:13:20,200 --> 00:13:22,200
Speaker 1: So I looked around and I said, there are things

264
00:13:22,240 --> 00:13:24,560
Speaker 1: that we can do, and things we tackled were drinking,

265
00:13:24,559 --> 00:13:26,720
Speaker 1: but also sexual assault. We did a major effort on

266
00:13:26,760 --> 00:13:31,160
Speaker 1: sexual assault, and we tried to ask the question, so,

267
00:13:31,240 --> 00:13:35,120
Speaker 1: what has worked in reducing harm from drinking and what

268
00:13:35,240 --> 00:13:39,600
Speaker 1: has worked in reducing sexual assault? And so um, we uh,

269
00:13:39,679 --> 00:13:43,640
Speaker 1: we brought thirty universities together, including including your alma mater, Duke,

270
00:13:44,240 --> 00:13:47,480
Speaker 1: and we over a period of two years, we had

271
00:13:47,480 --> 00:13:50,760
Speaker 1: to meet on a regular basis and share insights on

272
00:13:50,840 --> 00:13:53,199
Speaker 1: programs that had been effective. And so I think I

273
00:13:53,280 --> 00:13:58,040
Speaker 1: think we reduced harm from alcohol consumption. But um, it's

274
00:13:58,160 --> 00:14:01,120
Speaker 1: very hard to reduce consumption overall. When you came into

275
00:14:01,120 --> 00:14:04,440
Speaker 1: the World Bank, it was the resistance like an organ transplant,

276
00:14:04,440 --> 00:14:07,240
Speaker 1: resistance to somebody who didn't have the same background that

277
00:14:07,280 --> 00:14:09,920
Speaker 1: others had had. Well, So I think, you know, to

278
00:14:09,920 --> 00:14:13,480
Speaker 1: to be fair, I think, um, the resistance is not

279
00:14:13,880 --> 00:14:17,800
Speaker 1: was not just to me. There's there's resistance here to

280
00:14:17,920 --> 00:14:20,480
Speaker 1: the way the place is governed as a whole. So

281
00:14:21,000 --> 00:14:24,240
Speaker 1: you have people here ten fifty years who have just

282
00:14:24,320 --> 00:14:27,800
Speaker 1: deep knowledge, and every few years someone new comes in

283
00:14:28,280 --> 00:14:31,320
Speaker 1: and they're supposed to run the institution. So I think

284
00:14:31,320 --> 00:14:33,720
Speaker 1: there's someone put it to me this way that you know,

285
00:14:33,800 --> 00:14:37,600
Speaker 1: World Bank Group staff have always been skeptical about the

286
00:14:37,640 --> 00:14:41,440
Speaker 1: way the place is governed from the perspective of the presidency.

287
00:14:41,920 --> 00:14:46,880
Speaker 1: But uh, you know, when I came in, I tried

288
00:14:46,920 --> 00:14:51,000
Speaker 1: to honestly look at how the place was functioning and

289
00:14:51,000 --> 00:14:53,320
Speaker 1: and and where it could go, what it could be,

290
00:14:53,600 --> 00:14:56,960
Speaker 1: And I brought in great people. Ala Molalley, the former

291
00:14:56,960 --> 00:15:00,280
Speaker 1: CEO of Ford Allen came and spent u quite a

292
00:15:00,320 --> 00:15:02,800
Speaker 1: bit of time with us looking at the overall structure.

293
00:15:02,880 --> 00:15:05,440
Speaker 1: And I asked Alan, so what would you do if

294
00:15:05,480 --> 00:15:07,960
Speaker 1: you saw an organization like this? And you know, I

295
00:15:08,000 --> 00:15:09,840
Speaker 1: brought in a lot of people, and you know what

296
00:15:09,880 --> 00:15:13,880
Speaker 1: they said was, Wow, this is an incredibly complex institution.

297
00:15:14,080 --> 00:15:16,000
Speaker 1: And so there were a whole bunch of things that

298
00:15:16,040 --> 00:15:19,240
Speaker 1: needed to be done. And I, you know, having done

299
00:15:19,480 --> 00:15:21,880
Speaker 1: change processes before, I knew it was going to be painful.

300
00:15:22,080 --> 00:15:24,920
Speaker 1: But I just felt like, you know, it's my it's

301
00:15:24,960 --> 00:15:27,720
Speaker 1: my moral responsibility to just give it my best shot

302
00:15:27,800 --> 00:15:31,400
Speaker 1: to set up the institution so that it could it

303
00:15:31,440 --> 00:15:35,880
Speaker 1: could function as effectively as it possibly could. Let's talk

304
00:15:35,880 --> 00:15:39,680
Speaker 1: about the World Bank, right, So we have nine member

305
00:15:39,720 --> 00:15:44,000
Speaker 1: countries and we were founded actually before the end of

306
00:15:44,040 --> 00:15:48,920
Speaker 1: World War Two. They wanted to stabilize currency exchange rates

307
00:15:48,960 --> 00:15:51,920
Speaker 1: after the war, but they also wanted an organization that

308
00:15:51,920 --> 00:15:53,920
Speaker 1: would help to rebuild Europe. But then, of course the

309
00:15:53,960 --> 00:15:57,360
Speaker 1: Marshall Plan came soon after that, and we expanded where

310
00:15:57,360 --> 00:15:59,840
Speaker 1: does it actually get its money? Where does that money come?

311
00:16:00,120 --> 00:16:01,960
Speaker 1: You have? How much money do you have? You know,

312
00:16:02,040 --> 00:16:05,520
Speaker 1: we have a total portfolio almost four hundred billion dollars.

313
00:16:05,520 --> 00:16:08,160
Speaker 1: That means you know, loans, equity investments that we that

314
00:16:08,280 --> 00:16:11,360
Speaker 1: we have right now. And so the the great um

315
00:16:12,120 --> 00:16:16,280
Speaker 1: uh innovation of the World Bank was that countries gave

316
00:16:16,400 --> 00:16:19,400
Speaker 1: us capital so that there's paid in capital. We have

317
00:16:19,520 --> 00:16:23,600
Speaker 1: a very very good UM credit rating, so we are

318
00:16:23,680 --> 00:16:25,960
Speaker 1: credit rating is triple A, but it's probably one of

319
00:16:26,000 --> 00:16:28,160
Speaker 1: the strongest triple as in the world. What we've been

320
00:16:28,200 --> 00:16:31,200
Speaker 1: able to do is whatever equity we have, we use

321
00:16:31,280 --> 00:16:33,640
Speaker 1: it to go to the capital markets and then borrow

322
00:16:33,680 --> 00:16:36,160
Speaker 1: at a very low rate and pass that on to

323
00:16:36,160 --> 00:16:38,320
Speaker 1: to our client countries. What's the difference between the World

324
00:16:38,360 --> 00:16:41,240
Speaker 1: Bank and the and the International Monetary Fund the i

325
00:16:41,440 --> 00:16:44,240
Speaker 1: m F. What the IMF does is comes in in

326
00:16:44,280 --> 00:16:46,960
Speaker 1: a situation where countries are in trouble, gives them a

327
00:16:47,000 --> 00:16:50,640
Speaker 1: short term infusion that is paid back in a relatively

328
00:16:50,640 --> 00:16:53,840
Speaker 1: short period of time, and it's really cash related to

329
00:16:54,000 --> 00:16:58,840
Speaker 1: policy changes. We actually do things like help countries build roads.

330
00:16:58,880 --> 00:17:02,680
Speaker 1: We provide specific loans for roads. We on the private

331
00:17:02,720 --> 00:17:06,879
Speaker 1: sector side, we give loans directly to private sector companies

332
00:17:06,920 --> 00:17:10,040
Speaker 1: who are working in in poor countries. We have another

333
00:17:10,760 --> 00:17:14,240
Speaker 1: part of the organization that literally invented political risk insurance.

334
00:17:14,440 --> 00:17:17,119
Speaker 1: There's a much broader range of things that we do

335
00:17:17,160 --> 00:17:19,320
Speaker 1: with the World Bank, But of course we're much smaller

336
00:17:19,520 --> 00:17:22,480
Speaker 1: than than the IMF, so you focus on developing markets.

337
00:17:22,720 --> 00:17:25,280
Speaker 1: But now the developing markets have so much capital coming

338
00:17:25,280 --> 00:17:28,199
Speaker 1: in from private equity firm sovereign wealth funds. Is there

339
00:17:28,280 --> 00:17:30,440
Speaker 1: a real need for the World Bank anymore. I don't

340
00:17:30,480 --> 00:17:33,920
Speaker 1: think that they necessarily need our capital, um, but they

341
00:17:34,040 --> 00:17:37,640
Speaker 1: certainly need our advice, and they certainly need the capital

342
00:17:37,680 --> 00:17:39,399
Speaker 1: in the form that we can provide it. So for

343
00:17:39,400 --> 00:17:41,680
Speaker 1: a middle income country, if we can provide them a

344
00:17:41,720 --> 00:17:45,480
Speaker 1: twenty five or thirty year loan at you know, two

345
00:17:45,520 --> 00:17:47,880
Speaker 1: and a half or three percent, there are not many

346
00:17:47,880 --> 00:17:49,399
Speaker 1: middle income countries who are going to be able to

347
00:17:49,400 --> 00:17:51,680
Speaker 1: go to the capital markets themselves and get a loan.

348
00:17:51,760 --> 00:17:53,119
Speaker 1: And they also are not going to be able to

349
00:17:53,119 --> 00:17:55,560
Speaker 1: get one where we come in and say, okay, we're

350
00:17:55,600 --> 00:17:58,400
Speaker 1: gonna give you this loan, whether it's for a particular

351
00:17:58,440 --> 00:18:01,280
Speaker 1: project or for uh, you know, we give it right

352
00:18:01,320 --> 00:18:04,920
Speaker 1: to the government budget. But then uh, the government has

353
00:18:04,960 --> 00:18:08,080
Speaker 1: to make policy changes. Uh. There are very few organizations

354
00:18:08,080 --> 00:18:10,000
Speaker 1: that will come to them and say we're not going

355
00:18:10,040 --> 00:18:12,200
Speaker 1: to charge you, we're not gonna try to get the afterwork.

356
00:18:12,960 --> 00:18:15,680
Speaker 1: We're coming in and we're gonna give you the benefit

357
00:18:15,960 --> 00:18:18,800
Speaker 1: of our experience and the experience of our client countries

358
00:18:18,840 --> 00:18:21,800
Speaker 1: all over the world. We're gonna give you ten experiences

359
00:18:22,160 --> 00:18:24,360
Speaker 1: in the world and how this problem that you're trying

360
00:18:24,400 --> 00:18:26,520
Speaker 1: to solve was solved, and we're going to bring the

361
00:18:26,560 --> 00:18:30,040
Speaker 1: people who actually know those cases and uh, you know,

362
00:18:30,080 --> 00:18:32,640
Speaker 1: as part of the loan, we're going to provide that

363
00:18:33,560 --> 00:18:36,040
Speaker 1: to you for free. Not a lot of countries can

364
00:18:36,040 --> 00:18:39,600
Speaker 1: do that. But also you know, um, there are some

365
00:18:39,640 --> 00:18:43,320
Speaker 1: countries that are getting you access to to private equity

366
00:18:43,320 --> 00:18:47,200
Speaker 1: in capital, but the vast majority of low and low

367
00:18:47,200 --> 00:18:49,840
Speaker 1: middle income countries are not getting that. And so what

368
00:18:49,840 --> 00:18:52,280
Speaker 1: we're now trying to do is to use the financing

369
00:18:52,320 --> 00:18:56,399
Speaker 1: we have to help those countries become much more attractive

370
00:18:56,680 --> 00:18:59,480
Speaker 1: for the flow of private capital. So after you leave

371
00:18:59,520 --> 00:19:01,199
Speaker 1: the World Bank, whenever you leave, what would you like

372
00:19:01,240 --> 00:19:05,560
Speaker 1: to do? Well, you know, I've in in um in

373
00:19:05,680 --> 00:19:09,639
Speaker 1: trying to look at the evidence for um uh you know,

374
00:19:09,720 --> 00:19:12,520
Speaker 1: for development, what what do we need to do? Certain

375
00:19:12,560 --> 00:19:16,080
Speaker 1: things are very striking to me. One is that if

376
00:19:17,359 --> 00:19:19,800
Speaker 1: indeed everyone in the world eight billion people have access

377
00:19:19,800 --> 00:19:22,639
Speaker 1: to broadband, then the experience that my parents had of

378
00:19:22,760 --> 00:19:24,840
Speaker 1: coming to the United Sis saying wow, this is what

379
00:19:24,880 --> 00:19:28,400
Speaker 1: the world could look like. Everyone will have that on smartphones.

380
00:19:28,720 --> 00:19:31,840
Speaker 1: As more people get online, their aspirations grow. So there's

381
00:19:31,920 --> 00:19:34,960
Speaker 1: absolutely no way we're going to meet the aspirations of

382
00:19:35,000 --> 00:19:38,959
Speaker 1: all eight billion people without massive new investments coming from

383
00:19:39,000 --> 00:19:41,200
Speaker 1: the private sector. And so you know, if I were

384
00:19:41,200 --> 00:19:44,199
Speaker 1: to do anything after this, I would somehow work on

385
00:19:44,359 --> 00:19:48,119
Speaker 1: that problem. Now, did your parents live to see you

386
00:19:48,200 --> 00:19:50,280
Speaker 1: become the president of the World Bank? Not my father,

387
00:19:50,440 --> 00:19:54,399
Speaker 1: but my mother. My father passed away early when he

388
00:19:54,480 --> 00:19:57,760
Speaker 1: was fifty seven, but my mother has and she must

389
00:19:57,760 --> 00:19:59,639
Speaker 1: be pretty proud. I've been proud to see you to

390
00:19:59,680 --> 00:20:02,439
Speaker 1: be president the World Bank. Yeah, yeah, And and then

391
00:20:02,600 --> 00:20:04,640
Speaker 1: and soon after, you know, soon after I was named,

392
00:20:04,680 --> 00:20:08,280
Speaker 1: she learned what the World Bank was. So so I

393
00:20:08,320 --> 00:20:10,520
Speaker 1: don't play golf because I don't think i'd be very

394
00:20:10,520 --> 00:20:12,760
Speaker 1: good at it. You're obviously a very good golfer. Why

395
00:20:12,760 --> 00:20:14,960
Speaker 1: don't you have time to learn golf? So I grew

396
00:20:15,040 --> 00:20:18,800
Speaker 1: up in uh In, Iowa, and we lived right near

397
00:20:18,880 --> 00:20:21,679
Speaker 1: the local golf course, and I played it competitively all

398
00:20:21,680 --> 00:20:25,239
Speaker 1: through high school. So you've played with President Obama and

399
00:20:25,320 --> 00:20:28,119
Speaker 1: you've played with President Trump. Yes, I have who's better?

400
00:20:32,880 --> 00:20:37,520
Speaker 1: Uh ge? So you know, um, let me let me

401
00:20:37,560 --> 00:20:39,880
Speaker 1: just put it this way. So President Obama started late

402
00:20:39,920 --> 00:20:42,200
Speaker 1: in life, right, and so for someone who started late

403
00:20:42,240 --> 00:20:45,479
Speaker 1: in life, he's very very good. President Trump has been

404
00:20:45,480 --> 00:20:48,480
Speaker 1: playing for most of his life, and he is extremely good.

405
00:20:48,520 --> 00:20:51,000
Speaker 1: He's an extremely good golfer. He he can hit all

406
00:20:51,080 --> 00:20:54,560
Speaker 1: the shots. So it's a it's a it's it's um uh,

407
00:20:54,560 --> 00:20:58,200
Speaker 1: it's there are two different kinds of golfers. Completely that

408
00:20:59,080 --> 00:21:02,320
Speaker 1: all right, that's a very diplomatic answer. Now, what would

409
00:21:02,359 --> 00:21:05,080
Speaker 1: you say is the greatest pleasure of your professional life?

410
00:21:05,880 --> 00:21:09,360
Speaker 1: For me, I think the thing that I'm most grateful

411
00:21:09,400 --> 00:21:12,240
Speaker 1: for is that I have been able to learn new

412
00:21:12,280 --> 00:21:16,720
Speaker 1: things throughout every stage of my professional career. Uh. And

413
00:21:16,800 --> 00:21:19,239
Speaker 1: so as long as you stay open to it, I

414
00:21:19,280 --> 00:21:21,800
Speaker 1: think that's the key. And if I would to give

415
00:21:22,000 --> 00:21:24,040
Speaker 1: advice to anyone, I mean, you know, what we now

416
00:21:24,119 --> 00:21:27,480
Speaker 1: know is that the jobs of the future will require

417
00:21:27,520 --> 00:21:30,320
Speaker 1: that people are ready to continue to learn throughout their lives.

418
00:21:30,359 --> 00:21:33,880
Speaker 1: On the old days, the advice was plastics, but now plastics. Yeah,

419
00:21:34,119 --> 00:21:35,760
Speaker 1: if you ever want to get into private equity when

420
00:21:35,760 --> 00:21:39,040
Speaker 1: you leave the World Bank, let me know what you

421
00:21:39,080 --> 00:21:41,919
Speaker 1: did say that that the highest human calling is private equity.

422
00:21:42,040 --> 00:21:44,480
Speaker 1: Is I have to tell you that people who are

423
00:21:44,560 --> 00:21:48,800
Speaker 1: willing to put risk capital into developing countries, Right, that's

424
00:21:48,840 --> 00:21:51,120
Speaker 1: the key, that's going to be the key and unfortunately

425
00:21:51,119 --> 00:21:53,920
Speaker 1: there's not enough of it right now. And so if

426
00:21:54,320 --> 00:21:59,440
Speaker 1: you know, making economies work for for everybody, this is

427
00:21:59,520 --> 00:22:02,280
Speaker 1: essentially what I say now to everybody here at the

428
00:22:02,280 --> 00:22:04,719
Speaker 1: World Bank Group. Our job is to make the global

429
00:22:04,760 --> 00:22:08,600
Speaker 1: market system work for everybody and the planet, and whether

430
00:22:08,680 --> 00:22:10,479
Speaker 1: you like it or not, whether you like it or not,

431
00:22:10,640 --> 00:22:12,879
Speaker 1: it really we really have to do that. There's no

432
00:22:12,920 --> 00:22:16,600
Speaker 1: there's gonna be no way to buffer yourself from two

433
00:22:16,640 --> 00:22:20,040
Speaker 1: billion people living in Africa by fifty who are going

434
00:22:20,080 --> 00:22:22,720
Speaker 1: to have aspirations that are every bit as high as

435
00:22:22,760 --> 00:22:26,360
Speaker 1: Europeans as Americans, and and so we have no choice

436
00:22:26,720 --> 00:22:30,200
Speaker 1: but to make this system work for everybody. Dr Kim,

437
00:22:30,280 --> 00:22:31,800
Speaker 1: thank you very much for what you've done for the

438
00:22:31,800 --> 00:22:33,160
Speaker 1: World Bank. Thank you David