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A gentleman’s agreement dating to just after World War II holds that the United States chooses the head of the World Bank, and chooses an American. (Europe chooses the head of its sister institution, the International Monetary Fund, and chooses a European.) This arrangement made good sense at first: Back in the Cold War era, the United States wanted to help spur capitalist development in poor countries and provided the bulk of the bank’s financing to make that happen. Annie Lowrey: The Ivanka fund. But the gentleman’s agreement is no longer justifiable. Washington is a major funder of the bank, but not a dominant funder . And it damages the institution to limit the talent pool to America... Full story

17 February