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The 1992 Rio Earth Summit was supposed to be a turning point for the World Bank. Environmental concerns would now play a major role in its lending鈥攑rograms and projects would go beyond economic development to 鈥渟ustainable development.鈥� More than two decades later, efforts to green the bank seem pallid.

 Bruce Rich argues that the Bank鈥檚 current institutional problems are extensions of flaws that had been present since its founding. His new book, Foreclosing the Future, tells the story of the Bank from the Rio Earth Summit to today. For readers who want the full history of the Bank鈥檚 environmental record, Rich鈥檚 acclaimed 1994 critique, Mortgaging the Earth, is an essential companion.

Called a 鈥渄etailed and thought-provoking look at an important subject鈥� by The New York Times, Mortgaging the Earth analyzes the twenty year period leading up the Rio Summit. Rich offers not only an important history but critical insights about economic development that are ever-more relevant today.