It is much harder for economies to prosper if they cannot sell to, buy from, invest with, and even transit their neighbors. Landlocked countries with failed or failing neighbors can lose access to the world economy.

China -- and others that sell to China -- cannot take its access to the U.S. market for granted,

cannot take access to the U.S. market for granted.

Since I came to the World Bank in 2007, I have argued that we must 'modernize multilateralism.'

It is vital that the World Bank Group continually challenges itself to refresh our development thinking. It is vital that a modernized multilateralism be open to new ideas.

When I work with countries struggling to pay for budgets or finance trade deficits, I reflect on how Americans do not spend a moment considering the unique advantages of being able to issue bonds and print money freely.