These are the proceedings of the Annual World Bank Conference on Development Economics, which gathers the global perspective of scholars, and practitioners of development policy from academic life, government, and the private sector. The selected topics seek to include new areas of concern, and current research, as well as areas believed to benefit from exposure to recent knowledge, and experience. This year ' s conference focused on new development thinking, crises and recovery, corporate governance and restructuring, and, social security, public and private savings. The opening address outlines challenges for development, that include the intransigence of poverty in Africa, and ways to establish public-private partnerships at the country, and global levels, while the keynote address identifies equilibrium, and change as the focus of development economics: long-term sustainable growth requires development of a consensus behind the reform policies. Discussions varied from crises and recovery, through perspectives on the recent history of transition economies, to arguments on the possibilities of poverty reduction on a grand scale. Other topics include the exploration of development strategies, revision of the role of aid in providing finance, changing policies, and knowledge transfer, and, how to coordinate development problems.