Suchergebnisse

Much has been said about the failing policies of the International Monetary Fund (IMF). In this essay, I attempt to explain why the IMF has pursued policies that in many cases not only failed to promote the stated objectives of enhancing growth and stability, but were probably counterproductive and even flew in the face of a considerable body of theoretical and empirical work that suggested these policies would be counterproductive. I argue that the root of the problem lies in the IMF's system of governance. Thereafter, I discuss how the World Bank managed to reform its agenda in order to fulfill its goals of poverty reduction more successfully, and what lessons this reform holds for the IMF. I conclude by proposing needed reforms for the IMF that might mitigate some of the problems it has encountered in the past.

Examines roles in global governance played by the "Trio" (the World Bank, the International Monetary Fund, & the World Trade Organization), as well as Global Policy Institutions, & Regional Groups. Ways in which the US reoriented the power structure of the world economy are pointed out in relation to establishment of the Bretton Woods system, the Trio, & the General Agreement on Tariffs & Trade. Institutions created by developed market economies, such as G-7 & G-10, are explored in relation to their impact on world output, exports, imports, investment, & finance. The power of these groups is compared to the relevance of global policy institutions formed by Third World countries, including G-15, G-24, & G-77. Attention is given to regional groups designed to enhance economic cooperation on internationally competitive issues, including the European Union, the Canada-US Trade Agreement, & the North American Free Trade Agreement. The importance of the process of inclusion & exclusion of members in these groups is discussed, along with their ability to become integrated into the global market. 4 Tables, 1 Box. J. Lindroth