Controlling the World Bank and IMF: Shareholders, Stakeholders, and the Politics of Concessional Lending PDF
Preview Controlling the World Bank and IMF: Shareholders, Stakeholders, and the Politics of Concessional Lending
IntIenrtnearntiaotnioanl Paol lPitoicliatilc Eacl oEncoonmoym Sye rSieersies CCoonntrtorolllilningg t hthee W Woorlrdld BBaannkk a anndd I MIMFF ShSahraerheohlodledresr, sS, tSatkaekheohlodledresr, s, anadn dth teh eP oPloitliictisc os fo Cf oCnocnecsessisoinoanla Lle Lnednidnigng LiLaimam C Clelgeggg InternationalPoliticalEconomy SeriesEditor:TimothyM.Shaw,VisitingProfessor,UniversityofMassachusetts Boston,USA,andEmeritusProfessor,UniversityofLondon,UK Theglobalpoliticaleconomyisinfluxasaseriesofcumulativecrisesimpacts itsorganizationandgovernance.TheInternationalPoliticalEconomyserieshas tracked its development in both analysis and structure over the last three decades. It has always had a concentration on the global South. Now the South increasingly challenges the North as the centre of development, also reflectedinagrowingnumberofsubmissionsandpublicationsonindebted EurozoneeconomiesinSouthernEurope. Anindispensableresourceforscholarsandresearchers,theseriesexaminesa varietyofcapitalismsandconnectionsbyfocusingonemergingeconomies, companiesandsectors,debatesandpolicies.Itinformsdiversepolicycommu- nitiesastheestablishedtrans-AtlanticNorthdeclinesand‘therest’,especially theBRICS,rise. Titlesinclude: CarolineKuzemko THEENERGYSECURITY–CLIMATENEXUS HansLöfgrenandOwainDavidWilliams(editors) THENEWPOLITICALECONOMYOFDRUGS Production,InnnovationandTRIPSintheGlobalSouth TimothyCadman(editor) CLIMATECHANGEANDGLOBALPOLICYREGIMES TowardsInstitutionalLegitimacy IanHudson,MarkHudsonandMaraFridell FAIRTRADE,SUSTAINABILITY,ANDSOCIALCHANGE AndrésRivarolaPuntiglianoandJoséBriceño-Ruiz(editors) RESILIENCEOFREGIONALISMINLATINAMERICAANDTHECARIBBEAN DevelopmentandAutonomy GodfreyBaldacchino(editor) THEPOLITICALECONOMYOFDIVIDEDISLANDS UnifiedGeographies,MultiplePolities MarkFindlay CONTEMPORARYCHALLENGESINREGULATINGGLOBALCRISES NirKshetri CYBERCRIMEANDCYBERSECURITYINTHEGLOBALSOUTH KristianStokkeandOlleTörnquist(editors) DEMOCRATIZATIONINTHEGLOBALSOUTH TheImportanceofTransformativePolitics JeffreyWilson GOVERNINGGLOBALPRODUCTION ResourceNetworksintheAsia-PacificSteelIndustry LiamClegg CONTROLLINGTHEWORLDBANKANDIMF Shareholders,Stakeholders,andthePoliticsofConcessionalLending InternationalPoliticalEconomy SeriesStandingOrderISBN978–0–333–71708–0hardcover SeriesStandingOrderISBN978–0–333–71110–1paperback (outsideNorthAmericaonly) Youcanreceivefuturetitlesinthisseriesastheyarepublishedbyplacinga standingorder.Pleasecontactyourbookselleror,incaseofdifficulty,writeto usattheaddressbelowwithyournameandaddress,thetitleoftheseriesand oneoftheISBNsquotedabove. Customer Services Department, Macmillan Distribution Ltd, Houndmills, Basingstoke,HampshireRG216XS,England Controlling the World Bank and IMF Shareholders, Stakeholders, and the Politics of Concessional Lending Liam Clegg LecturerinInternationalRelations,UniversityofYork,UK Palgrave macmillan ©LiamClegg2013 Softcover reprint of the hardcover 1st edition 2013 978-1-137-27454-0 Allrightsreserved.Noreproduction,copyortransmissionofthis publicationmaybemadewithoutwrittenpermission. Noportionofthispublicationmaybereproduced,copiedortransmitted savewithwrittenpermissionorinaccordancewiththeprovisionsofthe Copyright,DesignsandPatentsAct1988,orunderthetermsofanylicence permittinglimitedcopyingissuedbytheCopyrightLicensingAgency, SaffronHouse,6–10KirbyStreet,LondonEC1N8TS. Anypersonwhodoesanyunauthorizedactinrelationtothispublication maybeliabletocriminalprosecutionandcivilclaimsfordamages. Theauthorhasassertedhisrighttobeidentifiedastheauthorofthis workinaccordancewiththeCopyright,DesignsandPatentsAct1988. Firstpublished2013by PALGRAVEMACMILLAN PalgraveMacmillanintheUKisanimprintofMacmillanPublishersLimited, registeredinEngland,companynumber785998,ofHoundmills,Basingstoke, HampshireRG216XS. PalgraveMacmillanintheUSisadivisionofStMartin’sPressLLC, 175FifthAvenue,NewYork,NY10010. PalgraveMacmillanistheglobalacademicimprintoftheabovecompanies andhascompaniesandrepresentativesthroughouttheworld. Palgrave®andMacmillan®areregisteredtrademarksintheUnitedStates, theUnitedKingdom,Europeandothercountries. ISBN 978-1-349-44575-2 ISBN 978-1-137-27455-7 (eBook) DOI 10.1057/9781137274557 Thisbookisprintedonpapersuitableforrecyclingandmadefromfully managedandsustainedforestsources.Logging,pulpingandmanufacturing processesareexpectedtoconformtotheenvironmentalregulationsofthe countryoforigin. AcataloguerecordforthisbookisavailablefromtheBritishLibrary. AcatalogrecordforthisbookisavailablefromtheLibraryofCongress. For Rachel Contents ListofFiguresandTables x Preface xi Acknowledgements xiv ListofAbbreviations xv 1 Introduction 1 1.1 Locatingshareholdersandstakeholdersatthe WorldBankandIMF 4 1.2 Modelsofcontrolininternationalorganisations: Therationalistpathway 5 1.3 Modelsofcontrolininternationalorganisations: Theconstructivistpathway 12 1.4 Integratingtherationalistandconstructivist models 16 1.5 Openingthedoortonormativejudgements onthepoliticsofcontrol 21 1.6 Overviewofthebook 26 2 ShareholderControlandtheRiseofPoverty ReductionattheWorldBank 30 2.1 Performancemeasurementandnormchange attheWorldBank 32 2.2 AbriefhistoryoftheInternationalDevelopment Association 38 2.3 Povertyreductionasamonitoringand legitimationdevice 45 2.4 Fillingtheworldwithpovertyindicators 54 2.5 Theresultsagendaandtheinternal‘battlefield ofknowledge’ 57 vii viii Contents 3 ShareholderConflictsandtheRiseofSocialSpending attheIMF 63 3.1 Money,information,andcontrol attheIMF 65 3.2 ConstructingtheFund’sbalance-of-payments expertise 72 3.3 Steppingintoconcessionallending 76 3.4 Launchingstructuraladjustment,exceeding themandate? 79 3.5 MakingtheFundintoalong-term developmentpartner 85 4 TheWorldBankandtheReconstructionof StakeholderEngagement 93 4.1 Agents,ideas,andtheentranceofstakeholders intotheWorldBank 95 4.2 TheinvisibilityofstakeholdersintheBank’s earlyyears 102 4.3 Theevolutionofdirectstakeholderengagement inprojectlending 106 4.4 Policy-basedlendingandstakeholdercontrol asadomesticgovernancetool 115 5 ApoliticalEconomyandtheLimitstoStakeholder EngagementattheIMF 126 5.1 Theexclusionarypowerofexpertise attheIMF 128 5.2 Normalisingthepracticeofstakeholder disengagement 133 5.3 Theriseofthedisciplinarystakeholder 139 5.4 Slowlyexpandingdirectstakeholderinput intooperationalprocesses 145 6 Conclusion 157 6.1 Shareholdercontrol:Reviewofkey findings 159 6.2 Stakeholdercontrol:Reviewofkey findings 163 Contents ix 6.3 Navigatingtheshareholder–stakeholder dichotomy 168 6.4 Post-crisisdevelopmentsattheWorldBank 172 6.5 Post-crisisdevelopmentsattheIMF 174 Notes 179 Bibliography 190 Index 210 Figures and Tables Figures 1.1 ThemorphogenicmodelofchangeinIOs 19 2.1 ThepositivefeedbackcycleofIOmonitoring 37 2.2 GrowthinIDAlending,1969–96 42 2.3 GrowthinIDAfunding,1969–96 44 2.4 Povertyreductionaslegitimationdevice(a) 52 2.5 Povertyreductionaslegitimationdevice(b) 53 2.6 Fundingtheworldtotrackglobalpoverty 55 2.7 WorldBankassessmentofgrowingglobalstatistical capacity 55 3.1 ContestedcontroloverIMFlendingreforms 71 3.2 ShareholdercontributionstotheESAFTrustFund 81 3.3 Low-incomecountries’expandinglevelofsocial spending 90 4.1 Thereconstructionofstakeholderengagement 101 4.2 Embeddingstakeholderengagementinprojectlending 114 5.1 Thelimitedevolutionofstakeholdercontrolatthe IMF 132 5.2 Boardself-assessmentofexpertise 148 Tables 2.1 TimelineofIDAreplenishmentnegotiations 46 4.1 Constructingstakeholdersthroughoperational guidelines 110 x
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