Controlling the World Bank and IMF: Shareholders, Stakeholders, and the Politics of Concessional Lending

228 Pages·2013·1.05 MB·English

by  Liam Clegg (auth.)

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LiamClegg
CONTROLLINGTHEWORLDBANKANDIMF
Shareholders,Stakeholders,andthePoliticsofConcessionalLending
InternationalPoliticalEconomy
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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
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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