The IMF stands at a crossroad. Derided as increasingly irrelevant in the first decade of the new millennium, the Fund has had its power and prestige restored by the fallout from the 2008 global financial crisis. But will the resurgent IMF assert a more just and sustainable macroeconomic model and provide a voice for poor and marginalized people around the globe? Or will enduring weaknesses within the IMF mean it fails to address these issues?
In this book, Bessma Momani and Mark R. Hibben dissect the variables and institutional dynamics at play in IMF governance, surveillance, lending, and capacity development to expose the fundamental barriers to change. Identifying four areas that could “fix” the IMF, they show how these genuine and workable solutions can give the IMF the effectiveness and legitimacy it needs to positively shape twenty-first-century global governance and push back against volatile and regressive forces in the international political economy.
TABLE OF CONTENTS
LIST OF ABBREVIATIONS
LIST OF FIGURES, TABLES, PLATES
PART 1: DIAGNOSING THE ILLS
CHAPTER 1: WHAT IS WRONG WITH THE IMF?
CHAPTER 2: GOVERNANCE AND DECISION-MAKING
CHAPTER 3: SURVEILLANCE
CHAPTER 4: LENDING AND CONDITIONALITY
CHAPTER 5: CAPACITY DEVELOPMENT
PART 2: FINDING A CURE
CHAPTER 6 DEMOCRATIZE GOVERNANCE AND DECISION MAKING
CHAPTER 7 DIVERSIFY THE IMF STAFF
CHAPTER 8 COMMIT TO INCLUSIVE GROWTH
CHAPTER 9 ENHANCE MULTILATERAL PARTNERSHIPS
CHAPTER 10 CLOSING THE HYPOCRISY GAP
Thomas A. Bernes, Distinguished Fellow and former President, Centre for International Governance Innovation
"There are some problems no government can fix without cooperation. That's why the IMF is needed. This useful book sets out some of the critiques of the IMF along with ideas about reforms which could help the institution do better."
Ngaire Woods, University of Oxford