Abstract

The International Monetary Fund (IMF) and its fellow Bretton Woods financial institution, the World Bank, not only play many roles in the global economy but also affect democratic prospects in many corners of the world. Through structural-adjustment and austerity programs, the Fund and the Bank influence key policies of many nations, especially the poorer developing ones. The story of the Bank and the Fund shows why technocratic, expert-run institutions of global governance are necessarily limited and nondemocratic. Useful as they may be, such institutions can never become the basis for a governance that is at once globe-girdling, objective, and democratic.

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Additional Information

ISSN
1086-3214
Print ISSN
1045-5736
Pages
pp. 89-102
Launched on MUSE
2005-01-27
Open Access
No
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