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Democratizing the International Monetary Fund and the World Bank: Governance and Accountability

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Democratizing the International Monetary Fund and the World Bank: Governance and Accountability
Author(s)Stiglitz, Joseph E.
AbstractMuch 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. 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.
IssueNo1
Pages111-139
ArticleAccess to Article
SourceGovernance
VolumeNo16
PubDateJanuary 2003
ISBN_ISSN0952-1895


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