Portal de Periódicos da CAPES

The IMF and Democratic Governance

2005; Johns Hopkins University Press; Volume: 16; Issue: 1 Linguagem: Inglês

10.1353/jod.2005.0009

1086-3214

Devesh Kapur, Moisés Naím,

Natural Resources and Economic Development

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.