Controlling Institutions: International Organizations and the Global Economy

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Cambridge University Press, Mar 3, 2011 - Political Science - 256 pages
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How is the United States able to control the IMF with only 17 per cent of the votes? How are the rules of the global economy made? This book shows how a combination of formal and informal rules explains how international organizations really work. Randall W. Stone argues that formal rules apply in ordinary times, while informal power allows leading states to exert control when the stakes are high. International organizations are therefore best understood as equilibrium outcomes that balance the power and interests of the leading state and the member countries. Presenting a new model of institutional design and comparing the IMF, WTO, and EU, Stone argues that institutional variations reflect the distribution of power and interests. He shows that US interests influence the size, terms, and enforcement of IMF programs, and new data, archival documents, and interviews reveal the shortcomings of IMF programs in Mexico, Russia, Korea, Indonesia, and Argentina.
 

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Contents

international organization
1
A theory of international organization
11
A model of informal governance
33
Informal governance in the IMF
51
The World Trade Organization
80
The European Union
104
Access to IMF resources
133
Conditionality under IMF programs
154
Enforcement
179
Conclusions
207
1 Effects of US influence on commitments of IMF resources
226
7 G5 influence over conditionality UN voting
232
3 Frequency of waivers
238
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About the author (2011)

Randall W. Stone is Professor of Political Science at the University of Rochester. He is the author of Lending Credibility: The International Monetary Fund and the Post-Communist Transition (2002) and Satellites and Commissars: Strategy and Conflict in the Politics of Soviet-Bloc Trade (1996). His articles have appeared in the American Political Science Review, International Organization, International Studies Quarterly, the Journal of Conflict Resolution, the Review of International Organizations and Global Environmental Politics.

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