By P. Riggirozzi
Drawing at the Latin American political economic climate, this ebook brings to the fore empirical questions about assorted styles of involvement of IFIs in pursuing politically-sensitive reforms, the skill of neighborhood actors to persuade results, the context within which they have interaction, the kind of coverage rules conveyed, and the coverage approach which are complicated.
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Extra info for Advancing Governance in the South: What are the Roles for International Financial Institutions in Developing States? (International Political Economy)
Ideas, therefore, are key political drivers that can help secure the grounding of rules in domestic arenas. Ideational power, from this point of view, relies on the capacity of ‘rule makers’ to promote ideas that become accepted as ‘common sense’, or ‘a generic mode of thought’ (Gramsci 1971: 330). It is in this manner that ideas establish the wider frameworks of thought, ‘which condition the way individuals and groups are able to understand their social situation, and the possibilities of social change’ (Gill and Law 1988: 74).
While good governance is associated with a normative of participation, ownership and transparency, reforms promoted under this umbrella have in fact been highly contradictory – at times rather anti-democratic. Even so, as recent developments in the political economy of emerging countries demonstrate, development is essentially political – in particular, governance for development (Boeninger 1992). As a development project, governance reforms involved designing and modifying institutional arrangements that are entrenched in the socio-political fabric of any society and thus require a great deal of legitimacy and local knowledge.
Furthermore, the international ﬁnancial crises, particularly the socio-economic impact of these crises, affecting economies from East Asia to South America from the late 1990s, became to be linked to the policy prescriptions promoted by the IFIs, especially capital liberalization and state dismantling. Within the IFIs, most noticeably in the World Bank, this fostered a new discourse linking more encompassing policies of good governance with sustainable economic development. The World Bank was the key advocate of a new language of intervention, based on normative ideals of governance: partnership, transparency, participation, ownership and consultation with local actors.
Advancing Governance in the South: What are the Roles for International Financial Institutions in Developing States? (International Political Economy) by P. Riggirozzi