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Article

Robert M. Bosco

The study of religion and development focuses on how the moral and ethical resources of the world’s major faith traditions such as Christianity, Judaism, Islam, Hinduism, and Buddhism might tame the worst excesses of market civilization. Whereas states, corporations, and international development institutions often define “development” as economic growth and all of the adjustments required to achieve it, religious approaches consider the consequences of this conception of development and recommend that the achievement of material gain be tempered by compassion, conscience, a greater concern for social equity, and a responsible application of science and technology to both the social and natural worlds. The origins of the field of religion and development can be traced back to Max Weber's seminal investigations into the elective affinities between Protestantism and the spirit of capitalism. In the 1980s, the majority of scholarly literature grappled with the meaning and significance of Weber’s basic ideas in various contexts and locales as scholars examined whether, when, and how religious traditions enhance or inhibit development at the international, regional, national, or community levels of analysis. After a period of hibernation, the study of religion and development was reenergized in the late 1990s as religious leaders and faith-based organizations played a central role in challenging the policies and practices of international development institutions, especially the World Bank.

Article

An international organization (IO) is an ordering principle and a method of conducting international relations. It may refer to formal institutions set up by more than three sovereign states through multilateral treaties to achieve, with the support of a permanent secretariat, shared interests, and desirable objectives. IOs are a byproduct of the European Westphalian anarchical interstate system of international relations and can be traced back to the “Concert of Europe” and to institutions set up throughout the 19th century to facilitate interstate international economic or technical cooperation. After a pause in the 1910s and 1930s, the number of institutions dealing with an ever-expanding range of transnational issues grew exponentially in the second half of the 20th century, becoming a ubiquitous component of the international relations landscape. Numerous contributing factors have accounted for this momentous transformation in interstate relations, and these developments have also fed a steady stream of contending and constantly shifting theoretical approaches to international relations within IO scholarship. There is now a glut of theories, each making different assumptions about the nature of international politics, focusing attention on different aspects of international organization and propounding widely diverging conclusions about the role and functions of IOs. There is, however, a trend among these: the legal/historical tradition which initially provided the intellectual lens through which international organizations were understood has given way to a mix of realist regime theory and liberal intergovernmentalism views.

Article

Leondard E. Stanley and Ernesto Vivares

Development finance (DF) schemes in Latin America have shifted from neoliberal and conservative to neo-developmentalist and populist approaches with no effect on political, economic, social, and environmental circumstances. Regardless of the political-ideological bias of the ruling coalition, critical problems related to the contradictions imposed by the global insertion model have remained the same. The dynamics of ideas, institutions, and actors illustrate the DF network of power and legitimacy. The governance of DF is a contested historical process in which opposite ideas about development, supported by antagonistic groups, confront the political-economic orientations. Different governances are institutional devices that reflect diverse development ideas and specific political-economic settings. Regardless of the model, a generalized crisis questions financial globalization and advises a rethinking of the financing schemes.

Article

War, trade, and money synergistically developed over three millennia, each proving important to the emergence of nation-states. By the 19th century, fiduciary money—forms of money based on trust, such as paper money—catalyzed the development of national monetary and banking systems. As nexus of international finance and metropole of the world’s largest empire, the United Kingdom garnered political and economic power. But over the course of two world wars, power shifted to the United States. Small successes and great failures of the interwar period influenced creation of Bretton Woods institutions, completing a transformation from an international monetary system into an international financial system [IFS], which included not only monetary flows but also a formal, institutionalized system of governance. The dollar’s flows became the IFS’ lifeblood, engendering structural power for the United States, which has been held in place through reserve currency status, institutional stickiness through banking and currency trading, and ideational influence. Introduction of the Euro and attempts in Asia to dismantle the “Asian Bloc” have shaken, but not removed, American structural power. Money’s foundations have always rested on trust, trading, and risk taking; emergence of extensive credit and virtual money, and related security concerns, bring forth new topics resting on these old foundations.

Article

The international financial institutions (IFIs) have adapted and changed their policies over time to focus on global justice and poverty alleviation. This evolution is explored, with close attention to the role of political economy scholars and international events that increased the pressure on the IFIs to change their policies. Events such as the failure of structural adjustment policies, and the increasing role of nongovernmental organizations after the end of the Cold War were strong forces advocating for both debt relief policies and efforts designed to alleviate poverty. Problems surrounding the deadline for the Millennium Development Goals in 2015 and the increased role of the IFIs during the 2008 global financial crisis are also discussed.