The International Monetary Fund and World Bank in Africa: A “Disastrous” Record

Dembélé, Demba Moussa

doi:10.1201/9781315231082-26

Cited by 2 publications

(3 citation statements)

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“…As a consequence, few governments are eager to make decisions separately from their reliance on global enterprise; it is as though they are in a situation of shared sovereignty, having to negotiate between domestic, international, corporatist, and transnational interests (Esping-Andersen, 1990;Hill, 2006;Kennett, 2001;Navarro, 2007;Powell, 2023). NGOs such as the World Bank and the International Monetary Fund (IMF) have also become architectural partners in local policy deliberations by sanctioning preferred welfare policies as a condition of their support of monetization (Deacon, Hulse, & Stubbs, 1997;Dembele, 2007;Hart, 2002). Even so, nation-states nonetheless serve important administrative functions in a world dominated by transnational corporate interests, and it is unlikely that governmental responsibilities are either going to be usurped or allowed to wither in light of their functionality (Hill, 2006;Navarro, 2007).…”

Section: The Pervasiveness Of Ideological Dogmamentioning

confidence: 99%

“…One illustration is that the World Bank began urging diminutions in pay-as-you-go (PAYG) pension provisions in favor of means-tested pension and private provisions in the mid-1990s. The World Bank and the IMF have been staunch advocates for over three decades for broadly defined market-led welfare policies as a preferred alternative to un-or under-funded public welfare (Dembele, 2007;Wade, 2007). Encapsulating both the criticisms and the confluence of forces fueling such a movement, McMichael (2000) asserts that the drive for economic integration pays little attention to nation-building, national interests, or public sector regulatory control.…”

Section: Hegemonic Policy Responsesmentioning

confidence: 99%

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Understanding Global Shifts, Social Welfare, and Development—Unevenness in a Globalized World

Powell¹

2023

Social Development Issues

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Social and economic inequalities are both significant and important issues in the study of globalization, while global forces have widened their consequences such as unleashing poverty and gender imbalances in terms of equality. The reasons lie in the reformulation of economic power associated with burgeoning free-market economies and accompanying diffusion of instrumental rationality, commoditization, and secularism. In contrast to the economic downturn and global softening of labor markets, which call for greater social protection, the welfare state has been replaced by a “non-sovereign power” wary of its global positioning but less powerful in shaping daily lives of its populace among social forces including the role of nongovernmental organizations (NGOs). However, nation-states still serve important functions in a globe dominated by transnational corporate interests. With few options and having to make controversial choices, welfare provision has seen trends towards the commodification of social welfare whilst globalization is affecting social contracts across nation-states. This paper critically engages in these challenges to governance and development, and assesses how social welfare has been redefined and extended while many populations become embedded in greater forms of poverty creating unevenness across nation-states.

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Section: The Pervasiveness Of Ideological Dogmamentioning

confidence: 99%

Section: Hegemonic Policy Responsesmentioning

confidence: 99%

Understanding Global Shifts, Social Welfare, and Development—Unevenness in a Globalized World

Powell¹

2023

Social Development Issues

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“…The World Bank has long been criticized by a range of non-governmental organizations and academics, notably including its former Chief Economist Joseph Stiglitz, who is equally critical of the International Monetary Fund, the US Treasury Department, and the US and other developed country trade negotiators (Dembele, 2020;Standing, 2000). Critics argue that the socalled free market reform policieswhich the Bank advocates in many casesin practice are often harmful to economic development if implemented badly, too quickly ("shock therapy"), in the wrong sequence, or very weak, uncompetitive economies (Chossudovsky, 2023).…”

Section: Public Expenditures and Inequality Among Developing Economiesmentioning

confidence: 99%

Empirical Analysis of Public Expenditures and Income Inequality among Developing Economies

Zerihun

2023

Preprint

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Developing economies are not immune to the inequality challenges. Inequality is one of the critical challenges affecting the livelihood in developing economies and hinders their development paths. This paper investigates the World Bank development policies in achieving income inequality in selected developing economies. To achieve this objective, three types of regressions carried out for all three income groups; pooled OLS regression, random effect and fixed effect generalized least square GLS) regressions on panel data from 1980 to 2020. Findings revealed that wide-ranging World Bank initiatives in supporting low-income countries in promoting public expenditures on education, health and R&D are key factors to address the problems associated with income inequality. In addition, the study revealed that the debt service ratio, World Bank loan, international development assistance, and foreign direct investment have no significant power to reduce inequality within the analysed countries. Consequently, the study recommends authorities of developing countries be more cautious when applying for loans or aid and also have a serious evaluation before allowing foreign investors to start a business within their respective countries. JEL Classification: D63; F68; I24; P36

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The International Monetary Fund and World Bank in Africa: A “Disastrous” Record

Cited by 2 publications

References 0 publications

Understanding Global Shifts, Social Welfare, and Development—Unevenness in a Globalized World

Understanding Global Shifts, Social Welfare, and Development—Unevenness in a Globalized World

Empirical Analysis of Public Expenditures and Income Inequality among Developing Economies

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