18. Globalization, Development, and Security

2015 ◽  
Author(s):  
Nana K. Poku ◽  
Jacqueline Therkelsen
Keyword(s):  
Case Studies ◽  
Economic Crisis ◽  
Financial Institutions ◽  
Structural Adjustment ◽  
Developing World ◽  
Global Scale ◽  
International Financial Institutions ◽  
Neoliberal Ideology ◽  
Structural Adjustment Programmes ◽  
Harmful Effects

This chapter explores the interrelationships between globalization, development, and security. It shows how globalization, as a neoliberal ideology for development promoted by key international financial institutions, deepens inequality between and within nations on a global scale. This exacerbates global insecurity through a growing sense of injustice and grievance that may lead to rebellion and radicalization. The chapter first considers the neoliberalism of globalization before presenting the case for conceptualizing globalization as a neoliberal ideology for development. It then discusses the legacy of structural adjustment programmes and the harmful effects of neoliberal ideology on societies, particularly across the developing world. Finally, it looks at two case studies to illustrate the link between uneven globalization and global insecurity: the Egypt uprising of 2011 and the Greek economic crisis of 2010.

18. Globalization, Development, and Security

2018 ◽  
pp. 268-282
Author(s):  
Nana K. Poku ◽  
Jacqueline Therkelsen
Keyword(s):  
Case Studies ◽  
Economic Crisis ◽  
Financial Institutions ◽  
Structural Adjustment ◽  
Developing World ◽  
Global Scale ◽  
International Financial Institutions ◽  
Neoliberal Ideology ◽  
Structural Adjustment Programmes ◽  
Harmful Effects

This chapter explores the interrelationships between globalization, development, and security. It shows how globalization, as a neoliberal ideology for development promoted by key international financial institutions, deepens inequality between and within nations on a global scale. This exacerbates global insecurity through a growing sense of injustice and grievance that may lead to rebellion and radicalization. The chapter first considers the neoliberalism of globalization before presenting the case for conceptualizing globalization as a neoliberal ideology for development. It then discusses the legacy of structural adjustment programmes and the harmful effects of neoliberal ideology on societies, particularly across the developing world. Finally, it looks at two case studies to illustrate the link between uneven globalization and global insecurity: the Egypt uprising of 2011 and the Greek economic crisis of 2010.

Economic Stagnation in Sub-Sahara Africa and Breaking the Implicit Bargain

1997 ◽  
Vol 25 (1) ◽  
pp. 32-34
Author(s):  
James J. Hentz
Keyword(s):  
Economic Reform ◽  
Financial Institutions ◽  
Structural Adjustment ◽  
International Financial Institutions ◽  
Structural Adjustment Programs ◽  
Economic Stagnation ◽  
Adjustment Programs

Economic stagnation in most of Sub-Sahara Africa is so persistent that “afro-pessimism” has gone from a term of art to common usage. Africa is entering its second decade of economic reform through neoliberal Stabilization Programs (STABs) and Structural Adjustment Programs (SAPs). There is little evidence that these reforms work. Africa is largely to blame, but so too are the logically flawed structural adjustment programs propagated by the International Financial Institutions (IFIs).

scholarly journals Economic crisis impact on international financial institutions: The necessity for reforms

2013 ◽  
Vol 65 (2) ◽  
pp. 160-184
Author(s):  
Pero Petrovic ◽  
Zeljko Jovic
Keyword(s):  
Economic Crisis ◽  
World Bank ◽  
International Monetary Fund ◽  
Financial Institutions ◽  
World Bank Group ◽  
International Financial Institutions ◽  
The World Bank ◽  
The World ◽  
Bank Group ◽  
The International Monetary Fund

The emergence and deepening of the global economic crisis is reflected in large part on the functioning of international financial institutions and their current structure. The long-term financial crisis has placed demands for decisive reform moves in the functioning and structure of the IMF, the World Bank Group and other global and regional financial institutions. This means that so far, the results of their policies have been inadequate and that their role is subject to critical observation finding an efficient performance of financial markets. The crisis has imposed the need to reform international financial institutions and the new global financial architecture. Changes in structure and their functioning should lead to the global economic stability. Members of the Euro zone are faced with a new attitude towards the international financial institutions and the International Monetary Fund, in particular. The proclaimed missions of the International Monetary Fund and the World Bank are clearly separated in theory, but with the passing of time, their activities have become increasingly intertwined, so that they often include a name - international financial institutions.

International Financial Institutions and Market Liberalization in the Developing World

2016 ◽  
Author(s):  
Stephen C. Nelson
Keyword(s):  
Developing Countries ◽  
Financial Institutions ◽  
Developing World ◽  
Empirical Studies ◽  
Market Liberalization ◽  
International Financial Institutions ◽  
Policy Reforms ◽  
The Past ◽  
The World Bank ◽  
The International Monetary Fund

This article examines the role played by the two most important international financial institutions (IFIs), the World Bank and the International Monetary Fund (IMF), in the developing countries’ transition towards market liberalization and openness. More specifically, it considers whether IFIs are powerful “globalizers” of the developing world or ineffective organizations whose grand plans are forever thwarted by savvy governments promising sweeping reforms that never materialize. Drawing on the findings from thirty-one recent empirical studies, it concludes that there is no clear evidence that the IFIs’ conditional lending has significant effects on structural reforms in developing countries. Nevertheless, the chapter argues that we should not regard the IFIs as completely useless agents in the effort to remake developing countries’ economies over the past thirty years, suggesting that their indirect effects on liberalizing policy reforms may be more important than the direct effects.

scholarly journals EVOLUTION OF CENTRAL BANKS

2020 ◽  
pp. 84-89
Author(s):  
Victoria Dudchenko
Keyword(s):  
Central Bank ◽  
Economic Crisis ◽  
Financial Institutions ◽  
Transformation Method ◽  
Central Banks ◽  
Debt Management ◽  
The European Union ◽  
International Financial Institutions ◽  
Policy Practice ◽  
Bank Institution

Introduction. Throughout the centuries there took place a process of central banks’ development that reflected on the area of target defining, establishing the relationship with government, interconnection with financial market participants, inner management processes. This institute’s evolution from the first bank of issue creation till the modern central bank, including the supranational central bank in the European Union, is characterized by complicated tools of the change of policy, practice, institutional structure, aims and status. Nowadays the next stage of central banks’ development occurs and is characterized by expanding the mandate, reforming the policy, developing innovative aims. This stage is outlined with the global financial and economic crisis and the post-crisis period of the world financial system’s recovery. Under these circumstances, the central banks’ role tends to increase in terms of overcoming the consequences on the global financial and economic crisis that prompts actualizing the issues of integration of unconventional measures in the monetary policy tool, coordination of work of central bank and government concerning debt management, cooperation between the central bank and international financial institutions within the framework of debt management, cooperation between the central banks and international financial institutions within the framework of banking management. Purpose. Generalization of stages and systematization of the causes of emergence, formation and development of a central bank institution through the study of their creation’s evolution and functions’ transformation. Method (methodology). In order to investigate the historical processes, logical sequence of central banks’ development both historical and logical methods of scientific researches were applied. Results. The reasons of central banks’ emergence were generalized, the evolution of central banks’ creation was studied, stages of emergence and development of central banks were further developed and systematized. The peculiarities of the modern stage of central banks’ functioning, role’s change and transformation of functions under the influence of global financial and economic crises.

scholarly journals Structural Adjustment, Employment, Income Distribution and Poverty

1994 ◽  
Vol 33 (4II) ◽  
pp. 901-914 ◽  
Author(s):  
A. R. Kemal
Keyword(s):  
Income Distribution ◽  
World Bank ◽  
Financial Institutions ◽  
Structural Adjustment ◽  
International Financial Institutions ◽  
Role Of Government ◽  
Structural Problems ◽  
Output Stability ◽  
Structural Weakness

The Structural Adjustment and Stabilisation Programmes of the IMF, World Bank and other international financial institutions for Pakistan have called for a reduction in the fiscal deficit, a restricted role of government in the economy, rationalisation of tax structure, removal of subsidies on consumption and production, etc. with a view to fostering efficiency, higher levels of output, stability of prices, etc. To what extent these objectives have been realised has rarely been examined. Firoze (1986) is probably the only exception who concludes that because of the structural weakness and adherence to just financial criteria these programmes have resulted in accumulating structural problems rather than alleviating them. These programmes also have significant implications for employment, poverty and income distribution.

Egypt’s Quest for Social Justice

2020 ◽  
Vol 13 (2) ◽  
pp. 8-26
Author(s):  
Rasha S. Mansour
Keyword(s):  
Social Justice ◽  
Economic Crisis ◽  
Social Mobility ◽  
Financial Institutions ◽  
International Financial Institutions ◽  
Ruling Class ◽  
Neoliberal Reforms ◽  
Economic Elite ◽  
The Social ◽  
The Welfare State

This paper examines Egypt’s shift from socialism to neo-liberalism in the wake of the economic crisis of the late 1980s and the implications of this shift for its socialist legacy. It argues that the decline of the welfare state in Egypt since 1991 has contributed to the erosion of the social contract forged in the post-independence period, which was marked by state-led development and high social mobility and a prominent role for the middle class. Neoliberal ‘reforms’ dictated by economic crisis and pressures from transnational capital as well international financial institutions led to the alienation of the middle and lower classes and the emergence of a new economic elite, whose dubious links to the ruling class has undermined the regime’s legitimacy and helped fuel the 25 January 2011 uprising.

scholarly journals “We Cannot Please Everyone”: Contentions over Adjustment in EPRDF Ethiopia (1991–2018)

2021 ◽  
Vol 66 (S29) ◽  
pp. 69-91
Author(s):  
Mehdi Labzaé ◽  
Sabine Planel
Keyword(s):  
Financial Institutions ◽  
Structural Adjustment ◽  
Developmental State ◽  
Point Of View ◽  
State Control ◽  
International Financial Institutions ◽  
Agricultural Policies ◽  
Tight Control ◽  
Open Expression

AbstractThis article looks at how rural inhabitants navigated state power under a regime led by a former socialist party that negotiated its conversion to a market economy while keeping tight control on the whole society. In that regard, it addresses adjustment in a very specific context, by analysing a distinctive chronology, raising the ruling party's ability to negotiate with the international financial institutions, and considering popular reactions from a rural point of view. The regime led by the Ethiopian Peoples’ Revolutionary Democratic Front (EPRDF) managed to delay measures of structural adjustment during the 1990s and 2000s while deepening structures of state control it partly inherited from the former military junta. Brutal structural adjustment plans were refused, while international financial institutions were kept away from the Ethiopian government's policy mix, by way of elaborate ideological and institutional arrangements. The EPRDF coined its own version of the “developmental state” and renewed state control of the economy while deepening its articulation to global markets. Under the EPRDF, all sectors of society and especially peasantries were closely monitored and mobilized in the name of development. But although the open expression of dissent remained rare, peasants resorted to many strategies to cope with political control and to some extent divert it. By taking agricultural policies as a case study, the article describes peasant practices and questions differences between resistance, false compliance, and diversion, underlining how blurred such labels can actually be.

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