|
Controlling Development through Trade-Finance Policy Coherence
By Avanti Mukherjee
The adoption of the World Trade Organization (WTO) agreements in 1995 included the "Declaration for Achieving Coherence in Global Policy-Making," a document calling for increased cooperation among the WTO, the World Bank (WB) and the International Monetary Fund (IMF) on achieving global trade, finance and development policies (Caliari & Williams 2004; Bello 2003). This formal declaration of collaboration has not been a random convergence; rather it has cemented the increasing formalization of a process through which these institutions pursue their relentless advocacy of economic liberalization. The dominant view that
trade and investment are inextricably linked is used to legitimize greater discipline on countries regarding investment.
'Coherence' entwines the mandates, policies, and activities of the IMF, WB, and WTO through specific mechanisms and routes. The result: ever increasing number of institutionally forged complementarities between trade and financial liberalization that compromise nation-states' abilities to draw up development strategies, as well as, challenges posed to political-economy management at both the national and global levels.1
Footnote:
-
While financial liberalization typically involves policies designed to liberalize both internal financial/investment environments and external financial accounts, this article focuses on measures that lower restrictions within internal environments.
|
|
Related documents
- 648Kb ~ 4 min (41 pages)
