Description
Book SynopsisMajor shifts in economic power, marked by the rise of the Brazil, Russia, India, China and other emerging economies, have recently affected key multilateral economic institutions, such as the International Monetary Fund. Ayse Kaya advances a novel approach to understanding the relationship between states' economic power and their formal political power in multilateral economic institutions.
Trade Review'This ambitious study opens up the black box of how power and institutions interact in the rapidly changing post-Crisis world of global economic governance. Kaya exposes the tensions between the formal and informal faces of power in the struggle to influence both rules and outcomes across the World Bank, the IMF, and the emerging G20 process. Her analysis tells us that where the 'declining old' might prove too slow in ceding their formal institutional prerogatives, the 'rising new' may up the ante and take the game elsewhere to new forums. Global governance thus becomes less predictable and institutions less effective at adapting to the need for change. In short, Kaya's analysis shows us how familiar institutions remain a potentially fragile part of an increasingly fragile world order. A 'must' for scholars and students alike.' Geoffrey Underhill, University of Amsterdam
'Increasingly, students of international political economy are returning to consideration of the role of power in the functioning of the world economy. With this thoughtful analysis, Ayse Kaya makes a notable contribution to current debates, focusing in particular on the relationship between the economic power of states and formal power in multilateral institutions. Even seasoned specialists will find much to learn in this knowledgeable and well-crafted study.' Benjamin Jerry Cohen, University of California, Santa Barbara
Table of Contents1. Introduction; 2. Conceptualizing political asymmetries in multilateral economic institutions; 3. The origins of states' formal equality in the global financial institutions; 4. The origins of states' voting equality in the post-war multilateral trading system; 5. Shifts in political power in the IMF in 2008–10; 6. Shifts in political power in the World Bank in 2008–10; 7. The G20: a delegatory institution; 8. Conclusions.
