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Chapter Week 6

PSCI 2602 Chapter Notes - Chapter Week 6: Doha Development Round, Capital Control, World Trade Organization


Department
Political Science
Course Code
PSCI 2602
Professor
Supanai Sookmark
Chapter
Week 6

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(Week 6) Miles Kahler The global economic Multilaterals: will eighty years be enough?
The Global Economic multilaterals (GEMS). (1)
o These peak organizations in the domains of monetary and financial relations,
development, and trade have owed their position to their efficacy, legitimacy,
normative identity, and adaptability. (1)
The GEMS have demonstrated efficacy: they produce discernable results through their
actions.
They have evolved over time to serve as useful instruments of collaboration among the
principal economic powers and, in the eyes of weaker powers, and modest constraints
on unilateral action by the strong. (1)
Their multilateral character and near-universal membership award them substantial
legitimacy. (1)
Membership in the IMF and the World Bank (the latter dependent on the former) is
nearly automatic for new states. (1)
The norms and practices of these organizations award them a distinct and controversial
identity. (1)
Capital controls were endorsed; a prominent state role in development was accepted;
and trade negotiations took place on the basis of reciprocal concession, not unilateral
liberalization. (1)
The IFIs ad the WTO oupied proiet roles as gloalizers. 1
Adaptability has been a final characteristic of the GEMs. (2)
They have demonstrated their ability to change in response to new international actors
and shifts in the global environment. (2)
Continued reinvention will be essential. (2)
If not, their useful life span may prove to be eight decades. (2)
The dominance of these economic powers was based on formal decision rules, such as
weighted voting in the IFIs, and informal groups, such as the Quad of trading powers
that led negotiations in the General Agreement on Tariffs and Trade (GATT). (2)
“peial ad differetial treatet was two-edged: developing countries were not held
to the same policy standards as industrialized members, but their voice was heavily
discounted as a result. (2)
demands for a greater voice for NGOs undermined the intergovernmental character of
institutions, and efforts to expand organizational mandates threatened additional
conditionality for their less powerful members. (2)
The GEMS and the Great Recession:
Reinvention Under Pressure
The years before the crisis were boom years for the emerging economies. (3)
Fiaial al eat less dead for the IMF’s role as fiaial risis aager, a role
that many emerging economies resented and resisted. (3)
The WTO became a useful venue for dispute settlement, and developing countries
playing a more prominent and adept role in challenging the economic powers. (3)
Instead of efficacy, the Doha Round and the WTO became symbols of deadlock
negotiations. (3)
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