Embeddedness, inflation, and international regimes: The IMF in the early postwar period

American Journal of Sociology

Volumn 113, Issue 1, 2007, Pages 128-164

  Babb, Sarah ^a  

^a BOSTON COLLEGE   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 34547672759     PISSN: 00029602     EISSN: None     Source Type: Journal    
DOI: 10.1086/517896     Document Type: Article

References (130)

1. Alesina, Alberto, and Lawrence H. Summers. 1993. "Central Bank Independence and Macroeconomic Performance: Some Comparative Evidence." Journal of Money, Credit, and Banking 25 (2): 151-62.
2. Alexander, Sidney S. 1952. "Effects of a Devaluation on a Trade Balance." IMF Staff Papers 2:263-78.
3. Babb, Sarah. 2003, "The IMF in Sociological Perspective: A Tale of Organizational Slippage." Studies in Comparative International Development 38 (2): 3-27.
4. Babb, Sarah, and Ariel Buira. 2005. "Mission Creep, Mission Push, and Discretion: The Case of IMF Conditionally." Pp. 59-84 in The IMF at Sixty, edited by Ariel Buira. London: Anthem.
5. Baer, Werner, and Isaac Kertenetzky, eds. 1964. Inflation and Growth in Latin America. Homewood, Ill.: Richard D. Irwin.
6. Barnett, Michael, and Martha Finnemore. 2004. Rules for the World: International Organizations in Global Politics. Ithaca, N.Y.: Cornell University Press.
7. Barro, Robert J., and Jong-Wha Lee. 2002. "IMF Programs: Who Is Chosen and What Are the Effects?" Working Paper 8951. National Bureau of Economic Research.
8. Belanger, Louis. 2006. "An Unsustainable Institutional Design: Incompleteness and Delegation in NAFTA." Paper presented at the "NAFTA and the Future of Trade Governance" conference, Canada Institute and Mexico Institute, Woodrow Wilson International Center for Scholars. Washington, D.C., March.
9. Bello, Walden, and Shalimi Guttal. 2005. "Crisis of Credibility: The Declining Power of the International Monetary Fund." Multinational Monitor 26 (7): 8-19.
10. Bhagwati, Jagdish. 2005. In Defense of Globalization. New York: Oxford University Press.
11. Biggart, Nicole, and Mauro Guillén. 1999, "Developing Difference: Social Organization and the Rise of the Auto Industries of South Korea, Taiwan, Spain, and Argentina." American Sociological Review 64 (5): 722-47.
12. Block, Fred L. 1977. The Origins of International Economic Disorder. Berkeley: University of California Press.
13. Boughton, James, 1997. "From Suez to Tequila: The IMF as Crisis Manager." Working Paper 97/90. International Monetary Fund, http://www.imf.org/external/pubs/ft/wp/wp9790.pdf
14. _. 2001. Silent Revolution: The IMF, 1979-1989. Washington, D.C.: International Monetary Fund.
15. _. 2002. "Why White, Not Keynes? Inventing the Postwar International Monetary System." Working Paper 02/52. International Monetary Fund.
16. Bruno, Michael. 1993. Crisis, Stabilization, and Economic Reform: Therapy by Consensus. Oxford: Clarendon.
17. Buira, Ariel. 1983. "IMF Financial Programs and Conditionality. " Journal of Development Economics 12:111-36.
18. _. 2005. "The Bretton Woods Institutions: Governance without Legitimacy?" Pp. 7-44 in Reforming the Governance of the IMF and the World Bank, edited by Ariel Buira. London: Anthem.
19. Campbell, John L., and Leon N. Lindberg. 1990. "Property Rights and the Organization of Economic Activity by the State." American Sociological Review 55 (10): 634-47.
20. Cárdenas, Enrique. 1994. La hacienda pública y política económica, 1929-1958. México, D.F.: Fondo de Cultura Económica.
21. Clarke, Stephen V. O. 1967. Central Bank Cooperation, 1924-31. New York: Federal Reserve Bank of New York.
22. Crouch, Colin. 1977, Class Conflict and the Industrial Relations Crisis: Compromise and Corporatism in the Policies of the British State. London: Humanities Press.
23. _. 1978. "Inflation and the Political Organization of Economic Interests." Pp. 217-39 in The Political Economy of Inflation, edited by Fred Hirsch and John H. Goldthorpe. Cambridge, Mass.: Harvard University Press.
24. Dam, Kenneth W. 1982. The Rules of the Game: Reform and Evolution in the International Monetary System. Chicago: University of Chicago Press.
25. Dell, Sydney. 1981. On Being Grandmotherly: The Evolution of IMF Conditionality. Essays in International Finance, no. 144. Princeton University, Department of Economics, International Finance Section.
26. De Vries, Margaret. 1976. The International Monetary Fund, 1966-1971: The System under Stress. Washington, D.C.: International Monetary Fund.
27. _. 1985. The International Monetary Fund, 1972-1978: Cooperation on Trial. Washington, D.C.: International Monetary Fund.
28. _. 1987. Balance of Payments Adjustment, 1945-1986: The IMF Experience. Washington, D.C.: International Monetary Fund.
29. Dillard, Dudley. 1948. The Economics of John Maynard Keynes: The Theory of a Monetary Economy. Englewood Cliffs, N.J.: Prentice Hall.
30. DiMaggio, Paul J., and Walter W. Powell. 1983. "The Iron Cage Revisited: Institutional Isomorphism and Collective Rationality in Organizational Fields." American Sociological Review 48:147-60.
31. ECLA (Economic Commission for Latin America). Various years. Statistical Yearbook. Santiago: ECLA.
32. Eichengreen, Barry. 1996. Globalizing Capital: A History of the International Monetary System. Princeton, N.J.: Princeton University Press.
33. Eijffinger, Sylvester C. W., and Jakob de Haan. 1996. "The Political Economy of Central-Bank Independence." Special Papers in International Economics, no. 19. Princeton University, Department of Economics, International Finance Section.
34. Feldstein, Martin. 1998. "Refocusing the IMF." Foreign Affairs 77 (2): 20-33.
35. Felix, David. 1961. "An Alternative View of the 'Monetarist'- 'Structuralist' Controversy." Pp. 81-93 in Latin American Issues, edited by A. O. Hirschman. New York: Twentieth Century Fund.
36. Finnemore, Martha. 1994. "International Organizations as Teachers of Norms: The United Nations Educational, Scientific, and Cultural Organization and Science Policy." International Organization 47 (4): 565-97.
37. Fourcade-Gourinchas, Marion, and Sarah Babb. 2002, "The Rebirth of the Liberal Creed: Paths to Neoliberalism in Four Countries." American Journal of Sociology 108 (3): 533-79.
38. Foxley, Alejandro. 1983. Latin American Experiments in Neoconservative Economics. Berkeley and Los Angeles: University of California.
39. Friedman, Milton. 1991. "The Counter-Revolution in Monetary Theory." Pp. 1-20 in Monetarist Economics, edited by Milton Friedman. Oxford: Basil Blackwell.
40. _. 2005. The World Is Flat: A Brief History of the Twenty-First Century. New York: Farrar, Straus and Giroux.
41. Gisselquist, David. 1981. The Political Economics of International Bank Lending. New York: Praeger.
42. Gold, Joseph. 1988. "Mexico and the Development of the Practice of the International Monetary Fund." World Development 16 (10): 1127-42.
43. Goldstein, Morris. 2000. "IMF Structural Conditionality: How Much Is Too Much?" Revision of a paper presented at the "Economic and Financial Crises on Emerging-Market Economies" conference of the National Bureau of Economic Research. Woodstock, Vt., October.
44. Goldthorpe, John H. 1978. "The Current Inflation: Towards a Sociological Account." Pp. 186-213 in The Political Economy of Inflation, edited by Fred Hirsch and John H. Goldthorpe. Cambridge, Mass.: Harvard University Press.
45. Grilli, Vittorio, Donato Masciandaro, and Guido Tabellini. 1991. "Political and Monetary Institutions and Public Financial Policies in the Industrial Countries." Pp. 161-212 in Independent Central Banks and Economic Performance, edited by Sylvester C. W. Eijffinger. Cheltenham: Elgar.
46. Guillén, Mauro. 2003. The Limits of Convergence: Globalization and Organizational Change in Argentina, South Korea, and Spain. Princeton, N.J.: Princeton University Press.
47. Hall, Peter A. 1989. "Conclusion." Pp. 361-91 in The Political Power of Economic Ideas: Keynesianism across Nations, edited by Peter Hall. Cambridge, Mass.: Harvard University Press.
48. _. 1993, "Policy Paradigms, Social Learning, and the State: The Case of Economic Policymaking in Britain." Comparative Politics 25 (3): 275-96.
49. Hansen, Roger D. 1971. The Politics of Mexican Development. Baltimore: Johns Hopkins University Press.
50. Harvey, David. 2005. A Brief History of Neoliberalism. New York: Oxford University Press.
51. Helleiner, Eric. 1994. States and the Reemergence of Global Finance. Ithaca, N.Y.: Cornell University Press.
52. _. 2003. "The Southern Side of 'Embedded Liberalism': America's Unorthodox Money Doctoring during the Early Post-1945 Years." Pp. 249-75 in Money Doctors: The Experience of International Financial Advising, 1850-2000, edited by Marc Flandreau. New York: Routledge.
53. Hirsch, Fred. 1978. "The Ideological Underlay of Inflation," Pp. 263-84 in The Political Economy of Inflation, edited by Fred Hirsch and John H. Goldthorpe. Cambridge, Mass.: Harvard University Press.
54. Hirschman, Albert O. 1963. Journeys toward Progress: Studies of Economic Policy-Making in Latin America. New York: Norton.
55. _. 1981. Essays in Trespassing: Economics to Politics and Beyond. Cambridge: Cambridge University Press.
56. Horsefield, J. Keith. 1969. The International Monetary Fund, 1945-1965, vol. 1. Washington, D.C.: International Monetary Fund.
57. Horsefield, J. Keith, and Gertrud Lovasy. 1969. "Evolution of the Fund's Policy on Drawings." Pp. 381-427 in The International Monetary Fund, 1945-1965: Twenty Years of International Monetary Cooperation, vol. 2, edited by De Vries et al. Washington, D.C.: International Monetary Fund.
58. IDB (Inter-American Development Bank). Various years. Economic and Social Progress of Latin America. Washington, D.C.: Inter-American Development Bank.
59. Ikenberry, G. John. 1992. "A World Economy Restored: Expert Consensus and the Anglo-American Postwar Settlement." International Organization 46 (1): 289-321.
60. IMF (International Monetary Fund). 1944. Articles of Agreement, Pp. 185-214 in The International Monetary Fund, 1945-1965, vol. 3, edited by J. Keith Horsefield. Washington, D.C.: International Monetary Fund.
61. _. 2006. Article IV of the Fund's Articles of Agreement: An Overview of the Legal Framework. Prepared by the legal department in consultation with the policy development and review department. Washington, D.C.: International Monetary Fund, http://www.imf.org/external/np/pp/eng/2006/062806. pdf.
62. _. Various years. Annual Reports. Washington, D.C.: Inernational Monetary Fund.
63. IMF Archives. 1947a. Central Files, Country Files, C/Chile/810. Staff memorandum no. 101, "Mexico's Balance of Payments." Prepared for the Research Department by Javier Marquez. June 10.
64. _. 19476. Central Files, Country Files, C/Chile/810. Memorandum, Paul J. Brand to Mr. Taylor. December 29.
65. _. 1948a. Central Files, Country Files, C/Mexico/810. Letter, Javier Marquez to Felipe Pazos. July 10.
66. _. 1948b. Central Files, Country Files, C/Mexico/810. Staff report. "Depreciation to Meet a Situation of Overinvestment." Prepared by J. J. Polak in consultation with we.S. Friedman, W. R. Gardner, J. Marquez, and F Pazos. September 10.
67. _. 1949. Central Files, Country Files, C/Chile/810. Letter, George Bernstein to Jorge Del Canto. October 28.
68. _. 1950a. Central Files, Country Files, C/Chile/810. Staff report. "The United Nations Report and the Fund Mission Report on the Chilean Inflation." Undated draft.
69. _. 19506. Central Files, Country Files, C/Chile/810. Staff report. "Report of the Mission to Chile: Summary and Recommendations." Approved by George F. Luthringer and J. J. Polak. August 25.
70. _. 1953. Central Files, Country Files, C/Chile/420.1. Letter, Felipe L. Herrera to Ivar Rooth (translation). August 7.
71. _. 1954. Central Files, Country Files, C/Mexico/810. Memorandum, J. J. Polak to Mr. Luthringer. June 23.
72. _. 1955a. Central Files, Country Files, C/Chile/810. Memorandum, Jorge Del Canto to Cochran. April 29.
73. _. 1955b. Central Files, Country Files, C/Mexico/810. Staff report. "Report of Fund Mission to Mexico." June 28.
74. _. 1955c. Central Files, Country Files, C/Chile/420.1. Staff report. "Staff Report and Recommendations-1955 Consultations. Prepared by Staff Representatives for 1955 Consultations with Chile." Reviewed by the Committee on Article XIV Consultations. Approved by Jorge Del Canto and Irving S. Friedman. August 8.
75. _. 1955d. Executive Board Minutes. EBM/S5/53. August 26.
76. _. 1956. Letter of intent. Central Files, Country Files, C/Chile/1760.
77. _. 1956-57. Letters of intent for standby arrangements. Central Files, Country Files, C/Bolivia/1760.
78. _. 1956-64. Letters of intent. Central Files, Country Files, C/United Kingdom/1760.
79. Iversen, Torben. 1999. Contested Economic Institutions: The Politics of Macroeconomics and Wage Bargaining in Advanced Democracies. Cambridge: Cambridge University Press.
80. Izquierdo, Rafael. 1995. Política hacendaria del desarrollo estabilizador, 1958-1970. México, D.F.: Fondo de Cultura Económica.
81. James, Harold. 1996. International Monetary Cooperation since Bretton Woods. New York: Oxford University Press.
82. _. 2002. The End of Globalization. Cambridge, Mass.: Harvard University Press.
83. Katzenstein, Peter. 1985. Small States in World Markets. Ithaca, N.Y.: Cornell University Press.
84. Kiguel, Miguel A., and Nissan Liviatan. 1992. "Progress Report on Heterodox Stabilization Programs." Finance and Development, March, pp. 22-25.
85. Killick, Tony. 1984. "IMF Stabilization Programmes." Pp. 183-226 in The Quest for Economic Stabilization: The IMF and the Third World, edited by Tony Killick. New York: St. Martin's.
86. _. 1995. IMF Programmes in Developing Countries: Design and Impact. New York: Routledge.
87. Krugman, Paul R., and Maurice Obstfeld. 1997. International Economics: Theory and Policy, 4th ed. Reading, Mass.: Addison-Wesley.
88. Malloy, James M. 1970. Bolivia: The Uncompleted Revolution. Pittsburgh: University of Pittsburgh Press.
89. March, James G., and Herbert A. Simon. 1993. Organizations, 2d ed. New York: Blackwell Business
90. Maxfield, Sylvia. 1990. Governing Capital: International Finance and Mexican Politics. Ithaca, N.Y.: Cornell University Press.
91. _. 1997. Gatekeepers of Growth: The International Political Economy of Central Banking in Developing Countries. Princeton, N.J.: Princeton University Press.
92. Michels, Robert. (1915) 1959. Political Parties: A Sociological Study of the Oligarchical Tendencies of the Modern Democracy. Translated by Eden and Cedar Paul. New York: Dover.
93. Middlebrook, Kevin. 1995. The Paradox of Revolution: Labor, the State and Authoritarianism in Mexico. Baltimore: Johns Hopkins University Press.
94. Mikesell, Raymond F. 1994. The Bretton Woods Debates: A Memoir. Essays in International Finance, no. 192. Princeton University, Department of Economics, International Finance Section.
95. Ness, Gayl D., and Steven R. Brechin. 1988. "Bridging the Gap: International Organizations as Organizations." International Organization 42 (2): 245-73.
96. Oliver, Christine. 1991. "Strategic Responses to Institutional Processes," Academy of Management Review 16 (1): 145-79.
97. Olsen, Johan P. 1976. "Reorganization as a Garbage Can." Pp. 314-17 in Ambiguity and Choice in Organizations, edited by James G. March and Johan P. Olsen. Bergen: Universitetsforlaget.
98. Payer, Cheryl. 1975. The Debt Trap: The International Monetary Fund and the Third World. New York: Monthly Review Press.
99. Peden, G. C. 1984. "The 'Treasury View' on Public Works and Employment in the Interwar Period." Economic History Review 35 (2): 167-84.
100. Pfeffer, Jeffrey, and Gerald R. Salancik. 1977. The External Control of Organizations: A Resource Dependence Perspective. New York: Harper & Row.
101. Polak, Jacques J. 1957. "Monetary Analysis of Income Formation and Payments Problems." IMF Staff Papers 6:1-50.
102. _. 1991. The Changing Nature of IMF Conditionality. Essays in International Finance. Princeton University, Department of Economics, International Finance Section.
103. _. 2001. "The Two Monetary Approaches to the Balance of Payments: Keynesian and Johnsonian." Working Paper 01/100. International Monetary Fund.
104. Polanyi, Karl. 1944. The Great Transformation. Boston: Beacon.
105. Rogoff, Kenneth. 2003. "Disinflation: An Unsung Benefit of Globalization?" Finance and Development, December, pp. 54-55.
106. Ruggie, John Gerald. 1983. "International Regimes, Transactions, and Change: Embedded Liberalism in the Postwar Economic Order." Pp. 195-231 in International Regimes, edited by S. Krasner. Ithaca, N.Y.: Cornell University Press.
107. Sachs, Jeffrey, 1998. "The IMF and the Asian Flu." American Prospect 37:16-21.
108. Samuelson, Paul A. 1955. Economics: An Introductory Analysis. New York: McGraw-Hill.
109. _. 1964. Economics: An Introductory Analysis. New York: McGraw-Hill.
110. Samuelson, Paul A., and Robert M. Solow. 1960. "Analytical Aspects of Anti-inflation Policy." American Economic Review 50 (2): 177-94.
111. Seers, Dudley. 1962. "A Theory of Inflation and Growth in Under-developed Economies Based on the Experience of Latin America." Oxford Economic Papers 14 (2): 173-95.
112. Selznick, Philip, 1949. TVA and the Grass Roots: A Study of Politics and Organization. Berkeley: University of California Press.
113. Sheahan, John. 1987. Patterns of Development in Latin America: Poverty, Repression, and Economic Strategy. Princeton, N.J.: Princeton University Press.
114. Simon, Herbert. 1955. "A Behavioral Model of Rational Choice." Quarterly Journal of Economics 64:99-119.
115. Southard, Frank. 1979. The Evolution of the International Monetary Fund. Essays in International Finance. Princeton University, Department of Economics, International Finance Section.
116. Stiglitz, Joseph E. 2002. Globalization and Its Discontents. New York: Norton.
117. Strange, Susan. 1973. "IMF: Monetary Managers." Pp. 263-97 in The Anatomy of Influence: Decision Making in International Organizations, edited by Robert W. Cox and Harold K. Jacobson. New Haven, Conn.: Yale University Press.
118. Sunkel, Oswaldo. 1958. "La inflación chilena: Un enfoque heterodoxo." Trimestre Económico 25:570-99.
119. Thelen, Kathleen. 2003. "How Institutions Evolve: Insights from Comparative Historical Analysis." Pp. 208-40 in Comparative Historical Analysis in the Social Sciences, edited by James Mahoney and Dietrich Rueschemeyer. New York: Cambridge University Press.
120. Thorp, Rosemary, and Laurence Whitehead. 1979. Introd. to Inflation and Stabilisation in Latin America, edited by Rosemary Thorp and Laurence Whitehead. London: Macmillan.
121. Tobin, James. 1981. "Diagnosing Inflation: A Taxonomy." Pp. 19-30 in Development in an Inflationary World, edited by M. June Flanders and Assaf Razin. New York: Academic Press.
122. Uruqidi, Victor L. 1996. "Reconstruction vs. Development: The IMF and the World Bank." Pp. 30-51 in The Bretton Woods-GATT System: Retrospect and Prospect after Fifty Years, edited by Orin Kirshner. London: M.E. Sharpe.
123. Vreeland, James Raymond. 2003. The IMF and Economic Development. Cambridge: Cambridge University Press.
124. Wallach, Lori, and Patrick Woodall. 2004. Whose Trade Organization? A Comprehensive Guide to the WTO. New York: New Press.
125. Walton, John, and David Seddon. 1994. Free Markets and Food Riots: The Politics of Global Adjustment. Oxford: Basil Blackwell.
126. Webb, Richard. 2000. "The Influence of International Financial Institutions on ISI." In An Economic History of Twentieth-Century Latin American, vol. 3, edited by Enrique Cárdenas, José Antonio Ocampo, and Rosemary Thorp. New York: Palgrave.
127. Williamson, John. 1983. IMF Conditionality. Washington, D.C.: Institute for International Economics.
128. _, ed. 1994. The Political Economy of Policy Reform. Washington, D.C.: Institute for International Economics.
129. _. 2003. "From Reform Agenda to Damaged Brand Name: A Short History of the Washington Consensus and Suggestions for What to Do Next." Finance and Development, September, pp. 10-13.
130. Williamson, Oliver. 1981. "The Economics of Organization: The Transaction Cost Approach." American Journal of Sociology 87 (3): 548-77.