The Quest for Rejuvenated Legitimacy: The Rise and Protracted Demise of the IMF as A Global Actor
The Quest for Rejuvenated Legitimacy: The Rise and Protracted Demise of the IMF as A Global Actor

Summary/Abstract: The IMF, which stood at the helm of the global financial architecture since the end of the Second World War as a key Bretton Woods institution, has been a consistent locus of criticism. Recently, there seems to be general consensus in academic and policy-based circles that the Fund is suffering from a deep “legitimacy crisis”. In this study, the respective global missions assigned to the Fund under the classical Bretton Woods and economic globalization regimes, its peculiar relationship with major global powers, the substantial erosion in the sources of its institutional legitimacy and policy credibility are evaluated. The declining capacity of the IMF to act like a global crisis manager is assessed in the light of recent crises. The main thesis is the study is that profound governance reforms are needed to restore the legitimacy of the Fund, towards which several concrete proposals are specified.

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