Institutions and the “Missing Link” in the World Bank's Strategy

Howard Stein

in Beyond the World Bank Agenda

Published by University of Chicago Press

Published in print August 2008 | ISBN: 9780226771670
Published online February 2013 | e-ISBN: 9780226771656 | DOI:
Institutions and the “Missing Link” in the World Bank's Strategy

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This chapter begins with a brief comment about the role of institutions in structural adjustment, followed by a short survey of the ideas underlying new institutional economics (NIE), the variant of institutional economics used by the Bank. It then examines the rise of NIE in the World Bank, beginning with the contribution of Oliver Williamson. The remainder of the chapter examines how NIE has been used in a series of key documents to reinforce the orthodox agenda, including arguments made to counter criticisms of neoliberal policies. The final section evaluates the ways in which institutional constructs are used in the World Development Report 2002.

Keywords: World Bank; structural adjustment; new institutional economics; Oliver Williamson; neoliberal poilicies; World Development Report 2002

Chapter.  9204 words. 

Subjects: Financial Markets

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