Watching from the sidelines? The decline of the IMF's crisis management role

This article compares the International Monetary Fund (IMF)'s crisis management role during the Asian financial crisis in 1997–98 with the role it has played during the ‘credit crunch’ which emerged in the wake of the subprime crisis in the United States. With prominent calls for the construction of new forms of global financial governance to prevent a recurrence of the subprime crisis in the future, we explore how the designated guardian of the international financial system has responded to the credit crunch in order to evaluate the strengths and weaknesses of the existing system. Our comparison of the US subprime crisis and the Asian financial crisis of the late 1990s indicates that the IMF has lost credibility with its members, and particularly with its principal sponsor, the United States, which has curbed its capacity to develop multilateral solutions to major financial crises.     

The Globalisation of Enclosure: interrogating the geopolitics of empire

This article examines the question of global order in the contemporary historical conjuncture. I argue that Hardt and Negri's Empire provides a response to such a question. This response is necessary given the manner in which globalisation theory's explanation of global order has been contested by the George W Bush regime. An exegesis of the manner in which Empire delineates global order in the contemporary era provides, moreover, a fruitful encounter between elements of post-structuralist International Relations theory and the subject matter of International Political Economy. The article sketches out the principal characteristics of empire followed by an exegesis of the empirical manifestation of imperial characteristics in the contemporary global order. I argue that the present global order is characterised by the drawing of boundaries or the constitution of thresholds that define what is to be regarded as included and excluded from the imperial realm. Empire vigorously polices these thresholds in order to defer encounters with others that might question its self-asserted timeless pacific civility. Finally, I conclude by noting that the centrality of such boundary constitution to imperial forms suggests that a logic of security underlies contemporary global order. Thus investigations into the political economy of Empire will always already comprise an investigation of imperial logics of security.     

The lessons of privatization

Privatization policies have swept the world and helped restructure economic activity. Although there are clear benefits to privatization initiatives, many attempts have been rejected. Unfortunately, most policy research has ignored this fact. Research on privatization has mostly focused on programs that have been accepted, and not those that have been rejected. This study, however, breaks new ground by examining the microeconomic, macroeconomic, and political factors that shaped both types of privatization outcomes. This work, based on the book, The Logic of Privatization: The Case of Telecommunications in the Southern Cone of Latin America, suggests that the implementation of privatization policies hinges on the ability and capacity of the political leadership to control the bargaining process during the divestiture of state-owned companies. Failure to control the process may expand the conflict beyond the scope of the original participants and result in its rejection. This study statistically examines the economic and political data of sixteen attempts to privatize telephone companies around the world between 1981 and 1993. The findings suggested that microeconomic factors were not very significant in determining the privatization outcomes: however, macroeconomic factors were found to be slightly more important. The political factors, nonetheless, proved to be the most important variables in explaining the different outcomes. These findings were supported by the statistical results.     

The rise and fall of a people's movement

Charles M. Payne,I've Got the Light & Freedom: The Organizing Tradition and the Mississippi Freedom Struggle. Berkeley, CA, University of California Press, 1995.     

The rise and fall of Bureaucratic-Authoritarianism in Chile

This article applies Guillermo O’Donnell’s Bureaucratic-Authoritarian (BA) model to analyze the interruption of Chile’s democracy in 1973, and the gradual return to civilian rule since 1989. It argues that the formation of Augusto Pinochet’s military regime was an outcome of the import substitution industrialization strategy, activation of the popular sector, and rising threat to the capitalist order. After consolidation of the regime, however, power was re-opened first to the national bourgeoisie, and gradually to other classes. The whole process of formation and succession of Chile’s military regime follows very much the pattern depicted by the BA model. However, applicability of the BA framework is limited to countries that have attained a certain degree of industrialization, and have solid democratic tradition, such as Chile.     

The rise and fall of the Third Site of Ballistic Missile Defense

The present article examines the tumultuous development in the issue of the Third Site (also known as the Third Pillar) of the US Ballistic Missile Defense (BMD) that was planned to be hosted by the Czech Republic and Poland. The article analyzes the entire ‘life cycle’ of the project, from its formal proposal in 2007 by the former U.S. President George W. Bush to its cancellation in 2009 by the current U.S. President Barak Obama. Without any doubts, the Third Site of BMD put Poland and the Czech Republic at the centre of international-security politics and as such allows one to see how the two post-communist countries acted and reacted to related international positions, expectations and challenges. A detailed analysis of this issue, nevertheless, does not exhaust aims of this article. Whether brief or detailed, any look at the coverage of the issue reveals that the Czech Republic and Poland have invariably been lumped together through the construction of the imagery of the New Europe as a homogeneous political bloc. It will be argued that such a view is flawed and needs refinement. In order to back the claim, the issue of the Third Site is put into a historical context, revealing that the differences between the Czech and Polish international-security preferences and expectations after the end of the Cold War have been quite stable – including the most recent development after the project has been shelved by the United States, and can thus be conceived of in dialectical terms.