Democratizing the International Monetary Fund and the World Bank: Governance and Accountability

Much has been said about the failing policies of the International Monetary Fund (IMF). In this essay, I attempt to explain why the IMF has pursued policies that in many cases not only failed to promote the stated objectives of enhancing growth and stability, but were probably counterproductive and even flew in the face of a considerable body of theoretical and empirical work that suggested these poilcies would be counterproductive. I argue that the root of the problem lies in the IMF's system of governance. Thereafter, I discuss how the World Bank managed to reform its agenda in order to fulfill its goals of poverty reduction more successfully, and what lessons this reform holds for the IMF. I conclude by proposing needed reforms for the IMF that might mitigate some of the problems it has encountered in the past.¹     

TILTING TOWARD MARKETIZATION: Reform of the Canadian Pension Plan

Public concern about the earnings‐related Canada Pension Plan has forced the Canadian government to move toward fuller funding, a new investment policy, and changes to benefits and administration. Together, the three initiatives, and particularly the first two, amount to a modest degree of marketization. The assumption behind the reform is that the Canada Pension Plan will remain public and mandatory but the change will create a board and an investment policy which are more sensitive to market pressures and less amendable to government interference. The Canada Pension Plan is one of three tiers of support for the elderly in retirement. It is a contributory social insurance scheme which protects against loss of income. The other two are a social allowance (Old Age Security) as well as an income tested benefit (Guaranteed Income Supplement) which provide basic income support and employment based retirement pension plans as well as group and individual registered retirement savings plans which supplement the other two tiers on a voluntary basis. This article examines the reform of the Canada Pension Plan. After a brief examination of Canada's retirement benefits in an international context, the article summarizes recent debates in Canada, government policies to develop fuller funding and new investment strategies, and reflections on possible developments in the future.     

CONTROLLING LOCAL GOVERNMENT EXPENDITURE: THE CASE OF NORTHERN IRELAND

The purposes of this paper are twofold, namely to outline the basic features of local government finance in Northern Ireland and to discuss how this financial system has been affected by the concerns of central government to control public expenditure. It will be argued that there has been no radical revision of the local government financial system but that central government used traditional methods of moral suasion and capital controls to induce councils to restrict their spending. The reasons for this include the small size of local expenditure and the political risks involved in further curbing local government in Northern Ireland.     

The investigation of alleged insecticide toxicity: a case involving chlordane exposure, multiple sclerosis, and peripheral neuropathy

A man with no previous medical problems had two documented exposures to an insecticide containing the organophosphorous compounds chlordane and heptachlor. Six months to one year later, he began to experience neurological symptoms which progressed until his death. At autopsy, his brain showed classic findings of multiple sclerosis, and he had a severe peripheral neuropathy. Review of the literature indicates that the findings are not compatible with chlordane toxicity. Some of the factors to be used in determining the casual relationship between toxic exposure and disease processes are discussed.     

A Framework for Understanding Consensus-Building Initiation

The potential of consensus building is dependent upon overcoming difficulties associated with the challenges in getting parties to the table. This article builds a framework for understanding the factors and variables most fundamentally involved in the initiation of consensus-building efforts. Nine factors involved at the beginning of a consensus-building process are identified and outlined. The framework is structured on three major functions of the initiation phase: the definition of the problem, the structure of negotiation, and the motivation to participate.