Integration has been a recurrent theme on Chavez's political agenda-not Washington's kind, but the more regional-centric ALBA (Bolivarian Alternative for the Americas)- which is given reality by the concessional oil prices Venezuela has negotiated with various Latin American countries, as well as his proposal for a development bank for South America, Banco del Sur (Bank of the South). Public opinion in Latin America in general has a low regard for International Financial Institutions (IFIs), especially the IMF, which has been widely chastised for its prejudicial treatment of the Argentine economic melt-down earlier this decade and for the scores of years it spent setting harsh conditions in return for providing access to international credit.
Environmental and social standards now exist for virtually all international sources of project finance capital: the World Bank ("Bank") and other multilateral development banks ("MDBs"),2 the International Finance Corporation ("IFC"),3 export credit and insurance agencies ("ECAs"),4 and even many private commercial banks.5 These financial institutions ("FIs") have each established their own sets of environmental and social policies, frequently with cross-references to one another's standards. Projects such as the Sardar Sarovar dam in India's Narmada Valley and the Polonoroeste highway in the Brazilian Amazon led to worldwide civil society opposition, because they were designed with limited concern for impacts on local communities and the environment.8 In response to these criticisms,...
The International Monetary Fund, the World Bank, the European Bank for Reconstruction and Development, and other international financial institutions (IFIs) are beginning to realize that economic development can help minimize the likelihood of civil war. While these institutions have long stressed the apolitical nature of their activities, they are now beginning to advocate reduced military spending and improved governance. In light of their new awareness of the link between aid and peace, IFIs should consider the costs of armed conflict and the benefits of prevention when making decisions.
Because the legal versions of those institutions best positioned to respond to the crisis - economic treaties, financial regulatory networks, and the species of international organizations known as international financial institutions - have been ineffective or, at best, marginally useful, critics are likely to raise the age-old charge against international law: that they do not matter. The international system is anarchic, meaning that the rules of international administrative bodies are not easily enforced.113 The WTO has a dispute resolution system generally regarded as successful, but the other putative administrators of global economic regulation do not. [...] it may be that the WTO's enforcement discipline ends up being ignored in the context of the crisis, and the lack of enfor...
More Things Change, More They...Never Mind In the mid 1970s, skyrocketing commodity prices made Latin America a preferred destination for the ample international liquidity that Middle Eastern petrodollars and lax U.S. monetary policy funneled toward financial institutions. [...] the IMF should also be recapitalized, possibly through an issuance of Special Drawing Rights (SDRs), in order to ensure that the organization has more than enough funds to help reconnect countries to finance.
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