Economic Multilateralism in Peril

The Doha Round of multilateral negotiations is at a stalemate. The aid situation is changing as many countries are graduating from the soft loan arm of the World Bank Group. Developing countries built up their foreign exchange reserves to avoid borrowing from the International Monetary Fund (IMF), l...

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Bibliographic Details
Published inInternational studies (New Delhi) Vol. 58; no. 4; pp. 425 - 441
Main Author Agarwal, Manmohan
Format Journal Article
LanguageEnglish
Published New Delhi, India SAGE Publications 01.10.2021
SAGE PUBLICATIONS, INC
Subjects
Banking
Developing countries
Diplomacy
Geopolitics
Hegemony
LDCs
Multilateralism
Post World War II period
World War I
geopolitics
Economics and development studies
diplomacy
economic relations
hegemony
international politics
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Summary:The Doha Round of multilateral negotiations is at a stalemate. The aid situation is changing as many countries are graduating from the soft loan arm of the World Bank Group. Developing countries built up their foreign exchange reserves to avoid borrowing from the International Monetary Fund (IMF), leading the IMF to retrench. This article explores the evolution of multilateralism from, essentially, its political roots to the economic area after the First World War (FWW), though in a limited way, and more fully after the Second World War (SWW). We then discuss how the workings of these economic multilateral institutions resulted in the current situation, where they risk becoming irrelevant. Finally, the article discusses the possible role of theG20 in the revival of multilateralism and, in particular, the role that developing countries might play in the revival.
ISSN:0020-8817
0973-0702
DOI:10.1177/00208817211056741