Governance and the Limits of Accountability: The WTO, the IMF, and the World Bank

Abstract

Over the past two decades the functions of international economic institutions have greatly expanded to include programmes and policies which affect a wider range of people, groups, and organisations than before. Where previously people could hold their national governments to account for such policies, they must now look to international institutions where the decisions are being made. But to whom are these institutions accountable and are they accountable to those whom they directly affect? This paper sets out to answer that question in respect of the IMF, the World Bank, and the WTO. After analysing the new intrusiveness of the WTO, the IMF, and the World Bank, we explore how the concept of accountability might best be applied to international economic institutions. The paper then outlines the specific ways in which the IMF, World Bank, and WTO have recently bolstered their accountability through enhanced transparency and monitoring. In conclusion, however, the paper argues that in spite of improvements in accountability, the international economic institutions have not gone far enough in reforming their governance structures. There is a remaining imbalance between what they do, and their legitimacy as perceived by those they affect.