Created 1944 as part of the postwar strategy to prevent another great depression, the International Monetary Fund (IMF) was ideally meant to coordinate financing and technical advice to member countries experiencing economic imbalances. Today, however, the IMF is frequently criticized for its failure to be accountable and legitimate the eyes of its own members. Recently, many prominent policymakers across the world have argued that the IMF's legitimacy crisis can only be resolved by reallocating the 24 seats on its executive board a way that gives greater voice to countries that are seen to be underrepresented. Specific proposals involve decreasing and consolidating European representation and making the executive directors of Russia, Saudi Arabia, and China-which do not represent any other members and therefore have sole constituency-free seats-absorb other fund members their constituencies. Ideally, this could free up seats at the executive board and allow quota increases for those deemed underrepresented or unheard, namely emerging market economies and less developed countries.1While policymakers have been discussing how to recompose the executive board, little academic attention has been devoted to this important organ of international monetary decision-making. Moreover, we have a rich political science literature on the study of international organizations that has not been applied to analyze how seats at the IMF executive board might be acquired. Three theoretical schools studying decision-making international organizations are led by bureaucratic organization theories, realist theories, and, bridging the two, delegation theories. Are IMF executive board seats determined by bureaucratic considerations, as organizational theorists would argue, or by strategic power politics, as realists would contend, or by a combination of external constraints and internal accommodation, as delegation theorists would purport? The theoretical debate on this issue is lively, with hypothesizing taking place on every front.Bureaucratic organization theorists, inspired by constructivism, have argued that IMF staff have intellectual dominance the institution. IMF staff play a key role shaping IMF policies, programs, and ultimately decision-making. The fusion of constructivism and organizational theories, spearheaded by the multi-case study by Barnett and Finnemore, has given stronger ontological and purposive value to international organizations. International organizations are viewed as social contexts that have their own culture, norms, and idiosyncrasies, all of which need to be considered when trying to explain IMF decision-making. There are unintended consequences of IMF staff behaviour that produce mission creep or dysfunctional behaviour-policies and decisions that are not necessarily sanctioned by the IMF executive board. The IMF staff can often push forward their own agendas because they have respected economic expertise. They are effect in authority because the executive board has entrusted them with key functions; the staff are also an authority because they create economic knowledge and ideas to which member countries are receptive.2Building on the importance constructivists attach to the role of norms and shared beliefs, this bureaucratic approach focuses on the IMF staff's shared ideas or norm convergence. Bureaucratic organization theorists would assume that the IMF staff, deemed technocratic, would have a strong sway internal IMF decision-making and would resist attempts to politicize the organization; ideational forces would outweigh material ones. This reinforces the IMF's claim that its day-to-day functions are carried out by the technically oriented staff, composed mainly of internationally recruited macroeconomists that are separated from the potentially politicized-and relatively small-executive board. In one study, the author found the IMF staff resisting and usurping both the managing director and the executive board's attempts to limit the staff's scope of conditionality. …
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