Legislating International Organization: The US Congress, the IMF, and the World Bank

By Kathryn C. Lavelle | Go to book overview

5
Iron Triangles Go Global
THE 1982 DEBT CRISIS AND END OF THE COLD WAR

No country can duck below the waves or disappear from the surface
of the Earth, unlike a corporation which goes out of business. So the
most believable future course of events would be a reshaping of the
debt … But I do not foresee the kind of development in the case of a
country that might take place in a commercial bankruptcy—that a
country might just shake off its debts.

—Henry C. Wallich, Member, Board of Governors of the Federal
Reserve System1

The initial coalition of support for the IFIs among banks, big business, and anti-communist members of Congress had been challenged when organized labor defected from the free-trade coalition and human rights activism grew during the development stage in the 1970s. However, supporters of economic multilateralism had been successful in obtaining necessary legislation for IDA replenishments, IMF quota increases, and overriding amendments despite delays. In the “debt stage,” described in this chapter, backers of the IMF and World Bank received consistent support from Congress in terms of providing funds with the fewest policy prescriptions attached by domestic groups. This financial support came even from presidents like Ronald Reagan, who had been openly adversarial toward multilateralism prior to his election. Therefore, during the debt stage, conflict over the IFIs persisted, yet business support solidified even further through organized channels in favor of Treasury’s positions. Opponents to the IMF were not organized.

I term this the debt stage of Congress-IFI relations because it was characterized by the exogenous changes associated with the accumulation of sovereign debt and default in developing countries, followed by the collapse of communism and the end of the Cold War that prompted new problems with debt in the former Soviet satellites. As the debt stage progressed, it was no longer possible to divide the interest community active on IFI issues into a domestic and an international component. The end of the Cold War did not initially end the coalition of support for economic multilateralism. It arguably

-107-

Notes for this page

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items
Notes
Cite this page

Cited page

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Note: primary sources have slightly different requirements for citation. Please see these guidelines for more information.

Cited page

Bookmark this page
Legislating International Organization: The US Congress, the IMF, and the World Bank
Table of contents

Table of contents

Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this book

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
Items saved from this book
  • Bookmarks
  • Highlights & Notes
  • Citations
/ 259

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Search by... Author
    Show... All Results Primary Sources Peer-reviewed

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.