Technocratic manager, imperial agent, or diplomatic champion? The IMF in the anarchical society

Abstract

AbstractEven before the global financial crisis restored the International Monetary Fund's (‘IMF’ or ‘Fund’) political fortunes, the ‘monetary managers’ regained ground in supposedly hostile parts of the world, most notably in sub-Saharan Africa. To shed light on the Fund's appeal to governments that do not need its leverage to put dithering cabinets, unruly coalition partners, or restive opposition forces in line, this article examines the interplay between intergovernmental organisations (IGO) and the ‘master institutions’ of the anarchical society. It builds on classic English School inquiries into the ‘words and deeds’ of agents that define, maintain, and transform international societies; tracks collective efforts to harness international credit and debt; and probes bureaucratic obstinacy and great power management in the Fund's conduct in three member states that differ in terms of their borrowing habits, funding options, and creditor relations. It concludes that, in contrast to its reputation as a technocratic manager of cooperation or an imperial agent of contestation, the IMF's appeal lies in its willingness to act as a diplomatic champion of coexistence.