Alemna, David, Artaraz, Kepa, Haynes, Philip and Mwale, Shadreck ORCID: https://orcid.org/0000-0002-5773-8458 (2021) The complexity and instability of policy conditionality and transfer: IMF interventions in the political economy of South America. Complexity Governance and Networks, 6 (1). pp. 14-31. ISSN 2214-3009

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Abstract

International Monetary Fund (IMF) interventions have evolved in the last sixty years based on the predominant orthodoxy in world political economy with a focus in recent decades on encouraging liberal market conditions to secure inward investment and capital flows. This has resulted in a dominant model of policy conditions and transfer, but with a debate about the contextual relevance. This paper uses an innovative approach to longitudinal research, called Dynamic Pattern Synthesis, to compare the economic performance of South American nations between 2000-2015. The results from using this method illustrates multifinality in the IMF outcome of encouraging foreign direct investment. A complex configuration of influences on this outcome are evidenced. Complexity theory is used to explain the results, with the continent defined as a complex system that does not respond to simple causal policy mechanisms, but rather displays different patterns of political and economic influence in the context of global market instability. Different foreign direct investment configurations result, and these illustrate that international monetary and policy interventions need to be contextual and cannot make simplistic and universal assumptions about policy problems and their mechanistic solutions.

Item Type:	Article
Identifier:	10.20377/cgn-103
Additional Information:	30.8.24: Complexity, Governance & Networks The journal Complexity, Governance & Networks is now accessible at Trinity College, Dublin in 2023. For IT security reasons, the OJS instance of the journal at the previous publisher University of Bamberg Press had to be shut down already. Most journal content is accessible via the German National Library: https://d-nb.info/1161541918 The DOIs of the articles are temporarily not resolving. We apologize for any inconvenience this may cause.
Keywords:	Dynamic Pattern Synthesis; International Monetary Fund; South America; Policy Conditionalities; Macroeconomic Instability
Subjects:	Social sciences > Politics Social sciences > Economics and economic history
Related URLs:	Publisher
Depositing User:	Shadreck Mwale
Date Deposited:	18 Nov 2021 14:05
Last Modified:	04 Nov 2024 11:24
URI:	https://repository.uwl.ac.uk/id/eprint/8320

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