Abstract
For the developing world and the former centrally planned economies, development and reconstruction aid comes largely in the form of loans, grants and guarantees from international financial institutions. Chief among these are the World Bank Group2 and the European Bank for Reconstruction and Development (EBRD), which lent a total of EUR 12.3 billion and EUR 2.4 billion, respectively, in 1999. This financial capital has afforded the lenders considerable influence over their borrowers’ economic practices and policies. Despite policies of political neutrality and non-interference held by some development banks,3 this influence has extended to the political sphere as well. As Gill (1995) contends, the multilateral development banks have become agents of ‘disciplinary neoliberalism,’ a form of global economic governance imposed by the structural power of financial capital and the behavioral power of conditionality policies.
The author gratefully acknowledges research support rom the American-Scandinavian Foundation and the Leopold Schepp Foundation. The author is indebted to the Barents Secretariat, Kirkenes, Norway, for their kind assistance in connection with this research. An earlier version of this paper was presented at the International Conference on the Barents Euro-Artic Region, Oslo, 27–28 April 1998, sponsored by the Norwegian Institute of International Affairs.
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Sawhill, S.G. (2000). Underwriting the Environment: Development Bank Influence in the Barents Region. In: Hedegaard, L., Lindström, B., Joenniemi, P., Östhol, A., Peschel, K., Stålvant, CE. (eds) The NEBI Yearbook 2000. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-58337-7_8
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