By Jane Harrigan, Paul Mosley, John Toye
While the most important relief agencies made flows of reduction conditional on adjustments in coverage, they caused an in depth debate in improvement circles. Aid and Power has made some of the most major and influential contributions to that discuss. This version has been revised to take account of adjustments in the international financial institution itself and the extension of coverage established lending to the previously socialist economies of east and important Europe.
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Additional info for Aid and Power - Vol 1: The World Bank and Policy Based Lending
6 Source: World Bank, World Development Report 1994, appendix tables. 'investment' would create a surplus, and whether that surplus could be realized as additional foreign exchange for debt service. They, too, were spectacularly wrong. What brought these mutual miscalculations out into the open at the beginning of 1980 was the course of real interest rates. The years 1979-80 saw the arrival in office in the major industrialised countries of political parties of the right, convinced - or claiming to be convinced - of the simple proposition that inflation can be manipulated by the control of the money supply.
Not only have interest groups changed from being unproblematic to being the critical source of socio-economic ills, but the logical flaw which Olson originally spotted in interest group theory has dropped progressively out of sight. A third example of the changing content of the economic theory of politics concerns the role of government. Anthony Downs, the pioneer of the economic theory of politics, used the theory to argue that the government sector would be inevitably under-extended (1960: 341-63).
The other is that all three changes are consistent with each other. They together represent a dramatic shift away from a pluralist, participatory ideal of politics and towards an authoritarian and technocratic ideal based not on big government but on small and highly efficient government. In the longer perspective, they signal the return in the 1980s to dominance of the non-participatory strand of western liberal political theory (Hexter, 1979: 293-303). 2 Surprisingly perhaps, there is also nothing in the theory of rent-seeking which drives one inevitably towards the cynicism, pessimism and 16 WORLD DEVELOPMENT AND INTERNATIONAL FINANCE contracted focus of the NPE.