The Bretton Woods twins and reform agendas: from the NIEO to the Bridgetown Agenda

Susan Engel and Matthew Mabefam

Development in Practice, 2025, vol. 35, issue 6, 935-946

Abstract: Reforming the role of the International Monetary Fund and World Bank was a core goal of the 1974 New International Economic Order (NIEO). While there were calls for reform of the Bretton Woods Twins in the intervening decades, in recent years, they have escalated and new calls from the Global South have emerged. This article analyses whether the NIEO has influenced contemporary agendas. It explores calls from the Non-Aligned Movement and the G20 as well as the Bridgetown Agenda. It demonstrates how NIEO calls to increase the voice and participation of the Global South and the flow of resources to it have been recurring themes, reflecting the liberal nature of the NIEO. Progress on reform has been slow and new calls do not offer a reshaping of development trajectories that the Global South sought with the NIEO. The UN’s Our Common Agenda attempted more but has been quashed.

Date: 2025
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DOI: 10.1080/09614524.2024.2436498

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