The current crisis of neoliberalism is calling into question the relevance of key international institutions. We analyze the origins, nature, and possible impacts of the crisis through comparing two such institutions: the International Monetary Fund (IMF) and the World Trade Organization (WTO). Both originated in the post-World War II U.S.-led hegemonic order and were transformed as part of the transition to global neoliberalism. We show that while the IMF and the WTO have been part of the same hegemonic project, their (...) distinct institutional features have put them on significantly different trajectories. Historical differences in the two institutions’ systems of rules have placed the IMF in a more vulnerable position than the WTO, which provides clues to the future contours of global economic governance. (shrink)

This article examines the impact of the World Trade Organization (WTO) on domestic trade policies and practices. It shows that protectionist measures, including those practiced by the United States, have been effectively challenged, and consequently restricted, due to the WTO strengthened dispute settlement procedures. I show that the new procedures affected the substantive policy outcomes by changing the political influence of competing actors. Specifically, I identify four transformations affecting the political influence of participants: the re-scaling of political authority, the judicialization (...) of inter-state relations, the institutionalization of the international organization, and the structural internationalization of the state. Based on this case, the article offers a view of globalization as an institutional project. This view emphasizes the political dimension of the process of globalization; it suggests that this project was facilitated by transforming the institutional arrangements in place; and it identifies the contradictions inherent in it both to U.S. hegemony and to the globalization project itself. (shrink)