Negotiating Crisis: The IMF and Disaster Capitalism in Small States

Abstract

How do small states use international organisations to manage the consequences of exogenous shocks? This article examines this question through exploring how small states negotiate with the International Monetary Fund (IMF) for crisis management support during a period of ‘disaster capitalism’. Focusing on the case of Iceland, the article argues that while small states can potentially build scale economies in specialist sectors such as banking, the risks inherent in rapid financial expansion greatly increase their vulnerability to external shocks. In such circumstances, small states are likely to struggle to level the playing field in their attempts to negotiate the constraints and opportunities provided by engagement with the IMF during international crises, when they face higher stakes compared with larger economies and have a narrower policy choice set at their disposal.

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