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Accounting for failure through morality : the IMF’s involvement in (mis)managing the Greek crisis
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Avakian, Stephanos and Fotaki, Marianna (2022) Accounting for failure through morality : the IMF’s involvement in (mis)managing the Greek crisis. Journal of Business Ethics . doi:10.1007/s10551-022-05312-w ISSN 0167-4544.
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Official URL: http://dx.doi.org/10.1007/s10551-022-05312-w
Abstract
In examining how reform-leading supranational institutions respond to public criticism, this article advances current theory on their institutional accountability mechanisms and extends research on this topic by focusing on their responses to public criticism of alleged reform failures. We consider the case of the International Monetary Fund’s (IMF’s) involvement in the Greek economic crisis, as the structural adjustment reforms it imposed to stabilize the economy. We show how these controversial and, by many accounts, failed policies have profoundly impacted the well-being of the recipient country by reducing social cohesion and impoverishing the most vulnerable groups. In explaining the IMF’s institutional response mechanism for fending off such criticism, we offer moral regulatory appropriation (MRA) as a processual framework and present the IMF’s organizing logic of institutional legitimation processes in four domains of action: agentic mission, reform policies, institutional policy negotiations, and moral appropriation. We argue that this enables institutions to maintain moral legitimacy despite evidence of their reforms’ policy failure and various negative consequences for their populations. The proposed framework has theoretical implications for conceptualizing the rhetorical deployment of moral legitimation to secure and defend institutional accountability. We also highlight the limitations and boundaries of such an approach by the IMF and similar reform-leading institutions.
Item Type: | Journal Article | ||||||
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Divisions: | Faculty of Social Sciences > Warwick Business School | ||||||
Journal or Publication Title: | Journal of Business Ethics | ||||||
Publisher: | Springer Netherlands | ||||||
ISSN: | 0167-4544 | ||||||
Official Date: | 24 December 2022 | ||||||
Dates: |
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DOI: | 10.1007/s10551-022-05312-w | ||||||
Status: | Peer Reviewed | ||||||
Publication Status: | Published | ||||||
Re-use Statement: | “This version of the article has been accepted for publication, after peer review (when applicable) but is not the Version of Record and does not reflect post-acceptance improvements, or any corrections. The Version of Record is available online at: http://dx.doi.org/10.1007/s10551-022-05312-w. Use of this Accepted Version is subject to the publisher’s Accepted Manuscript terms of use https://www.springernature.com/gp/open-research/policies/acceptedmanuscript-terms” | ||||||
Access rights to Published version: | Restricted or Subscription Access | ||||||
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