This article examines the origins and evolution of IMF lending practices through the lens of sociological theories about organizations. Organizations founded on multilateral agreements are prone to having unusually ambiguous mandates. With such loose formal bureaucratic moorings, organizations like the IMF tend to be influenced by the dominant ideas and interests in their environments. Sarah Babb is assistant professor of sociology at Boston College. She is author ofManaging Mexico: Economists from Nationalism to Neoliberalism, and co-author with Marion Fourcade-Gourinchas of an article analyzing the historical antecedents of neoliberal reforms in four countries (forthcoming in theAmerican Journal of Sociology).
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