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Liam Clegg provides an innovative reading of where power lies in the institutions´ concessional lending operations, drawing its focus on shareholders and stakeholders from staffs´ own understandings of their operational environments.

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1. Introduction 2. Shareholder Control and the Rise of Poverty Reduction at the World Bank 3. Shareholder Conflicts and the Rise of Social Spending at the IMF 4. The World Bank and the Reconstruction of Stakeholder Engagement 5. Apolitical Economy and the Limits to Stakeholder Engagement at the IMF 6. Conclusion

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Liam Clegg is Lecturer in International Relations at the University of York, UK, where he previously held an Economic and Social Research Council Postdoctoral Research Fellowship. Previously, Liam was a Visiting Research Fellow at American University, USA, and at the American Political Science Association Centennial Centre, USA, where he carried out his research into the World Bank and IMF´s concessional lending activities. Liam has had work exploring these areas published in a range of journals, including New Political Economy and Review of International Organizations.

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