| The purpose of this work is to investigate the phenomenon of regime change. In particular, a set of hypotheses is developed to explain how regime change occurs and how the content of the reformed regime is determined. The case study used to apply these hypotheses is the period of reform from 1971 to 1976 within the monetary regime, as embodied in the International Monetary Fund. The main changes in the policies of the Fund during this period were the end of par values, a reduction in the use of gold, and an expanded role for the Fund in the economic development of its members. The method of a multivariate analysis, as set out by Oran Young and Gail Osherenko, is used to apply power, interest, knowledge and cross-cutting factors, such as context and leadership, to this case. This work concludes that interest and knowledge factors play the most important role in successful regime reform, but that power and contextual factors are also significant. Based on these conclusions, a more refined multivariate model is suggested for future analysis of regime change. |
