The World development report (WDR) 2017is centrally interested in the conditions under which threeheadline development outcomes (growth, equity, security) canbe achieved by improving the effectiveness and legitimacy ofgovernance institutions. This background paper explores allthree mechanisms through the lens of efforts to improve thegovernance of extractive industries, in particular, toenhance the dividend of growth, equity, and security forhost countries in the Global South. The authors consider thecase of the extractive industries transparency initiative(EITI) which may be understood as an assemblage of power,norms, and capacities to create new institutionalarrangements to govern relations between oil companies, hostcountry governments, and citizens. The point of departure isthe WDR’s recognition that institutions are always exercisesin and products of, that is to say they are thoroughsaturated with, power. The structure of the paper is asfollows part one begins by noting that a feature ofglobalization in the post-cold war period has been thedevelopment of a range of global modalities to intervene inthe regulation of economic activity and to reconfigure thepower, norms, and capacities of governance institutions soas to achieve particular equity and security outcomes. Parttwo provides an account of the conditions of possibility,all traceable to the character of post-cold warglobalization, that saw the rise of the norms and rulescentral to EITI that, in little over ten years have enrolled48 countries and more than 80 major oil, gas, and miningcompanies. Part three examines the apparently paradoxicalcase of EITI’s enthusiastic adoption in Nigeria.
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