International Regimes and HST

International Regimes and HST - The Politics of...

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The Politics of International Regimes Most economists and political scientists agree that there are needs for some minimum rules and institutions to rule and govern the world economic activities. A liberal international economy certainly need some agreed-upon rules and it can succeed only if it can provide public goods like stable monetary system, eliminates market failures and prevents cheating and free-riding. The period of British hegemony was much easier than that of the US hegemony. In the post- WW2 era complex international institutions like, the World Bank, IMF, WTO have been created to regulate and govern international economic activities. REGIME is defined by Stephen Krasner as ”sets of implicit or explicit principles, norms , rules and decision-making procedures around which actors expectations converge in a given area of international relations”. Are regimes and institutions the same? Keohane in After Hegemony has further elaborated explained the Regime theory. For him, international regimes are a necessary feature of the world economy and are required to facilitate the efficient operation of world economy. Steven Weber: regime theory is largely a response to the perceived decline of American power , the 1973 energy price shock and stagflation. Susan Strange was the most outspoken critic of the regime theory. According to her, regime theory at best a passing fad and at worst a polemical device designed to legitimate America’s continuous domination in world economy. To her and others, those regimes are biased in America’s favor and those regimes were put in place by American interests and were not politically and economically neutral. She also believes that many of the fundamental problems of the world economy were resulted from those ill conceived and predatory American economic policies. Strange charges that American discipline of IPE and Regime theory in particular have been little more than efforts to defend America’s continuing desire to reign economically and politically over the world. P. 85 Origins of International Regimes Multilateral negotiations, bilateral initiatives, superpower initiatives and so on. Most of the post-WW 2 international regimes were created under the US initiative and leadership. Three main factors were instrumental: leadership, cooperation and ideological consensus . The content of an Intr. Regimes is determined by technological, economic and political factors. Regimes are benign and they are created to reduce transnational costs and promoting cooperation.
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How the security interests of the US changed the regimes ? Theorists of International cooperation widely use the Game theories and the Prisoners Dilemma. “New Economies of Organization” or “Neoinstitutionalism” what is loosely called as
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This note was uploaded on 10/11/2011 for the course COMM 1451 taught by Professor Macky during the Fall '10 term at ESDES Commerce et Management.

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International Regimes and HST - The Politics of...

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