POLS2221 Lecture 7 Notes

POLS2221 Lecture 7 - Lecture Seven From Bretton Woods tRationale for the new economic order o the Washington Consensus Beyond The Way Ahead

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Lecture Seven: From Bretton Woods to the Washington Consensus & Beyond The Way Ahead Rationale for the new economic order Economic Liberalism and its sceptics Bretton Woods and the N.E.O. Embedded liberalism Monetarism The GFC
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The Context Would the U.S. agree to a self-binding institutional regime that by definition involved substantial surrender of sovereignty? Simultaneously constraining and enhancing US power ‘The U.S. now has and proposes to maintain economic leadership in the Western hemisphere’ (A. Berle, Assistant SoS 1942) The circumstances of the utterance…
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Rationale for a New Economic Order Economic nationalism of the 30s had led to war and militarism  Avoiding a return to such narrow policies New economic order must be via multilateral institution  Create a machinery of international economic cooperation  Negotiations would determine the particular policies and institutions to make it happen
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Multilateral in Form, Global in Scope a) Multilateral: Key to overcome collective action problems in the absence of enforcement b) Institution: Cognitive and regulatory structure that inform social behaviour (‘rules of the game’)
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Rationale for a New Economic Order If wars are fought over resources (Carr, Lenin), then correct economic policies at the global level can deliver peace for all… Basic liberal economy belief in harmony of interests and interdepen-dence as key to reconciliation of nations via the common pursuit of wealth & prosperity
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This note was uploaded on 02/16/2012 for the course POLS 2221 taught by Professor Durand during the Three '11 term at Queensland.

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POLS2221 Lecture 7 - Lecture Seven From Bretton Woods tRationale for the new economic order o the Washington Consensus Beyond The Way Ahead

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