Answers to this question i will focus first on the

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answers to this question, I will focus first on the impact of these regimes on residents of the advanced industrialized countries, before evaluating their effects on a worldwide basis. 251CONCLUSIONEvaluating Effects of Regimes on People in Rich Countries It is not clear that any of the international regimes discussed inthis book would be regarded as good on the basis of either utilitarianism or Rawls's difference principle, even if only effects on people in advanced industrialized countries were considered. Utilitarians could argue that aggregate human welfare gains would be made by using these regimes to transfer resources from advantaged to disadvantaged people within these societies. Likewise, adherents of the difference principle would demand to know whether these regimes reallyhelp the least well-off people in the advanced industrialized countries as much as they could. Would it not be possible for the IMF to demand greater contribution from banks and less from taxpayers of the advanced countries? Could greater efforts not be devoted under GATT to alleviating the human costs to workers of adjustment to new international economic conditions? Why should the IEA not press for national policies to subsidize the fuel bills of the poor? These moral deficiencies are, of course, not specific to international regimes, but reflect the inequalities inherent in the political and social systems of the advanced industrialized countries. They by no means suggest that matters would be improved for citizens of these countries by discarding these regimes and trying to start over. On the contrary, it seems more likely that acollapse of contemporary international economic regimes, imperfect as they are, would reduce overall welfare without benefiting the worst-off members of these societies. This judgment is reinforced by remembering the point made earlier in this chapter that international institutions such as international regimes may have favorable unintended consequences. Crises arise more suddenly than cooperative international regimes can be created. International institutions constructed for one purpose may be very helpful for another, as the example of the IMF—created principally to deal with exchange rates but relied on heavily in 1982-83 to prevent a world banking crisis—illustrates. The value of an international regime is not limited by the purposes of its founders. A cosmopolitan evaluation of the effects of international regimes on people in the advanced industrialized countries would have to be mixed. The principles of the regimes are deficient on either the basis of Rawls's difference principle or the utilitarian premise of the equal value of individuals. But, given these defects, the institutions themselves nevertheless perform the valuable function of promoting cooperation. Furthermore, this cooperation, however imperfect, appears252THE VALUE OF INSTITUTIONS

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