Peerless and Periled: The Paradox of American Leadership in the World Economic Order

By Kati Suominen | Go to book overview
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Notes

Introduction

1. Per Robert Mundell’s useful definition, order here refers to “laws, conventions, regulations and mores that establish the setting of the system and the understanding of the environment by the participants in it.” For example, a “[m]onetary order is to a monetary system somewhat like a constitution is to a political or electoral system.” Mundell, Robert A. 1972. “The Future of the International Financial System.” In A. Acheson, J. Chant, and M. Prachowny, eds. Bretton Woods Revisited. Toronto: University of Toronto Press, 91–104. Institutions here refers broadly to “rules and roles” by which nations and their actors play. For the definition, see, for instance, Muller, Wolfgang C., and Kaare Strom. 1999. Policy, Office or Votes? How Political Parties in Western Europe Make Hard Decisions. Cambridge: Cambridge University Press. The institutions addressed here are central to the postwar global economy.

2. Helene Cooper, “G20 Summit Review: Strength in Unity,” Times, 4 April 2009. See also Paul Taylor, “G20 Ends Anglo-Saxon Era,” Reuters, 2 April 2009.

3. For a sweeping account of the Argentine episode, see Blustein, Paul. 2005. And the Money Kept Rolling In (and Out): Wall Street, the IMF, and the Bankrupting of Argentina. New York: Public Affairs.

4. For a summary of studies, see Reinhardt, Carmen, and Kenneth Rogoff. “Banking Crises: An Equal Opportunity Menace.” CEPR Discussion Paper No. 7131.

5. Ibid.

6. See, for example, “If G7 Didn’t Meet, No One Would Notice,” Toronto Star, 10 May 1998; “Outlook: G7’s Band Aid Solution Won’t Work,” The Independent, 17 September 1998.

7. See, for example, Rogoff, Kenneth. 1999. “International Institutions for Reducing Global Financial Instability.” Journal of Economic Perspectives 13.4 (Autumn):

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