By Jeffry A. Frieden
A dense yet interesting sequence of essays overlaying a mess of crucial problems with overseas political financial system. Differing viewpoints are provided in different comparable essays which enable the reader to shape an opinion. certainly a cost.
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Additional resources for International Political Economy: Perspectives on Global Power and Wealth
That system eventually undermined the position of British farmers, a group that would have supported protectionism, if it had survived. Once entrenched, Britain’s export industries, and more importantly the City of London, resisted policies of closure. In the interwar years, the British rentier class insisted on restoring the prewar parity of the pound—a decision that placed enormous deflationary pressures on the domestic economy—because they wanted to protect the value of their investments. Institutions created during periods of rising ascendancy remained in operation when they were no longer appropriate.
The presidency, far more insulated from the entreaties of particular societal groups than congressional committees, was then given more power. Furthermore, the American commercial banking system was unable to assume the burden of regulating the international economy during the 1920’s. American institutions were geared toward the domestic economy. Only after the Second World War, and in fact not until the late 1950’s, did American banks fully develop the complex institutional structures commensurate with the dollar’s role in the international monetary system.
The degree of openness can be described both by the flow of goods and by the policies that are followed by states with respect to trade barriers and international payments. The two are not unrelated, but they do not coincide perfectly. In common usage, the focus of attention has been upon institutions. Openness is associated with those historical periods in which tariffs were substantially lowered: the third quarter of the nineteenth century and the period since the Second World War. Tariffs alone, however, are not an adequate indicator of structure.