By Kathleen J. Hancock
The overseas method is predicated on sovereign equality, but states occasionally decide to cooperate via plutocratic governance preparations, below which participants of a multilateral accord delegate policymaking to the wealthiest kingdom between them. In 1995, Russia created an monetary integration contract utilizing plutocratic structures. Prussia and South Africa led comparable preparations of their respective areas in the course of prior ancient periods. a variety of states joined those integration efforts. local Integration solutions the plutocracy query with a singular concept concentrating on the political survival of the leadership. In narratives laced with kings, diamonds, revolutions, and hyper-nationalism, Hancock strains the tales of these states and their paths to plutocracy.
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47 Many of the six conditions enumerated above do not hold in existing customs unions. 48 This would appear to violate the sixth condition. This suggests that states join integration accords for a variety of reasons, many of which may be outside standard economic calculations. Geostrategic and domestic political reasons often play a critical role in a state’s decision to join an accord. I incorporate some of these alternative explanations, along with the standard economic ones, in my plutocratic delegation model.
It can be (1) an implementing bureaucracy formed and controlled by the states (intergovernmental), (2) a policy-making body created by the states and with signiﬁcant autonomy from the principals (supranational), or (3) a wealthy state with policy-making authority that is also a member of the accord (plutocratic). Throughout the book, I use the term policy-making authority when referring to supranational and plutocratic structures. Policy making is distinct from the broader decision-making authority.
1 Examples of trade integration, organized by governance structure Governance structure Depth of integration Political integration Economic union Market Intergovernmental Supranational Plutocratic N/A N/A Federal state Empire Common market Customs union European Court of Justice European Commission Commonwealth of Independent States Southern African Customs Union (2002–present) Russia— single economic space Russia-Eurasian Customs Union (1995–present) Zollverein General Assembly—Stage 2 (1828–1871) South AfricaSouthern African Customs Union (1910–2002) Gulf Cooperation Council Customs Union PrussiaZollverein —Stage 1 (1828–1871) Free trade area NAFTA European Free Trade Association MERCOSUR dispute settlement mechanism Preferential trade area British Commonwealth Preference Scheme ASEAN GATT N/A WTO dispute settlement mechanism High trade levels RussiaUkraine N/A N/A Source: Various.