The Social Construction of the “Impossible Trinity”: The Intersubjective Bases of Monetary Cooperation.
Over the postwar period, states have shifted from cooperation in support of monetary guidelines, or standards for variation in wages, prices, and exchange rates, to the use of austerity as the primary means of maintaining monetary stability. In this article I offer a constructivist theory of interna...
| Publicado en: | International Studies Quarterly Vol. 48; no. 2; pp. 433 - 454 |
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| Formato: | Artículo |
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Oxford University Press / USA
Jun2004
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=hlh&AN=12967604&site=ehost-live header: @attributes: shortDbName: hlh uiTerm: 12967604 longDbName: Humanities International Complete uiTag: AN controlInfo: bkinfo: jinfo: jid: 00208833 ISQ jtl: International Studies Quarterly issn: 00208833 maglogo: N pubinfo: dt: Jun2004 vid: 48 iid: 2 pid: 622 pub: Oxford University Press / USA artinfo: ui: 12967604 10.1111/j.0020-8833.2004.00308.x ppf: 433 ppct: 21 formats: fmt: @attributes: type: P size: 166KB tig: atl: The Social Construction of the “Impossible Trinity”: The Intersubjective Bases of Monetary Cooperation. aug: au: Widmaier, Wesley W. affil: St. Joseph's University su: International relations Social constructionism Prices Foreign exchange rates Employment Capital Finance sug: subj: International relations Social constructionism Prices Foreign exchange rates Employment Capital Finance ab: Over the postwar period, states have shifted from cooperation in support of monetary guidelines, or standards for variation in wages, prices, and exchange rates, to the use of austerity as the primary means of maintaining monetary stability. In this article I offer a constructivist theory of international monetary relations in order to explain this shift, contrasting the effects of Keynesian and Neoclassical understandings on interests in cooperation. I argue that postwar Keynesian understandings, which cast monetary power as based in the authority to stabilize expectations, led states to perceive common interests in maintaining decentralized-but-legitimate guidelines. I then argue that more recent Neoclassical views, which cast monetary power as a function of capabilities, have justified reduced mutual assistance and greater recourse to austerity. From this vantage point, Neoclassical understandings, rather than any material constraints, impede the cooperation necessary to reconcile the impossible trinity of capital mobility, full employment, and monetary stability. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: Y custom: © 2019 International Studies Association. item: International Studies Quarterly holder: Oxford University Press / USA dt: @attributes: year: 2004 holdings: @attributes: islocal: N |
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