The international monetary system: diffusion and ambiguity.
This article examines the dynamics of power and rule-setting in the international monetary system. It begins with a brief discussion of the meaning of power in international monetary relations, distinguishing between two critical dimensions of monetary power: autonomy and influence. Major developmen...
| Publicado en: | International Affairs Vol. 84; no. 3; pp. 455 - 471 |
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| Formato: | Artículo |
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Oxford University Press / USA
May2008
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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=32000887&site=ehost-live header: @attributes: shortDbName: hlh uiTerm: 32000887 longDbName: Humanities International Complete uiTag: AN controlInfo: bkinfo: jinfo: jid: 00205850 INA jtl: International Affairs issn: 00205850 maglogo: N pubinfo: dt: May2008 vid: 84 iid: 3 pid: 622 pub: Oxford University Press / USA artinfo: ui: 32000887 10.1111/j.1468-2346.2008.00717.x ppf: 455 ppct: 16 formats: fmt: @attributes: type: P size: 500KB tig: atl: The international monetary system: diffusion and ambiguity. aug: au: COHEN, BENJAMIN J. affil: Louis G. Lancaster Professor of International Political Economy at the University of California, Santa Barbara, where he has been a member of the Political Science Department since 1991. su: International finance Monetary systems Power (Social sciences) International economic relations Sovereignty Decision making in political science sug: subj: International finance Monetary systems Power (Social sciences) International economic relations Sovereignty Decision making in political science ab: This article examines the dynamics of power and rule-setting in the international monetary system. It begins with a brief discussion of the meaning of power in international monetary relations, distinguishing between two critical dimensions of monetary power: autonomy and influence. Major developments have led to a greater diffusion of power in monetary affairs, both among states and between states and societal actors. But the diffusion of power has mainly been in the dimension of autonomy, rather than influence, meaning that leadership in the system has been dispersed rather than relocated—a pattern of change in the geopolitics of finance that might be called leaderless diffusion. The pattern of leaderless diffusion, in turn, is generating greater ambiguity in prevailing governance structures. Rule-setting in monetary relations increasingly relies not on negotiations among a few powerful states but, rather, on the evolution of custom and usage among growing numbers of autonomous agents. Impacts on governance structures can be seen on two levels: the individual state and the global system. At the state level, the dispersion of power compels governments to rethink their commitment to national monetary sovereignty. At the systemic level, it compounds the difficulties of bargaining on monetary issues. More and more, formal rules are being superseded by informal norms that emerge, like common law, not from legislation or statutes but from everyday conduct and social convention. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: Y custom: © 2019 The Royal Institute of International Affairs. item: International Affairs holder: Oxford University Press / USA dt: @attributes: year: 2008 holdings: @attributes: islocal: N |
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