Monday, 20 November 2000

From "International Regimes, Transactions, and Change [...]"

By John Gerard Ruggie.

Conventional structural arguments, whether Realist or Marxist, see transnationalization as a direct reflection of hegemony: high levels of trade and capital flows obtain under the pax Britannica and the pax Americana. The regimes for trade and money are largely epiphenomena [...] adjuncts that may be invoked to legitimate this outcome, but they have little or no real bearing on it. Conventional liberals, on the other hand, hold that high levels of trade and capital flows will obtain only if there is strict adherence to open international economic regimes, so that these become virtually determinative. Neither formulation is satisfactory.

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