Monday, 20 November 2000

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

By John Gerard Ruggie.

It is hardly surprising, therefore, that apart from Britain, seized by its own ideology and institutional past and willing to pay the domestic social cost, there were few takers [of the gold-exchange standard] among the major countries. [...] In sum, efforts to construct international economic regimes in the interwar period failed not because of the lack of a hegemon. They failed because, even had there been a hegemon, they stood in contradiction to the transformation in the mediating role of the state between market and society, which altered fundamentally the social purpose of domestic and international authority.

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