The Rise and Fall of Trade and Monetary Legal Orders: From the Interwar Period to Today’s Global Imbalances
Chapter 9 IN: Contractual Knowledge: One Hundred Years of Legal Experimentation, Gregoire Mallard & Jerome Sgard, editors, NY: Cambridge University Press
UC Irvine School of Law Research Paper No. 2016-28
University of Cambridge Faculty of Law Research Paper No. 28/2016
37 Pages Posted: 8 Jun 2016 Last revised: 13 Aug 2016
Date Written: May 23, 2016
Abstract
This book chapter compares the International Monetary and Trade Legal Orders during the inter-war period and the post-cold war period. During the period between the two world wars, the protectionist legacy of the World War I in the form of trade and financial restrictions persisted. National policymakers, several international conferences and the League of Nations failed to prevent the world economy’s monetary disintegration. Multilateral coordination of monetary and exchange rate policy unraveled. This book chapter compares the monetary orders in the interwar period and today, and examines the risk that the current monetary system will suffer a similar fate to multilateral attempts at coordinating macroeconomic policy and crisis resolution triggered by global imbalances as during the interwar period.
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