Handbook of the International Political Economy of Monetary Relations
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Handbook of the International Political Economy of Monetary Relations

Edited by Thomas Oatley and W. Kindred Winecoff

This extensive Handbook provides an in-depth exploration of the political economy dynamics associated with the international monetary and financial systems. Leading experts offer a fresh take on research into the interaction between system structure, the self-interest of private firms, the political institutions within which governments make policy, and the ideas that influence beliefs about appropriate policy responses. Crucially they also assess how these factors have shaped the political economy of various facets of monetary and financial systems.
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Chapter 2: Financial roots of hegemony, cooperation, and globalization

Andrew C. Sobel


The international economic and monetary system needs leadership, a country that is prepared, consciously or unconsciously, under some system of rules that it has internalized, to set the standards of conduct for other countries and to seek to get others to follow them, to take on an undue share of the burdens of the system, and in particular to take on its support in adversity by accepting its redundant commodities, maintaining a flow of investment capital, and discounting its paper. (Charles P. Kindleberger 1986, 11)

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