The Global Economic Order
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The Global Economic Order

The International Law and Politics of the Financial and Monetary System

Elli Louka

Exploring in depth the institutions that underpin the global economy, this study provides invaluable insights into why a minimum economic order has endured for so long and why states are unwilling to establish a maximum order, a global safety net for all. The author investigates how debt – a critical component of states’ economic infrastructure – leads to debilitating crises, and how these crises undermine the economic autonomy and political independence of states. 
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Chapter 3: The United States as the global sovereign

Elli Louka


We examine the economic policy of the Unites States, the global sovereign. The United States is the global sovereign because it is the only state whose domestic economic policy directly impacts the economic policies of other states, especially the policies of peripheral and fragile states. States fall into a pyramid: the global sovereign at the top (United States); core states and peripheral-resilient states in the middle; and peripheral-fragile states at the bottom of the pyramid. We delve into the economic policies of the United States including how the Federal Reserve System makes monetary policy. We explore how the United addressed the 2008 financial crisis and the spillovers of its economic policy during that crisis to other states.

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