The International Law and Politics of the Financial and Monetary System
Chapter 3: The United States as the global sovereign
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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