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 4: The core and the periphery

Elli Louka


We analyze the policies of China, Japan, the eurozone, and of several peripheral states. We argue that many states, including India and Mexico, have copied China’s example and have tried to address the Trilemma by accumulating large FX reserves and intervening in the currency market. We analyze how China has succeeded in making the yuan a global reserve currency and what it needs to do to dethrone the dollar from its position as the prime global currency. We explore how Japan lost more than decade and the radical economic policies it put in place to stimulate its economy. Our exposition of the eurozone concentrates on how that economic area addressed the 2008 crisis, a crisis that generated economic chaos and political instability in many of its member states.

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