The International Law and Politics of the Financial and Monetary System
Chapter 5: Coordination and conflict
This chapter provides a framework that help us understand why states may cooperate or conflict in economic affairs. Most states, most often, wish to pursue more growth by expanding their economies. That pursuit may motivate them to devalue their currencies to boost their exports. The resulting tit-for-tat devaluations may lead to economic conflict, trade war and isolationism. In other cases, state policies may diverge as some states try to grapple with inflation and asset bubbles and wish to contract their economies while others are bent on more growth. The externalities inflicted by the pursuit of domestic economic policies on other states and how these states deal with these externalities sets the stage for cooperation or conflict in international economic affairs.
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