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 10: The 1980s

Elli Louka

Abstract

This is the tale of how the global sovereign can force other states to change their domestic policies to achieve the sovereign’s economic objectives. The United States achieved this through two agreements, the Plaza and Louvre accords, that gave it the breathing space it needed to conduct an autonomous domestic economic policy without sacrificing its foreign policy objectives. The Latin America debt crisis and the way that it was dealt with by the IMF and creditor states paved the way for the handling of future such crises through partial debt restructurings, forced privatizations of public assets and fiscal austerity.

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