The International Law and Politics of the Financial and Monetary System
Chapter 10: The 1980s
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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