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 11: The 1990s

Elli Louka

Abstract

The 1990s East Asian crisis caught the world by surprise. After all, the countries that succumbed to it were the ‘Asian Tigers’ that had opened their markets to foreign capital and were industrializing at a rapid pace. We analyze how the IMF dealt with East Asian crisis and the various ex-post facto critiques of its policies during this period.

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