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Political and Institutional Issues of the New International Economic Order. A volume in Pergamon Policy Studies on The New International Economic Order.
Table of contents

Nonetheless, until the trend has been for increasing liberalization of both international trade and finance. From later world leaders have also been increasingly calling for a New Bretton Woods System. Global trade, strategic trade theory , trade wars, the national balance of payment and trade deficits are topics that IPE scholars are interested in.

The mercantilist view largely characterised policies pursued by state actors from the emergence of the modern economy in the fifteenth century up to the mid-twentieth century. Sovereign states would compete with each other to accumulate bullion either by achieving trade surpluses or by conquest. This wealth could then be used to finance investment in infrastructure and to enhance military capability. The post Washington consensus view regards international trade as a win-win phenomenon where firms should be allowed to collaborate or compete depending on market forces.

After WWII a notable success story for the developmentalist approach was found in South America where high levels of growth and equity were achieved partly as a result of policies originating from Raul Prebisch and economists he trained, who were assigned to governments around the continent. IPE is also concerned with development economics and explaining how and why countries develop. The Americans are positivist and attempt to develop intermediate level theories that are supported by some form of quantitative evidence. British IPE is more "interpretivist" and looks for "grand theories".

They use very different standards of empirical work. Cohen sees benefits in both approaches.

New International Economic Order

Higgott and Watson in particular, queried the appropriateness of Cohen's categories. From Wikipedia, the free encyclopedia. International economics of law and governance. This ad hoc arrangement proved moderately successful over the next two decades in managing the floating exchange rate system among the G The IFIs found themselves bereft of their original purpose at the same time that developing countries were hit by the oil crises of the s.

These institutions increasingly focused their resources toward the developing world. The debt crisis of the s ensured that many developing countries needed the imprimatur of the IFIs in order to secure external financing. The IMF in particular exploited the conditionality of loans to developing countries in order to affect national macroeconomic policies.

The growing reliance on official financial flows came as an important shift in economic ideas was taking place.

The Obstacles to the New International Economic Order - 1st Edition

The IFIs moved away from promoting Keynesianism and toward more neoclassical policies of balanced budgets, trade liberalization, and low inflation. At the same time, the newly sovereign nations of the third world began to contest the market-friendly rules that underpinned embedded liberalism.

A slow decline in commodity prices caused worsening terms of trade in the developing world in the s, and led governments to be suspicious of the vicissitudes of market forces. The NIEO included several initiatives, including orderly market arrangements to stabilize commodity prices, institutionalized forms of technology transfer, and changes in trade rules to allow the third world greater access to Organization for Economic Cooperation and Development OECD markets while protecting their home markets from foreign competition and the presence of multinational corporations.

All of these requests were resisted by the advanced industrialized states, and the structure of IFI voting guaranteed a veto by the G-7 countries in those venues Krasner With the debt crisis of the early s, third world solidarity on the NIEO collapsed, with little achieved beyond a modest increase in UN development funds. The end of the cold war and the rise of economic globalization expanded the assigned tasks of the IFIs to include everything from advising transition economies, to establishing common financial codes and standards, to promoting democracy, to combating corruption.

The leverage of the IFIs in these issue areas, however, has been limited to countries that cannot borrow from private capital markets.

Confrontation or Community? The Evolving Institutional Framework of North-South Relations

Although the WTO has stronger enforcement mechanisms, the rising influence of developing countries like China , India , and Brazil has threatened to paralyze its ability to expand trade further. At the start of the twenty-first century, the international economic order remains relatively open for trade and finance, though there are no clear rules for migration.

Increasingly, the focus of international economic negotiations has shifted to questions about business and social regulation Braithwaite and Drahos ; Slaughter As China begins to challenge the United States as the economic hegemon, the stability of the current system will soon be open to question. Braithwaite, John, and Peter Drahos. Global Business Regulation.

Issues and Prospects for the New International Economic Order

Cambridge, U. Cohen, Benjamin J. New York : Allen and Unwin.


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Cox, Robert W. After serving seven years, Mr. Baker accepted a contract position supporting the Federal Aviation Administration Security Laboratory where he participated in aviation security research and development projects.


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Again, he was responsible for the operational security of all domestic and international cargo flights and operations. In April , Mr. Baker returned to contract research and development work at the TSA Security Laboratory where he provided technical expertise in the aviation security area. Following the terrorist attacks in September , Mr. Baker joined the Transportation Security Administration.

During this period, he led joint TSA and FBI teams assessing the missile threat at domestic and international airports, conducted aircraft operator inspections and enforcement investigations, served as the Principal Security Inspector for aircraft operators, and participated in the development of cargo security policies and regulations. Professor Baker holds a M.

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