Richard Little
- Published in print:
- 2004
- Published Online:
- January 2005
- ISBN:
- 9780199265206
- eISBN:
- 9780191601866
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199265208.003.0003
- Subject:
- Political Science, International Relations and Politics
In contrast to Hidemi Suganami in the first chapter, the author argues that the English School of International Relations has made, and can continue to make, an important contribution to the study of ...
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In contrast to Hidemi Suganami in the first chapter, the author argues that the English School of International Relations has made, and can continue to make, an important contribution to the study of world history. In particular, he suggests that the three traditions of world politics – international system, international society, and world society – provide a useful way of thinking about the many different types of international societies and systems that have permeated world history. Adopts a world historical focus on the more familiar distinction drawn by the founding fathers of the English School between the political structures that define an international system and the social structures that define an international society, the aim being to demonstrate that a range of different international societies and systems have, across the course of world history, given way to a single worldwide international society/system. Begins by examining the debate about the validity of distinguishing between international systems and societies, and then looks at the interaction between international systems and societies in the premodern world. Goes on to outline the establishment of the European international system/society and its contact with other international systems/societies, and concludes by assessing the utility of adopting a world historical perspective and drawing a pluralistic distinction between international systems and societies.Less
In contrast to Hidemi Suganami in the first chapter, the author argues that the English School of International Relations has made, and can continue to make, an important contribution to the study of world history. In particular, he suggests that the three traditions of world politics – international system, international society, and world society – provide a useful way of thinking about the many different types of international societies and systems that have permeated world history. Adopts a world historical focus on the more familiar distinction drawn by the founding fathers of the English School between the political structures that define an international system and the social structures that define an international society, the aim being to demonstrate that a range of different international societies and systems have, across the course of world history, given way to a single worldwide international society/system. Begins by examining the debate about the validity of distinguishing between international systems and societies, and then looks at the interaction between international systems and societies in the premodern world. Goes on to outline the establishment of the European international system/society and its contact with other international systems/societies, and concludes by assessing the utility of adopting a world historical perspective and drawing a pluralistic distinction between international systems and societies.
Allen Buchanan
- Published in print:
- 2003
- Published Online:
- April 2004
- ISBN:
- 9780198295358
- eISBN:
- 9780191600982
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198295359.003.0007
- Subject:
- Political Science, Political Theory
Completes the second part of the book, and relies on the conception of political legitimacy delineated in Ch. 5 to advance a justice‐based, rather than a consent‐based, account of system legitimacy: ...
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Completes the second part of the book, and relies on the conception of political legitimacy delineated in Ch. 5 to advance a justice‐based, rather than a consent‐based, account of system legitimacy: a set of criteria that the international legal system would have to meet in order to be legitimate. Building on groundwork already laid in Chs 1 and 5, it is shown why, contrary to the dominant view among international lawyers, the consent of states cannot confer legitimacy on the international legal system. In addition, it is argued that it is a mistake to assume that political equality among states is a necessary condition for system legitimacy, and that the international legal system, like any system for the exercise of political power, ought to be democratic. It is also shown that the idea of democratizing the international legal system is an ambiguous one and should not be equated with increasing state majoritarianism in the workings of the system; the charge that the international legal system has a “democratic deficit” is valid, but it is a mistake to assume that the remedy is to make the system conform more closely to the ideal of democracy as state majoritarianism. The eight sections of the chapter are: I. The Question of System Legitimacy; II. The Case for Having an International Legal System; III. A Justice‐Based Conception of System Legitimacy; IV. The Consent Theory of System Legitimacy; I. Moral Minimalism and the Consent Theory of System Legitimacy. VI. The Instrumental Argument for State Consent as a Necessary Condition for System Legitimacy; VII. Is Democracy a Necessary Condition of System Legitimacy?; and VIII. The Pursuit of Justice in an Imperfect System.Less
Completes the second part of the book, and relies on the conception of political legitimacy delineated in Ch. 5 to advance a justice‐based, rather than a consent‐based, account of system legitimacy: a set of criteria that the international legal system would have to meet in order to be legitimate. Building on groundwork already laid in Chs 1 and 5, it is shown why, contrary to the dominant view among international lawyers, the consent of states cannot confer legitimacy on the international legal system. In addition, it is argued that it is a mistake to assume that political equality among states is a necessary condition for system legitimacy, and that the international legal system, like any system for the exercise of political power, ought to be democratic. It is also shown that the idea of democratizing the international legal system is an ambiguous one and should not be equated with increasing state majoritarianism in the workings of the system; the charge that the international legal system has a “democratic deficit” is valid, but it is a mistake to assume that the remedy is to make the system conform more closely to the ideal of democracy as state majoritarianism. The eight sections of the chapter are: I. The Question of System Legitimacy; II. The Case for Having an International Legal System; III. A Justice‐Based Conception of System Legitimacy; IV. The Consent Theory of System Legitimacy; I. Moral Minimalism and the Consent Theory of System Legitimacy. VI. The Instrumental Argument for State Consent as a Necessary Condition for System Legitimacy; VII. Is Democracy a Necessary Condition of System Legitimacy?; and VIII. The Pursuit of Justice in an Imperfect System.
Allen Buchanan
- Published in print:
- 2003
- Published Online:
- April 2004
- ISBN:
- 9780198295358
- eISBN:
- 9780191600982
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198295359.001.0001
- Subject:
- Political Science, Political Theory
This book articulates a systematic vision of an international legal system grounded in the commitment to justice for all persons. It provides a probing exploration of the moral issues involved in ...
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This book articulates a systematic vision of an international legal system grounded in the commitment to justice for all persons. It provides a probing exploration of the moral issues involved in disputes about secession, ethno‐national conflict, ‘the right of self‐determination of peoples’, human rights, and the legitimacy of the international legal system itself. The author advances vigorous criticisms of the central dogmas of international relations and international law, arguing that the international legal system should make justice, not simply peace, among states a primary goal, and rejecting the view that it is permissible for a state to conduct its foreign policies exclusively according to what is in the ‘national interest’. He also shows that the only alternatives are not rigid adherence to existing international law or lawless chaos in which the world's one superpower pursues its own interests without constraints. This book not only criticizes the existing international legal order, but also offers morally defensible and practicable principles for reforming it. After a Synopsis and Introduction, which discusses the idea of a moral theory of international law, the book has four parts: I: Justice (3 chapters); II: Legitimacy (3 chapters); III: Self‐Determination (2 chapters); and IV: Reform (2 chapters). The book is one of the titles in the Oxford Political Theory Series.Less
This book articulates a systematic vision of an international legal system grounded in the commitment to justice for all persons. It provides a probing exploration of the moral issues involved in disputes about secession, ethno‐national conflict, ‘the right of self‐determination of peoples’, human rights, and the legitimacy of the international legal system itself. The author advances vigorous criticisms of the central dogmas of international relations and international law, arguing that the international legal system should make justice, not simply peace, among states a primary goal, and rejecting the view that it is permissible for a state to conduct its foreign policies exclusively according to what is in the ‘national interest’. He also shows that the only alternatives are not rigid adherence to existing international law or lawless chaos in which the world's one superpower pursues its own interests without constraints. This book not only criticizes the existing international legal order, but also offers morally defensible and practicable principles for reforming it. After a Synopsis and Introduction, which discusses the idea of a moral theory of international law, the book has four parts: I: Justice (3 chapters); II: Legitimacy (3 chapters); III: Self‐Determination (2 chapters); and IV: Reform (2 chapters). The book is one of the titles in the Oxford Political Theory Series.
Allen Buchanan
- Published in print:
- 2003
- Published Online:
- April 2004
- ISBN:
- 9780198295358
- eISBN:
- 9780191600982
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198295359.003.0002
- Subject:
- Political Science, Political Theory
Begins the task of laying the foundations for a justice‐based theory of international law, and presents three main arguments. The first argument is that justice should be a primary moral goal of the ...
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Begins the task of laying the foundations for a justice‐based theory of international law, and presents three main arguments. The first argument is that justice should be a primary moral goal of the international legal system; in making the case that justice should be a primary goal, the charge that peace is the only proper goal for the international legal system is rebutted and it is argued that the pursuit of justice in and through international law need not be inimical to peace. The second argument is that justice is not only a permissible goal for the international legal system, but a morally obligatory one; to accomplish this step in the overall argument, the concept of the “Natural Duty of Justice” is explained—i.e. the principle that each person has a limited moral obligation to help ensure that all persons have access to institutions, including legal institutions, that protect their basic human rights. The third argument shows that taking seriously the idea that justice is a primary, morally obligatory goal of the international legal system requires a particular conception of the state, in which it is to serve in part as an instrument of justice, not as a discretionary association whose sole function is to serve the mutual benefit of its members; this is a direct attack on the dominant international relations view that states should support international law only so far as it serves their “national interests”. The six parts of the chapter are: I. Introduction; II. Justice as a Primary Goal of International Law—an introduction to the “Natural Duty of Justice” argument; III. Two Conceptions of the State and its Relations with Those beyond its Borders; IV, The Plurality of Ways of Acting on the Natural Duty of Justice; V. Abandoning the National Interest Theses; and VI. Conclusions.Less
Begins the task of laying the foundations for a justice‐based theory of international law, and presents three main arguments. The first argument is that justice should be a primary moral goal of the international legal system; in making the case that justice should be a primary goal, the charge that peace is the only proper goal for the international legal system is rebutted and it is argued that the pursuit of justice in and through international law need not be inimical to peace. The second argument is that justice is not only a permissible goal for the international legal system, but a morally obligatory one; to accomplish this step in the overall argument, the concept of the “Natural Duty of Justice” is explained—i.e. the principle that each person has a limited moral obligation to help ensure that all persons have access to institutions, including legal institutions, that protect their basic human rights. The third argument shows that taking seriously the idea that justice is a primary, morally obligatory goal of the international legal system requires a particular conception of the state, in which it is to serve in part as an instrument of justice, not as a discretionary association whose sole function is to serve the mutual benefit of its members; this is a direct attack on the dominant international relations view that states should support international law only so far as it serves their “national interests”. The six parts of the chapter are: I. Introduction; II. Justice as a Primary Goal of International Law—an introduction to the “Natural Duty of Justice” argument; III. Two Conceptions of the State and its Relations with Those beyond its Borders; IV, The Plurality of Ways of Acting on the Natural Duty of Justice; V. Abandoning the National Interest Theses; and VI. Conclusions.
Catherine Schenk
- Published in print:
- 2005
- Published Online:
- September 2007
- ISBN:
- 9780199269495
- eISBN:
- 9780191710162
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199269495.003.0010
- Subject:
- Business and Management, Finance, Accounting, and Banking
This chapter analyses policy responses to the instability of the international monetary system during the 1970s and how these policies affected the City of London. First, the collapse of the ...
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This chapter analyses policy responses to the instability of the international monetary system during the 1970s and how these policies affected the City of London. First, the collapse of the international monetary system through the 1960s and then the increased risk to the financial market in the 1970s accelerated the pace of financial innovation. Second, as currency speculation grew, policymakers were reluctant to relax controls on the flow of capital, and this had important implications for London's competitiveness. The debate between the state, academics, and bankers over the desirability of floating exchange rates is surveyed in this chapter. The era of floating exchange rates and inflation prompted an international and domestic banking crisis in 1974 that drew the Bank of England into more active attempts at prudential supervision.Less
This chapter analyses policy responses to the instability of the international monetary system during the 1970s and how these policies affected the City of London. First, the collapse of the international monetary system through the 1960s and then the increased risk to the financial market in the 1970s accelerated the pace of financial innovation. Second, as currency speculation grew, policymakers were reluctant to relax controls on the flow of capital, and this had important implications for London's competitiveness. The debate between the state, academics, and bankers over the desirability of floating exchange rates is surveyed in this chapter. The era of floating exchange rates and inflation prompted an international and domestic banking crisis in 1974 that drew the Bank of England into more active attempts at prudential supervision.
Christian Reus-Smit
- Published in print:
- 2004
- Published Online:
- January 2005
- ISBN:
- 9780199265206
- eISBN:
- 9780191601866
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199265208.003.0005
- Subject:
- Political Science, International Relations and Politics
The final two chapters in Part One investigate the evolving research agenda of the English School of International Relations and its contribution to contemporary international relations. In this ...
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The final two chapters in Part One investigate the evolving research agenda of the English School of International Relations and its contribution to contemporary international relations. In this chapter, the author investigates the emerging dialogue between English School and constructivist approaches in order to explore how they help to understand the post‐September 11 world, arguing, in particular, that, taken together, both English School and constructivist scholarship can add much to the understanding of contemporary international society. The chapter undertakes two tasks, first, it revisits an argument made elsewhere by the author: that although constructivism and the English School share much in common, and there is considerable scope for productive engagement, scholars on both sides are currently mired in an unproductive dialogue of stereotypes. In this dialogue, constructivists draw little more from the English School than the well‐rehearsed proposition that states can form international societies not just systems, and English School scholars focus too heavily on the statist, positivistic form of constructivism associated with the writings of Alexander Wendt – although it is likely to be far more fruitful to see both perspectives as bounded realms of debate, each characterized by significant internal debates over ontology, methods, and ethics. The chapter's second task is to suggest how an enriched dialogue between constructivism and the English School could be productively deployed to grapple with some of the central research questions of the post‐September 11 world: namely, the relationship between power and institutions, international society and world society, and order and justice.Less
The final two chapters in Part One investigate the evolving research agenda of the English School of International Relations and its contribution to contemporary international relations. In this chapter, the author investigates the emerging dialogue between English School and constructivist approaches in order to explore how they help to understand the post‐September 11 world, arguing, in particular, that, taken together, both English School and constructivist scholarship can add much to the understanding of contemporary international society. The chapter undertakes two tasks, first, it revisits an argument made elsewhere by the author: that although constructivism and the English School share much in common, and there is considerable scope for productive engagement, scholars on both sides are currently mired in an unproductive dialogue of stereotypes. In this dialogue, constructivists draw little more from the English School than the well‐rehearsed proposition that states can form international societies not just systems, and English School scholars focus too heavily on the statist, positivistic form of constructivism associated with the writings of Alexander Wendt – although it is likely to be far more fruitful to see both perspectives as bounded realms of debate, each characterized by significant internal debates over ontology, methods, and ethics. The chapter's second task is to suggest how an enriched dialogue between constructivism and the English School could be productively deployed to grapple with some of the central research questions of the post‐September 11 world: namely, the relationship between power and institutions, international society and world society, and order and justice.
Andrew Hurrell and Anand Menon
- Published in print:
- 2003
- Published Online:
- November 2003
- ISBN:
- 9780199250158
- eISBN:
- 9780191599439
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199250154.003.0023
- Subject:
- Political Science, European Union
This chapter takes a broad look at the impact exerted by international economic and political pressures on patterns of government and governance in Europe. It assesses the degree to which, as a ...
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This chapter takes a broad look at the impact exerted by international economic and political pressures on patterns of government and governance in Europe. It assesses the degree to which, as a consequence of the end of the Cold War and of the forces of globalization, these pressures are changing, and considers the implications of such change. It is argued in the first section of the chapter that the profound impact of the external environment on the character of the European state has been all too evident, despite the internalist tendencies of so much comparativist scholarship; moreover, West European states continue to confront several external challenges to the stability that has, since the Second World War, characterized their half of the Old Continent. The first challenge comes from the continued development of the very forces of liberalization that have played such an important role in Europe's recent past, changes that, for the sake of convenience, can be categorized under the heading of ‘globalization’; the second section examines some of the major aspects of the globalization debate as it relates to the European state, but takes a sceptical viewpoint. The second challenge comes from the changes in the international political system (the emergence of the United States as the single superpower; the collapse of the Soviet Union; the changing character of the security problems facing Europe); an emphasis on these changes can be found most prominently in the writings of US neo–realists who asserted that the end of the Cold War would inevitably result in Europe returning to its geopolitical and conflictual ‘historic norm’. In the third section it is shown why such extreme predictions have been proved wrong but nevertheless argues that the neo–realist emphasis on the international political system is, in a fundamental sense, correct.Less
This chapter takes a broad look at the impact exerted by international economic and political pressures on patterns of government and governance in Europe. It assesses the degree to which, as a consequence of the end of the Cold War and of the forces of globalization, these pressures are changing, and considers the implications of such change. It is argued in the first section of the chapter that the profound impact of the external environment on the character of the European state has been all too evident, despite the internalist tendencies of so much comparativist scholarship; moreover, West European states continue to confront several external challenges to the stability that has, since the Second World War, characterized their half of the Old Continent. The first challenge comes from the continued development of the very forces of liberalization that have played such an important role in Europe's recent past, changes that, for the sake of convenience, can be categorized under the heading of ‘globalization’; the second section examines some of the major aspects of the globalization debate as it relates to the European state, but takes a sceptical viewpoint. The second challenge comes from the changes in the international political system (the emergence of the United States as the single superpower; the collapse of the Soviet Union; the changing character of the security problems facing Europe); an emphasis on these changes can be found most prominently in the writings of US neo–realists who asserted that the end of the Cold War would inevitably result in Europe returning to its geopolitical and conflictual ‘historic norm’. In the third section it is shown why such extreme predictions have been proved wrong but nevertheless argues that the neo–realist emphasis on the international political system is, in a fundamental sense, correct.
Chester Brown
- Published in print:
- 2007
- Published Online:
- January 2009
- ISBN:
- 9780199206506
- eISBN:
- 9780191709708
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199206506.001.0001
- Subject:
- Law, Public International Law
The proliferation of international courts and tribunals has given rise to several new issues affecting the administration of international justice. This book makes a significant contribution to ...
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The proliferation of international courts and tribunals has given rise to several new issues affecting the administration of international justice. This book makes a significant contribution to understanding the impact of this proliferation by addressing one important question: namely, whether international courts and tribunals are increasingly adopting common approaches to questions of procedure and remedies. The central argument is that there is an increasing commonality in the practice of international courts and tribunals to the application of rules concerning these issues, and that this represents the emergence of a common law of international adjudication. This book examines this question by considering several key issues relating to procedure and remedies, and analyses relevant international jurisprudence to demonstrate that there is substantial commonality. It then looks at why international courts are increasingly adopting common approaches to such questions, and why a greater degree of commonality may be found with respect to some issues rather than others. In doing so, light is shed on the methods adopted by international courts to engage in the cross-fertilization of legal principles. The emergence of a common law of international adjudication has important practical and theoretical implications, as it suggests that international courts can also devise common approaches to the challenges that they face in the age of proliferation. It also suggests that international courts do not generally operate as self-contained regimes, but rather that they regard themselves as forming part of a community of international courts, therefore having positive implications for the development of the international legal system.Less
The proliferation of international courts and tribunals has given rise to several new issues affecting the administration of international justice. This book makes a significant contribution to understanding the impact of this proliferation by addressing one important question: namely, whether international courts and tribunals are increasingly adopting common approaches to questions of procedure and remedies. The central argument is that there is an increasing commonality in the practice of international courts and tribunals to the application of rules concerning these issues, and that this represents the emergence of a common law of international adjudication. This book examines this question by considering several key issues relating to procedure and remedies, and analyses relevant international jurisprudence to demonstrate that there is substantial commonality. It then looks at why international courts are increasingly adopting common approaches to such questions, and why a greater degree of commonality may be found with respect to some issues rather than others. In doing so, light is shed on the methods adopted by international courts to engage in the cross-fertilization of legal principles. The emergence of a common law of international adjudication has important practical and theoretical implications, as it suggests that international courts can also devise common approaches to the challenges that they face in the age of proliferation. It also suggests that international courts do not generally operate as self-contained regimes, but rather that they regard themselves as forming part of a community of international courts, therefore having positive implications for the development of the international legal system.
Barry Eichengreen
- Published in print:
- 2002
- Published Online:
- October 2011
- ISBN:
- 9780199257430
- eISBN:
- 9780191698453
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199257430.001.0001
- Subject:
- Economics and Finance, Financial Economics
This book provides a critical assessment of the official sector's efforts to manage more effectively financial crises in emerging markets. The book reviews international initiatives on both the ...
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This book provides a critical assessment of the official sector's efforts to manage more effectively financial crises in emerging markets. The book reviews international initiatives on both the crisis prevention and crisis resolution fronts. While crises will always be with us, it concludes that good progress has been made in limiting their spread and strengthening the international financial system. Ironically, however, official sector initiatives in this area may in fact have made life more difficult for the poorest countries. Initiatives to limit the incidence of crises and threats to the stability of the international financial system should therefore be linked to an increase in development assistance designed to offset the extra burdens on the poorest countries. The other place where official efforts have fallen short is in creating new ways of resolving crises. The book argues that the old way — the official sector financing through the International Monetary Fund — is part of the problem, not part of the solution.Less
This book provides a critical assessment of the official sector's efforts to manage more effectively financial crises in emerging markets. The book reviews international initiatives on both the crisis prevention and crisis resolution fronts. While crises will always be with us, it concludes that good progress has been made in limiting their spread and strengthening the international financial system. Ironically, however, official sector initiatives in this area may in fact have made life more difficult for the poorest countries. Initiatives to limit the incidence of crises and threats to the stability of the international financial system should therefore be linked to an increase in development assistance designed to offset the extra burdens on the poorest countries. The other place where official efforts have fallen short is in creating new ways of resolving crises. The book argues that the old way — the official sector financing through the International Monetary Fund — is part of the problem, not part of the solution.
Allen Buchanan
- Published in print:
- 2003
- Published Online:
- April 2004
- ISBN:
- 9780198295358
- eISBN:
- 9780191600982
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198295359.003.0010
- Subject:
- Political Science, Political Theory
Briefly restates the central argument of the book and then summarizes the main proposals for reforming the international legal system that the preceding chapters have developed on its basis. It sets ...
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Briefly restates the central argument of the book and then summarizes the main proposals for reforming the international legal system that the preceding chapters have developed on its basis. It sets the stage for Ch. 11, which explores morally accessible ways of undertaking the proposed reforms. The four sections of the chapter are: I. A Justice‐Based Approach; II. An International Legal Order Grounded in Obligation, not Mere Permissibility; III. Linking Justice, Legitimacy, and Self‐Determination; and IV. Needed Reforms.Less
Briefly restates the central argument of the book and then summarizes the main proposals for reforming the international legal system that the preceding chapters have developed on its basis. It sets the stage for Ch. 11, which explores morally accessible ways of undertaking the proposed reforms. The four sections of the chapter are: I. A Justice‐Based Approach; II. An International Legal Order Grounded in Obligation, not Mere Permissibility; III. Linking Justice, Legitimacy, and Self‐Determination; and IV. Needed Reforms.
Marc Flandreau and François Gallice
- Published in print:
- 2005
- Published Online:
- September 2007
- ISBN:
- 9780199269495
- eISBN:
- 9780191710162
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199269495.003.0005
- Subject:
- Business and Management, Finance, Accounting, and Banking
This chapter deals with one aspect of short-term capital movements over the period 1885-1913. It studies the role of the French haute banque in the operation of the international monetary system. It ...
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This chapter deals with one aspect of short-term capital movements over the period 1885-1913. It studies the role of the French haute banque in the operation of the international monetary system. It adopts a monographic approach, examining the international balances of the Banque de Paris et des Pays-Bas (Paribas), in an attempt to reinterpret what is known of the pre-1914 international money market's structure. The novelty of this methodology is that it uses microeconomics as a financial probe to reveal a number of more general problems. This is in contrast with macroeconomic studies of statistical interrelations among national interest rates which treat markets as black boxes.Less
This chapter deals with one aspect of short-term capital movements over the period 1885-1913. It studies the role of the French haute banque in the operation of the international monetary system. It adopts a monographic approach, examining the international balances of the Banque de Paris et des Pays-Bas (Paribas), in an attempt to reinterpret what is known of the pre-1914 international money market's structure. The novelty of this methodology is that it uses microeconomics as a financial probe to reveal a number of more general problems. This is in contrast with macroeconomic studies of statistical interrelations among national interest rates which treat markets as black boxes.
Kern Alexander, Rahul Dhumale, and John Eatwell
- Published in print:
- 2005
- Published Online:
- September 2007
- ISBN:
- 9780195166989
- eISBN:
- 9780199783861
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195166989.003.0003
- Subject:
- Economics and Finance, Financial Economics
This chapter discusses the nature of systemic risk in the international financial system and the dilemmas that face national regulators who seek to protect their economies from the ravages of ...
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This chapter discusses the nature of systemic risk in the international financial system and the dilemmas that face national regulators who seek to protect their economies from the ravages of financial contagion and payment-system breakdown. It addresses the concept of global governance, along with a history of the recent demise of the Bretton Woods system, which has been followed by lower rates of economic growth in most countries and by increased volatility and risk in the global financial system.Less
This chapter discusses the nature of systemic risk in the international financial system and the dilemmas that face national regulators who seek to protect their economies from the ravages of financial contagion and payment-system breakdown. It addresses the concept of global governance, along with a history of the recent demise of the Bretton Woods system, which has been followed by lower rates of economic growth in most countries and by increased volatility and risk in the global financial system.
Chester Brown
- Published in print:
- 2007
- Published Online:
- January 2009
- ISBN:
- 9780199206506
- eISBN:
- 9780191709708
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199206506.003.0010
- Subject:
- Law, Public International Law
This concluding chapter notes that the book has asked whether international courts, in interpreting and applying their powers over procedure and remedies, have considered and sought to adopt the ...
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This concluding chapter notes that the book has asked whether international courts, in interpreting and applying their powers over procedure and remedies, have considered and sought to adopt the practices of other international courts. The book examined the sources of procedural and remedial competences of the principal international courts, and analysed the tools available to international courts to engage in cross-fertilization on issues relating to procedure and remedies. It then examined the degree of common practice with respect to several aspects of international adjudication: rules of evidence, the power to grant provisional measures, the power to interpret and revise judgments, and the remedies available in international adjudication. It then proposed various factors which explain the emergence of common practices, and noted limitations to its further development. Finally, it reviewed the practical and theoretical implications of the common law of international adjudication, concluding that it serves as a solid foundation for the further development of a harmonious system of international dispute settlement.Less
This concluding chapter notes that the book has asked whether international courts, in interpreting and applying their powers over procedure and remedies, have considered and sought to adopt the practices of other international courts. The book examined the sources of procedural and remedial competences of the principal international courts, and analysed the tools available to international courts to engage in cross-fertilization on issues relating to procedure and remedies. It then examined the degree of common practice with respect to several aspects of international adjudication: rules of evidence, the power to grant provisional measures, the power to interpret and revise judgments, and the remedies available in international adjudication. It then proposed various factors which explain the emergence of common practices, and noted limitations to its further development. Finally, it reviewed the practical and theoretical implications of the common law of international adjudication, concluding that it serves as a solid foundation for the further development of a harmonious system of international dispute settlement.
Ranald C. Michie
- Published in print:
- 2006
- Published Online:
- September 2007
- ISBN:
- 9780199280612
- eISBN:
- 9780191712784
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199280612.003.0009
- Subject:
- Economics and Finance, Economic History
This chapter discusses developments in the global securities market from 1970 to 1990. It shows that growth and development in the global securities market in the 1970s and 1980s were marked by two ...
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This chapter discusses developments in the global securities market from 1970 to 1990. It shows that growth and development in the global securities market in the 1970s and 1980s were marked by two major turning points: the abolition of fixed commissions on the New York Stock Exchange in May 1975, which put pressure on stock exchanges in the US and around the world; and the Big Bang in London in October 1986, which not only transformed the British securities market but also intensified the pressure for change which had already been experienced by other stock exchanges, especially in Europe. By 1990, the effects of these twin developments were visible worldwide. The securities markets re-emerged as essential components of national financial systems whilst the global securities market once again became a key element in the financial flows that brought stability to the international monetary system.Less
This chapter discusses developments in the global securities market from 1970 to 1990. It shows that growth and development in the global securities market in the 1970s and 1980s were marked by two major turning points: the abolition of fixed commissions on the New York Stock Exchange in May 1975, which put pressure on stock exchanges in the US and around the world; and the Big Bang in London in October 1986, which not only transformed the British securities market but also intensified the pressure for change which had already been experienced by other stock exchanges, especially in Europe. By 1990, the effects of these twin developments were visible worldwide. The securities markets re-emerged as essential components of national financial systems whilst the global securities market once again became a key element in the financial flows that brought stability to the international monetary system.
Grahame F. Thompson
- Published in print:
- 2003
- Published Online:
- January 2010
- ISBN:
- 9780198775270
- eISBN:
- 9780191710513
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198775270.003.0007
- Subject:
- Business and Management, Organization Studies
This chapter extends the analysis of networks explicitly to the international sphere by addressing the whole area of information and communications technology (ICT) and networks and particularly how ...
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This chapter extends the analysis of networks explicitly to the international sphere by addressing the whole area of information and communications technology (ICT) and networks and particularly how they are argued to be radically transforming the nature of international relations, organised under the conceptual umbrella term of ‘globalisation’. The internationalisation of ‘production networks’ and how these are also argued to be recasting the nature of global economic relationships are also discussed. Both of these aspects to international networks are critically analysed. The relationship between national and international networking as well as the relationship between networks and other mechanisms of socio-economic coordination and governance is reviewed. The role of the Internet and the World Wide Web in reshaping the whole nature of domestic and international social and economic relationships is discussed, along with the notion of value chains or commodity chains as networks and the role of networks in the governance of the international system.Less
This chapter extends the analysis of networks explicitly to the international sphere by addressing the whole area of information and communications technology (ICT) and networks and particularly how they are argued to be radically transforming the nature of international relations, organised under the conceptual umbrella term of ‘globalisation’. The internationalisation of ‘production networks’ and how these are also argued to be recasting the nature of global economic relationships are also discussed. Both of these aspects to international networks are critically analysed. The relationship between national and international networking as well as the relationship between networks and other mechanisms of socio-economic coordination and governance is reviewed. The role of the Internet and the World Wide Web in reshaping the whole nature of domestic and international social and economic relationships is discussed, along with the notion of value chains or commodity chains as networks and the role of networks in the governance of the international system.
Dinah Shelton (ed.)
- Published in print:
- 2003
- Published Online:
- January 2010
- ISBN:
- 9780199270989
- eISBN:
- 9780191707704
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199270989.001.0001
- Subject:
- Law, Public International Law
This book evaluates the impact on state behaviour of international norms adopted in forms that are not legally binding. The use of such ‘soft law’ has increased dramatically with the proliferation of ...
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This book evaluates the impact on state behaviour of international norms adopted in forms that are not legally binding. The use of such ‘soft law’ has increased dramatically with the proliferation of international organizations. Whether and how such norms can be used effectively to supplement or substitute for legally binding obligations forms the heart of this discussion. The study examines four areas of international law: human rights, the environment, arms control, and trade and finance. For each area, they assess the use of non-binding norms and ask whether such norms engender state compliance. More generally, the discussion also addresses the nature of international law and the role of non-binding norms in the international legal system.Less
This book evaluates the impact on state behaviour of international norms adopted in forms that are not legally binding. The use of such ‘soft law’ has increased dramatically with the proliferation of international organizations. Whether and how such norms can be used effectively to supplement or substitute for legally binding obligations forms the heart of this discussion. The study examines four areas of international law: human rights, the environment, arms control, and trade and finance. For each area, they assess the use of non-binding norms and ask whether such norms engender state compliance. More generally, the discussion also addresses the nature of international law and the role of non-binding norms in the international legal system.
Yuval Shany
- Published in print:
- 2007
- Published Online:
- January 2009
- ISBN:
- 9780199211791
- eISBN:
- 9780191706035
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199211791.003.0003
- Subject:
- Law, Public International Law
This chapter examines the two main conceptual structures which underlie the opposition to regulating the jurisdictional relations between national and international courts: dualism and hierarchy. ...
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This chapter examines the two main conceptual structures which underlie the opposition to regulating the jurisdictional relations between national and international courts: dualism and hierarchy. According to dualism, national and international courts employ norms deriving from different legal systems and their jurisdictions can never overlap. Moreover, national and international courts often view their respective legal system as normatively superior to the competing legal system, rendering irrelevant any existing overlap. The chapter explains the tension between these traditional explanations of the relations between national and international courts and the growing intertwining of their functions, and introduces a number of theories that offer a more integrative or, at least, nuanced vision of the relationship: monism, dédoublement fonctionnel, the American school of informal socialization, and pluralism. Given the irreconcilably different institutional visions offered by these different theories, the author offers normative systemization as a possible conceptual framework for discussion.Less
This chapter examines the two main conceptual structures which underlie the opposition to regulating the jurisdictional relations between national and international courts: dualism and hierarchy. According to dualism, national and international courts employ norms deriving from different legal systems and their jurisdictions can never overlap. Moreover, national and international courts often view their respective legal system as normatively superior to the competing legal system, rendering irrelevant any existing overlap. The chapter explains the tension between these traditional explanations of the relations between national and international courts and the growing intertwining of their functions, and introduces a number of theories that offer a more integrative or, at least, nuanced vision of the relationship: monism, dédoublement fonctionnel, the American school of informal socialization, and pluralism. Given the irreconcilably different institutional visions offered by these different theories, the author offers normative systemization as a possible conceptual framework for discussion.
Barry Eichengreen
- Published in print:
- 1996
- Published Online:
- November 2003
- ISBN:
- 9780195101133
- eISBN:
- 9780199869626
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195101138.003.0009
- Subject:
- Economics and Finance, Economic History
This is the third of three chapters that consider the operation of the reconstructed gold standard system following World War I. It describes the desperate attempts of policy makers to defend the ...
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This is the third of three chapters that consider the operation of the reconstructed gold standard system following World War I. It describes the desperate attempts of policy makers to defend the gold standard and analyzes their role in aggravating the Great Depression. At the same time, it suggests that the collapse of the system provided new opportunities for constructive action. The Chinese character for ‘crisis’ combines the symbols for ‘danger’ and ‘opportunity’, and the point made in this chapter (Crisis and Opportunity) is much the same. The different sections of the chapter look at the links between domestic and international financial systems, the Austrian crisis of 1931 (which led, in effect, to it no longer being part of the gold standard system), the spread of the crisis to other countries, the abandonment of the gold standard by Britain, and the implications – which were that the stage had now been set for the collapse of the gold standard system.Less
This is the third of three chapters that consider the operation of the reconstructed gold standard system following World War I. It describes the desperate attempts of policy makers to defend the gold standard and analyzes their role in aggravating the Great Depression. At the same time, it suggests that the collapse of the system provided new opportunities for constructive action. The Chinese character for ‘crisis’ combines the symbols for ‘danger’ and ‘opportunity’, and the point made in this chapter (Crisis and Opportunity) is much the same. The different sections of the chapter look at the links between domestic and international financial systems, the Austrian crisis of 1931 (which led, in effect, to it no longer being part of the gold standard system), the spread of the crisis to other countries, the abandonment of the gold standard by Britain, and the implications – which were that the stage had now been set for the collapse of the gold standard system.
Dominick Salvatore
- Published in print:
- 2004
- Published Online:
- August 2004
- ISBN:
- 9780199271405
- eISBN:
- 9780191601200
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199271402.003.0002
- Subject:
- Economics and Finance, Economic Systems
A great debate has been taking place in many nations, especially small ones, in Central, Eastern, and Southern Europe, in the Baltic States, and in the Americas on the need and benefits of abandoning ...
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A great debate has been taking place in many nations, especially small ones, in Central, Eastern, and Southern Europe, in the Baltic States, and in the Americas on the need and benefits of abandoning the national currency in favor of the euro or the dollar. This chapter examines the benefits and costs of euroization or dollarization. It analyzes the ways in which the two processes are similar and different, and it examines their likely effect on the functioning of the present and future international monetary system.Less
A great debate has been taking place in many nations, especially small ones, in Central, Eastern, and Southern Europe, in the Baltic States, and in the Americas on the need and benefits of abandoning the national currency in favor of the euro or the dollar. This chapter examines the benefits and costs of euroization or dollarization. It analyzes the ways in which the two processes are similar and different, and it examines their likely effect on the functioning of the present and future international monetary system.
Barry Eichengreen
- Published in print:
- 1996
- Published Online:
- November 2003
- ISBN:
- 9780195101133
- eISBN:
- 9780199869626
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195101138.001.0001
- Subject:
- Economics and Finance, Economic History
The gold standard and the Great Depression might appear to be two very different topics requiring two entirely separate books, and the attempt to combine them here reflects Barry Eichengreen's ...
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The gold standard and the Great Depression might appear to be two very different topics requiring two entirely separate books, and the attempt to combine them here reflects Barry Eichengreen's conviction that the gold standard is the key to understanding the Depression. The gold standard of the 1920s set the stage for the Depression of the 1930s by heightening the fragility of the international financial system, and was the mechanism that transmitted the destabilizing impulse from the USA to the rest of the world and magnified that initial destabilizing shock; it was the principal obstacle to offsetting action, and the binding constraint preventing policymakers from averting the failure of banks and containing the spread of financial panic. For all these reasons, the international gold standard was a central factor in the worldwide Depression; recovery proved possible, for these same reasons, only after abandoning the gold standard. The gold standard also existed in the nineteenth century, of course, without exercising such debilitating effects – the explanation for the contrast lies in the disintegration during and after World War I of the political and economic foundations of the prewar gold standard system. The dual bases for the prewar system were the credibility of the official commitment to gold and international cooperation: the credibility induced financial capital to flow in stabilizing directions, buttressing economic stability; the cooperation signaled that support for the gold standard in times of crisis transcended the resources any one country could bring to bear. Both were eroded by the economic and political consequences of the Great War, and the decline in credibility rendered cooperation all the more vital – when it was not forthcoming, economic crisis was inevitable. The decline in both credibility and cooperation during and after World War I reflected a complex confluence of domestic and international political changes, and economic and intellectual changes. This book attempts to fit all these elements together into a coherent portrait of economic policy and performance between the wars. The goal is to show how the policies pursued, in conjunction with economic imbalances created by World War I, gave rise to the catastrophe that was the Great Depression. The argument is that the gold standard fundamentally constrained economic policies, and that it was largely responsible for creating the unstable economic environment on which the policies acted.Less
The gold standard and the Great Depression might appear to be two very different topics requiring two entirely separate books, and the attempt to combine them here reflects Barry Eichengreen's conviction that the gold standard is the key to understanding the Depression. The gold standard of the 1920s set the stage for the Depression of the 1930s by heightening the fragility of the international financial system, and was the mechanism that transmitted the destabilizing impulse from the USA to the rest of the world and magnified that initial destabilizing shock; it was the principal obstacle to offsetting action, and the binding constraint preventing policymakers from averting the failure of banks and containing the spread of financial panic. For all these reasons, the international gold standard was a central factor in the worldwide Depression; recovery proved possible, for these same reasons, only after abandoning the gold standard. The gold standard also existed in the nineteenth century, of course, without exercising such debilitating effects – the explanation for the contrast lies in the disintegration during and after World War I of the political and economic foundations of the prewar gold standard system. The dual bases for the prewar system were the credibility of the official commitment to gold and international cooperation: the credibility induced financial capital to flow in stabilizing directions, buttressing economic stability; the cooperation signaled that support for the gold standard in times of crisis transcended the resources any one country could bring to bear. Both were eroded by the economic and political consequences of the Great War, and the decline in credibility rendered cooperation all the more vital – when it was not forthcoming, economic crisis was inevitable. The decline in both credibility and cooperation during and after World War I reflected a complex confluence of domestic and international political changes, and economic and intellectual changes. This book attempts to fit all these elements together into a coherent portrait of economic policy and performance between the wars. The goal is to show how the policies pursued, in conjunction with economic imbalances created by World War I, gave rise to the catastrophe that was the Great Depression. The argument is that the gold standard fundamentally constrained economic policies, and that it was largely responsible for creating the unstable economic environment on which the policies acted.
