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US commercial and monetary policy: unravelling the paradox of external strength and internal weakness

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  • Krasner, Stephen D.

Abstract

The fundamental objective of American foreign economic policy after the Second World War was to establish a regime in which impediments to the movement of capital and goods were minimized. In this quest American central decision makers were largely successful because of America's external power. However, because of the weakness of the US political system, that is, the ability of private groups to check state initiatives, public officials were constantly faced with domestic political constraints. These constraints were more apparent in the area of commercial policy, where decisions involved Congress and executive agencies susceptible to societal influences, than in monetary policy, where decisions were made in a more insulated environment. The decline of America's external power, which became evident in the mid-1960s, was accompanied by growing demands for protection as more sectors of the American economy were adversely affected by foreign trade. This has led to increasing incoherence in US policy and greater instability in the international economic regime.

Suggested Citation

  • Krasner, Stephen D., 1977. "US commercial and monetary policy: unravelling the paradox of external strength and internal weakness," International Organization, Cambridge University Press, vol. 31(4), pages 635-671, October.
  • Handle: RePEc:cup:intorg:v:31:y:1977:i:04:p:635-671_01
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    Cited by:

    1. Cymbal, W. & Veeman, M.M., 1994. "Canadian Agriculture and GATT: An Economic Analysis of Article XI," Project Report Series 232387, University of Alberta, Department of Resource Economics and Environmental Sociology.
    2. Omar Ramon Serrano Oswald & Mira Burri, 2021. "India, Brazil, and public health: Rule‐making through south–south diffusion in the intellectual property rights regime?," Regulation & Governance, John Wiley & Sons, vol. 15(3), pages 616-633, July.
    3. G.-Fivos Sargentis & Demetris Koutsoyiannis, 2023. "The Function of Money in Water–Energy–Food and Land Nexus," Land, MDPI, vol. 12(3), pages 1-18, March.

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