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Symmetric Global Order with National Self-Determination and No Hegemon: Vision and Reality

Author

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  • Jörg Bibow

    (Skidmore College and Levy Economics Institute)

Abstract

This paper explores how today’s global monetary order differs from Keynes’ original vision, as captured by his early Bretton Woods drafts, and how we got here. It also speculates whether Keynes’ ideas, specifically his vision for the global monetary order, are still relevant to the contemporary world, after 80 years have passed since the publication of The General Theory. The paper argues that Keynes’ hope for a global order without a hegemon could be considered overly rational and maintains that it may be worthwhile to recall what Keynes himself wrote in his memoir My Early Beliefs: “civilization [is] a thin and precarious crust erected by the personality and the will of a very few, and only maintained by rules and conventions skillfully put across and guilefully preserved”.

Suggested Citation

  • Jörg Bibow, 2017. "Symmetric Global Order with National Self-Determination and No Hegemon: Vision and Reality," Annals of the Fondazione Luigi Einaudi. An Interdisciplinary Journal of Economics, History and Political Science, Fondazione Luigi Einaudi, Torino (Italy), vol. 51(1), pages 177-206, June.
    • Handle: RePEc:fle:journl:v:51:y:2017:i:1:p:177-206
    DOI: 10.26331/1009
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    Citations

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    Cited by:

    1. Ignacio Ramirez Cisneros, 2020. "The odd fiscal ‘implicit bargain’ in the Eurozone. A continental view of sovereignty: List, Chartalism, and Keynes’ international economics," Working Papers PKWP2013, Post Keynesian Economics Society (PKES).

    More about this item

    Keywords

    Global monetary order; Bretton Woods; Keynes’ bancor plan; Capital flows; Financial crisis;
    All these keywords.

    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F65 - International Economics - - Economic Impacts of Globalization - - - Finance

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