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United States Monetary Policy and Economic Nationalism

In: The New Economic Nationalism

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  • Benjamin J. Cohen

Abstract

Is United States monetary policy becoming more nationalistic? In this chapter I shall argue that American policy is not becoming more nationalistic — for the simple reason that it always has been nationalistic. In international monetary affairs, America has always acted out of an instinct for self-interest. That has not changed. What has changed is the willingness of other countries to acquiesce in America’s pursuit of its self-interest: others no longer see this as being in their own interest as well. And so what they once regarded as world leadership by the United States, they now brand as economic nationalism. In fact, this says more about changes in their own attitudes and perceptions — and about changes in the international monetary system in general-than it does about the specifics of United States monetary policy. It is not so much the content as the context of American policy that has really changed.

Suggested Citation

  • Benjamin J. Cohen, 1980. "United States Monetary Policy and Economic Nationalism," Palgrave Macmillan Books, in: Otto Hieronymi (ed.), The New Economic Nationalism, chapter 3, pages 51-62, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-04527-3_4
    DOI: 10.1007/978-1-349-04527-3_4
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