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

Stephen D. Krasner

International Organization, 1977, vol. 31, issue 4, 635-671

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.

Date: 1977
References: Add references at CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
https://www.cambridge.org/core/product/identifier/ ... type/journal_article link to article abstract page (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cup:intorg:v:31:y:1977:i:04:p:635-671_01

Access Statistics for this article

More articles in International Organization from Cambridge University Press Cambridge University Press, UPH, Shaftesbury Road, Cambridge CB2 8BS UK.
Bibliographic data for series maintained by Kirk Stebbing ().