Abstract
This line is from Karl Polanyi’s famous book, The Great Transformation. It described the Britain’s power in the 19th century, which is an analogical situation of the US in the twentieth century. The monetary hegemony dominating the international coordination was pulling the threads behind the major economic events in the world.
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Notes
- 1.
Translator’s note: Polanyi (1965).
- 2.
Bergin (2002) made expositions easy to understand with regard to the differences between the two generations of models.
- 3.
Tchakarov (2004).
- 4.
Remarks by David Kennedy, “Foreign Trade Barriers Pushes the US Patience: Kenney Says Congress Better Limit Imports”, New York Times, May 21st, 1970. Michael Hudson, Super Imperialism: The Origin and Fundamentals of U.S. World Dominance (Chinese Translation) (Jingrong Diguo: Jingrong Baquan de Laiyuan He Jichu ). Beijing: Central Compilation & Translation Press, p. 300.
- 5.
Translator’s Note: Frankel (1994).
- 6.
Volcker and Gyohten (1996).
- 7.
The regime is regarded as the predecessor of the referential guide currently used by the G20.
- 8.
According to statistics of the Census Bureau, US trade deficit with Japan in 1985 was 46.1 billion dollars, and the figure rose to 55 billion dollars, and it reached 56.3 billion dollars in 1987.
- 9.
In fact, the role of the Plaza Agreement in dollar depreciation remained controversial in the academia. For example, pointed out that as early as March 1985, the value of dollar slumped, and its depreciation after the Plaza Agreement was merely part of the lasting trend. Therefore, the impact of the Plaza Agreement was limited.
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Li, Y., Zhang, X. (2017). International Monetary Policy Coordination: Theories and Reality. In: Imbalance and Rebalance. Springer, Singapore. https://doi.org/10.1007/978-981-10-6150-9_8
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DOI: https://doi.org/10.1007/978-981-10-6150-9_8
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