Article in Journal
Institutions – Moving to the Global?
Harold James
CESifo, Munich, 2022
EconPol Forum 23 (5), 56-64
CESifo, Munich, 2022
EconPol Forum 23 (5), 56-64
- Domestic (but not foreign) borrowing became cheaper after the 17th century financial revolution
- Trilemmas present a way of weighing the losses and gains from trade-offs from capital openness
- The policy limitations on democracy resulting from capital openness may be treated analogously
- Limitations from the international system or order can also be treated in this manner.
- The 17th century domestic analogy suggests a need for coordinated or linked up global governance