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Richard N. Cooper International Monetary System
Richard N. Cooper International Monetary System

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McGill University
Political Science
POLI 354
Mark Brawley

Prolegomena to the Choice of an International Monetary System By Richard N Cooper International Monetary System Rules and conventions that govern financial relations between countries Monetary relations are related to and are an important part of international relations When monetary relations are successful other aspects of international relations benefit from this Likewise other aspects of international relations suffer when monetary relations between nations are poor Monetary relations influence both domestic and international economic development and consequently can lead to economic and political upheaval when they fail Ideal monetary relations are invisible That is to say that if they are functioning well they are taken for granted and are not at the forefront of policy IMF International Monetary Fund Purpose of the Essay To define the reasons for disagreement between nations on monetary policyIt seeks to promote the idea that the source of disagreement on monetary policy is not different interests amongnations but rather different perspectives on the outcomes of any particular policy of regime Thus disagreement is a byproduct of a lack of perfect information on how a particular regime will produce an outcome Regime Any particular set of rules or conventions governing monetary and financial relations betweencountries Monetary regimes specify which instruments of policy are acceptable and which outcomes of such policies are acceptable as well The success of any regime is dependent on how the actors operate within it as well as the variants which may help or hinder actors It is possible for regimes to have no rules in which case they are referred to as being freeforall In this situation each country with governments and central banks being the main actors do what they wish Such regimes are not beneficial for all involved as they can lead to trade wars and the exploitation of lesser nationsFreeforall regimes also do not take into account the nature of money as being a social convention International money and standards require a degree of cooperation
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