"Rules for the Global Economy" is a timely examination of the
conditions under which international rules of globalization come
into existence, enabling world economic and financial systems to
function and stabilize. Horst Siebert, a leading figure in
international economics, explains that these institutional
arrangements, such as the ones that govern banking, emerge when
countries fail to solve economic problems on their own and cede
part of their sovereignty to an international order. Siebert
demonstrates that the rules result from a trial-and-error
process--and usually after a crisis--in order to prevent pointless
transaction costs and risks.
Using an accessible and nonmathematical approach, Siebert links
the rules to four areas: international trade relations, factor
movements, financial flows, and the environment. He looks at the
international division of labor in the trade of goods and services;
flow of capital; diffusion of technology; migration of people,
including labor and human capital; protection of the global
environment; and stability of the monetary-financial system. He
discusses the role of ethical norms and human rights in defining
international regulations, and argues that the benefits of any
rules system should be direct and visible. Comprehensively
supporting rules-based interactions among international players,
the book considers future issues of the global rules system.
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