Benjamin Cohen on the problems of International Monetary Cooperation
This page is an attempt to summarize Benjamin Cohen's essay entitled "The Triad and the Unholy Trinity: Problems of International Monetary Cooperation."
Cohen starts with a very simple fact: "international monetary cooperation {...} is a good thing but difficult to sustain." [1] or him, the reason for this difficulty lies in the incompatibility of the three key desiderata of government, namely the exchange-rate stability, the capital mobility and the national policy autonomy. Clearly, he asserts that this "Unholy Trinity" is responsible for the shirking of states vis-à-vis their collective commitments to monetary cooperation.
1. The Case for Policy Cooperation:
After presenting his thesis, he first gives his definition of the word "cooperation" so as to avoid any confusion: "coope
REFERENCES
- ↑ Frieden, Jeffry A, and David A. Lake. International Political Economy: Perspectives on Global Power and Wealth. Boston: Bedford/St. Martin's, 2000. Print. p.246
