Was the post-war international trade order bound to succeed while the Bretton Woods monetary order established in 1944 was doomed to fail?

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This paper explores the reasons embedded in the original architecture of both the international trade and monetary regimes that determined different outcomes for both. It proposes that the original version of the Bretton Woods monetary regime showed faster its essential failures and basically had to...

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Autor: de Urioste, Ricardo
Formato: artículo
Fecha de Publicación:2023
Institución:Pontificia Universidad Católica del Perú
Repositorio:Revistas - Pontificia Universidad Católica del Perú
Lenguaje:inglés
OAI Identifier:oai:ojs.pkp.sfu.ca:article/27682
Enlace del recurso:http://revistas.pucp.edu.pe/index.php/agendainternacional/article/view/27682
Nivel de acceso:acceso abierto
Materia:International trade regime
International monetary regime
GATT
WTO
IMF
Bretton Woods
Embedded liberalism
Foreign trade policy
International monetary policy
Institutional flexibility
Régimen del comercio internacional
Régimen monetario internacional
OMC
FMI
Política de comercio internacional
Política monetaria internacional
Flexibilidad institucional
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spelling Was the post-war international trade order bound to succeed while the Bretton Woods monetary order established in 1944 was doomed to fail?¿Estuvo el orden del comercio internacional de la posguerra dirigido al éxito mientras que el orden monetario de Bretton Woods establecido en 1944 estaba signado por el fracaso?de Urioste, RicardoInternational trade regimeInternational monetary regimeGATTWTOIMFBretton WoodsEmbedded liberalismForeign trade policyInternational monetary policyInstitutional flexibilityRégimen del comercio internacionalRégimen monetario internacionalGATTOMCFMIBretton WoodsEmbedded liberalismPolítica de comercio internacionalPolítica monetaria internacionalFlexibilidad institucionalThis paper explores the reasons embedded in the original architecture of both the international trade and monetary regimes that determined different outcomes for both. It proposes that the original version of the Bretton Woods monetary regime showed faster its essential failures and basically had to be replaced as early as 1971, while the trade regime embodied in the GATT and later in the WTO managed to at least survive until present day. It posits that correspondence (or the lack of it) of the basic characteristics of the said regimes with the underlying political reality where the regimes would apply (in line with Ruggie´s depiction of «embedded liberalism») accounts for the differentiated outcomes. It explains that the international trade regime showed more flexible traits that allowed it to adjust to the underlying political and led to its survival. The lack of that adaptability element would likewise explain the early demise of the original Bretton woods scheme.Este trabajo explora las razones incorporadas en la arquitectura original de los regímenes internacionales de comercio y monetario que determinaron los distintos desenlaces para ambos. Propone que la versión original del régimen monetario de Bretton Woods mostró más rápidamente sus fallas esenciales y tuvo que ser remplazado tempranamente en 1971, mientras que el régimen internacional de comercio logró al menos sobrevivir hasta ahora. Postula que el alineamiento (o la ausencia de este) de las características básicas de dichos regímenes con la realidad política subyacente sobre la cual deberían aplicarse esos regímenes (en la línea de la descripción de Ruggie del concepto de embedded liberalism) explica la diferenciación en los resultados. Explica que el régimen internacional de comercio reveló caracteres de mayor flexibilidad que le permitieron ajustarse a la realidad política subyacente lo que llevó a su sobrevivencia. La falta de ese elemento de adaptabilidad explicaría igualmente el temprano deceso del esquema original de Bretton Woods.Pontificia Universidad Católica del Perú2023-11-14info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttp://revistas.pucp.edu.pe/index.php/agendainternacional/article/view/27682Agenda Internacional; Vol. 30 Núm. 41 (2023); 48-572311-57181027-6750reponame:Revistas - Pontificia Universidad Católica del Perúinstname:Pontificia Universidad Católica del Perúinstacron:PUCPenghttp://revistas.pucp.edu.pe/index.php/agendainternacional/article/view/27682/25749info:eu-repo/semantics/openAccessoai:ojs.pkp.sfu.ca:article/276822024-06-28T17:30:24Z
dc.title.none.fl_str_mv Was the post-war international trade order bound to succeed while the Bretton Woods monetary order established in 1944 was doomed to fail?
¿Estuvo el orden del comercio internacional de la posguerra dirigido al éxito mientras que el orden monetario de Bretton Woods establecido en 1944 estaba signado por el fracaso?
title Was the post-war international trade order bound to succeed while the Bretton Woods monetary order established in 1944 was doomed to fail?
spellingShingle Was the post-war international trade order bound to succeed while the Bretton Woods monetary order established in 1944 was doomed to fail?
de Urioste, Ricardo
International trade regime
International monetary regime
GATT
WTO
IMF
Bretton Woods
Embedded liberalism
Foreign trade policy
International monetary policy
Institutional flexibility
Régimen del comercio internacional
Régimen monetario internacional
GATT
OMC
FMI
Bretton Woods
Embedded liberalism
Política de comercio internacional
Política monetaria internacional
Flexibilidad institucional
title_short Was the post-war international trade order bound to succeed while the Bretton Woods monetary order established in 1944 was doomed to fail?
title_full Was the post-war international trade order bound to succeed while the Bretton Woods monetary order established in 1944 was doomed to fail?
title_fullStr Was the post-war international trade order bound to succeed while the Bretton Woods monetary order established in 1944 was doomed to fail?
title_full_unstemmed Was the post-war international trade order bound to succeed while the Bretton Woods monetary order established in 1944 was doomed to fail?
title_sort Was the post-war international trade order bound to succeed while the Bretton Woods monetary order established in 1944 was doomed to fail?
dc.creator.none.fl_str_mv de Urioste, Ricardo
author de Urioste, Ricardo
author_facet de Urioste, Ricardo
author_role author
dc.subject.none.fl_str_mv International trade regime
International monetary regime
GATT
WTO
IMF
Bretton Woods
Embedded liberalism
Foreign trade policy
International monetary policy
Institutional flexibility
Régimen del comercio internacional
Régimen monetario internacional
GATT
OMC
FMI
Bretton Woods
Embedded liberalism
Política de comercio internacional
Política monetaria internacional
Flexibilidad institucional
topic International trade regime
International monetary regime
GATT
WTO
IMF
Bretton Woods
Embedded liberalism
Foreign trade policy
International monetary policy
Institutional flexibility
Régimen del comercio internacional
Régimen monetario internacional
GATT
OMC
FMI
Bretton Woods
Embedded liberalism
Política de comercio internacional
Política monetaria internacional
Flexibilidad institucional
description This paper explores the reasons embedded in the original architecture of both the international trade and monetary regimes that determined different outcomes for both. It proposes that the original version of the Bretton Woods monetary regime showed faster its essential failures and basically had to be replaced as early as 1971, while the trade regime embodied in the GATT and later in the WTO managed to at least survive until present day. It posits that correspondence (or the lack of it) of the basic characteristics of the said regimes with the underlying political reality where the regimes would apply (in line with Ruggie´s depiction of «embedded liberalism») accounts for the differentiated outcomes. It explains that the international trade regime showed more flexible traits that allowed it to adjust to the underlying political and led to its survival. The lack of that adaptability element would likewise explain the early demise of the original Bretton woods scheme.
publishDate 2023
dc.date.none.fl_str_mv 2023-11-14
dc.type.none.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.none.fl_str_mv http://revistas.pucp.edu.pe/index.php/agendainternacional/article/view/27682
url http://revistas.pucp.edu.pe/index.php/agendainternacional/article/view/27682
dc.language.none.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv http://revistas.pucp.edu.pe/index.php/agendainternacional/article/view/27682/25749
dc.rights.none.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Pontificia Universidad Católica del Perú
publisher.none.fl_str_mv Pontificia Universidad Católica del Perú
dc.source.none.fl_str_mv Agenda Internacional; Vol. 30 Núm. 41 (2023); 48-57
2311-5718
1027-6750
reponame:Revistas - Pontificia Universidad Católica del Perú
instname:Pontificia Universidad Católica del Perú
instacron:PUCP
instname_str Pontificia Universidad Católica del Perú
instacron_str PUCP
institution PUCP
reponame_str Revistas - Pontificia Universidad Católica del Perú
collection Revistas - Pontificia Universidad Católica del Perú
repository.name.fl_str_mv
repository.mail.fl_str_mv
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score 13.887938
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