2020/02/27 by Carla Norrlöf, Paul Poast, Benjamin J. Cohen +5 · 2 citations
Economics, Econometrics and Finance · Business, Management and Accounting · #Global Financial Crisis and Policies #State Capitalism and Financial Governance #Global Financial Regulation and Crises
paper · doi:10.1093/isp/ekaa001
openalex publication_date 2020/02/27 · openalex created_date 2025/10/10 · openalex updated_date 2026/06/11
Abstract The recent “liberal international order” (LIO) debate has been vague about the institutions and issue areas that constitute the order. This is likely driven by competing views of “liberal” and, perhaps more importantly, by security scholars dominating the debate. From the perspective of scholars who explore the elements of the global monetary order (reserve currencies, international financial institutions, and central banks), the picture is different. Where security scholars point to a decline in US influence, scholars of global monetary politics see continued US dominance. Moreover, monetary prominence has been a precondition for the viability of great power projects of order building more generally. This symposium offers such a counter narrative. While the security challenges are real, the crises of the last decade have actually reinforced the centrality of the US dollar and American financial power in the international system.