Exchange-rate regime choices carried huge consequences for democratic governance
Evidence
Far from being a merely technical discussion relevant only to experts and bankers, the choice about fixed or floating exchange rates had huge consequences for both democratic governance and the volatility of the global capitalist system. — Dieter Plehwe, Quinn Slobodian & Philip Mirowski (eds.), Nine Lives of Neoliberalism, 41
Categorization
- XREF: Ties to the broader austerity/policy literature on capital mobility constraining democratic fiscal space (e.g., the ‘trilemma’ of open capital). — connects to: A fixed exchange rate regime forces member countries to resort to internal devaluation — Fanny Pigeaud_ Ndongo Samba Sylla, Africa’s Last Colonial Currency, 125; Rising democratic power forced the gold standard into terminal crisis — Dieter Plehwe, Quinn Slobodian & Philip Mirowski (eds.), Nine Lives of Neoliberalism, 415; The gold standard shielded monetary policy from democratic politics — Clara E. Mattei, The Capital Order: How Economists…, 998 (+1 more)
Broader Connections
- Fixed exchange rates force austerity when competitiveness declines
#expands(0.85) - A fixed exchange rate regime forces member countries to resort to internal devaluation
#expands(0.80) — Fanny Pigeaud_ Ndongo Samba Sylla, Africa’s Last Colonial Currency, 125 - The gold standard shielded monetary policy from democratic politics
#expands(0.80) — Clara E. Mattei, The Capital Order, 998 - Rising democratic power forced the gold standard into terminal crisis
#expands(0.75) — Dieter Plehwe, Quinn Slobodian & Philip Mirowski (eds.), Nine Lives of Neoliberalism, 415