Elusive stability essays in the history of international finance

Retrieved 1 February Archived from the original on 13 April Namespaces Article Talk. Views Read Edit View history. In other projects Wikiquote. By using this site, you agree to the Terms of Use and Privacy Policy. Eichengreen in University of California, Berkeley. Political economics , economic history. Wikiquote has quotations related to: Barry Eichengreen. This is not revisited. As Rachel Kleinfeld and Robert Muggah note, levels of state-to-state conflict in the world are now at historic lows. But the states are making a loud noise in the meantime.

Take three examples from The strong international reaction to the first two of these events suggests that reports of the death of multilateral diplomacy may be a little exaggerated. Two distinguished diplomats and latter-day Carnegie men—William Burns, president of the Carnegie Endowment for International Peace, and Bernard Bot, former chairman of the Hague Peace Palace—here make an eloquent case for the necessity of diplomacy.

Diplomacy needs smart individuals ready to be more innovative than ever before. It also needs strong international institutions. As Bernard Bot points out, the successful implementation of a peace agreement requires the long-term planning and commitment that only a sophisticated international body can provide.

The second broad trend is more contemporary. In other countries, a more robust state creates similar outcomes as a government colludes with or subcontracts enforcement to abusive actors, engendering systematic violence.

The destructive power of nonstate actors is enhanced by a third trend, that of the growing sophistication and democratization of technology. A laptop and a smartphone are becoming the great equalizers of the world. They give some global citizens opportunities that were unthinkable a generation ago. Cyberwarfare presents the most disturbing manifestation of this trend. In their ground-breaking essay, George Perkovich and Wyatt Hoffman describe this new phenomenon and what peacemaking might constitute if it is to be halted.

Perkovich and Hoffman warn against hyperbole about cyberwarfare: after all, no one has yet died from it.

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This is conflict without violence a mirror image of a phenomenon that Kleinfeld and Muggah describe, one of violence without conflict , but its worst may be yet to come. And where cyber begins, other forms of warfare, in which humans rely on intelligent technology, are bound to follow. Kennedy Presidential Library and Museum, Boston. Global problems require complex solutions.


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The current growing global disorder in its many forms makes the case for a reimagined international peace project, albeit a very different one from that of a century ago. In June , then president John F. Kennedy attempted to flesh out the same idea in a famous speech at American University in Washington, DC. Reaching out to the Soviet Union with an invitation to de-escalate the nuclear arms race, Kennedy asked rhetorically,.

What kind of peace do I mean? What kind of peace do we seek? Not the peace of the grave or the security of the slave. I am talking about genuine peace, the kind of peace that makes life on earth worth living, the kind that enables men and nations to grow and to hope and build a better life for their children—not merely peace for Americans but peace for all men and women—not merely peace in our time but peace for all time.

A new set of rules would require first of all stronger endorsement of institutions of international law than many of the powerful nations of the world—the United States, China, and Russia—have thus far been willing to give. Andrew Carnegie, a passionate believer in international justice as the panacea for world conflict, would have followed the modern chapters of this story with great interest.

In some respects, he would feel vindicated.

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After all, the Hague Peace Palace he endowed is still home to two international courts that do indeed provide arbitration on highly contentious global disputes. As is told here, the Permanent Court of Arbitration gave a judgment in that broke the deadlock in the dispute over the demarcation of the boundary of the Sudanese province of Abyei. This is the reverse side of the coin of the malign nonstate actors described above. This global civil society is a good place to start looking for drivers for peace, rather than agents of conflict.

Here Brendan McAllister, a veteran of the Northern Ireland peace process, a success story largely driven from below, makes a timely warning. If there is not continual reaching out, an instinct of inclusivity, peace processes can go only so far. The chemistry of a peace process is as important as the physics. This returns to the lessons of a century ago.

A civic movement advocating a broader kind of peace will only achieve so much if it does not reach out to marginalized groups across the world outside Europe and North America.

Liberal internationalism is hollow without an accompanying commitment to tackle global economic inequality. The flawed peace of lives on as a warning of opportunities missed and the idea of international peace devalued. Follow the conversation— Sign up to receive email updates when comments are posted to this article.

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Can peace exist in concert with "Peace through Strength" economics, including a required blueprint for a secure state to protect that economy? Or - What does a Peace Economy look like? Carnegie Europe. Sign up for Carnegie Email. Experts Publications Events.

Elusive Stability: Essays In The History Of International Finance, | Foreign Affairs

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