“Monetary affairs have been a stronghold of national sovereignty, and international law is poorly developed in this field, which has been characterized by informal coordination. This article explores the theoretical underpinnings of monetary competition and the potential role of international law in framing such competition beyond institutional arrangements. We argue that, so far, the most important contribution of international law to financial stability has been made by an open and rule-based trading system of the World Trade Organization and the legal protection of investment. As to monetary cooperation, different models are discussed, ranging from harmonization and formal cooperation to predominantly informal, asymmetrical arrangements. While affirming the need for monopoly powers in the field, we argue that international monetary competition is the main tool in preventing and remedying the risks of abuse of monopoly powers inherent to national currencies. It should be framed accordingly within a system of multilayered governance. The article asks what can be learned from principles of competition and trade policies. It argues that principles of non-discrimination, in particular, national treatment and conditional most-favored nation, offer an important starting point in achieving a rule-based regulatory framework for stable monetary competition.” Read more.
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The Effects of Immigration on Labor Markets
Setting aside the impact of immigration on American culture, politics, taxes and spending, this AIER explainer looks at the economics of immigration, both legal and illegal.
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Dedollarization: Causes, Constraints, and Consequences
This paper traces the historical ascent of the dollar, explains the institutional foundations of its current supremacy, and surveys the growing landscape of dedollarization initiatives.
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Economist and Revolutionary – Adam Smith and 1776
Samuel Gregg examines Adam Smith’s analysis of the economic drivers behind the American Revolution. He highlights Smith’s revolutionary solutions for resolving the conflict and concludes by applying these enduring insights to contemporary global issues.
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Permission to Earn a Living: History, Economics, and the Ethics of Occupational Licensing
Where occupational licensing exceeds genuine public safety needs, it substitutes centralized judgment and political privilege for the preferences of consumers and workers.
