“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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Nuclear Power: A Free Market Approach
Nuclear energy is a source of clean, dependable power. It is the only carbon-free energy source that can reliably deliver power day and night on a large scale. But its potential will remain strangled by political constraints until we recognize that the path to a sustainable, competitive, and safe nuclear future runs straight through the…
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The Gold Standard, Explained
This explainer will outline what the gold standard was, how it operated, the benefits and criticisms surrounding it, and how its rise and eventual collapse shaped the global monetary system.
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Look West, America
The American Institute for Economic Research educates people on the value of personal freedom, free enterprise, property rights, limited government, and sound money. AIER’s ongoing scientific research demonstrates the importance of these principles in advancing peace, prosperity, and human progress.
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Understanding Medicaid
This explainer will outline how Medicaid functions, the program’s costs, its influence on healthcare in the United States, and how the proposed policy changes in 2025 could reshape the program.
