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Bretton Woods 1.0: A Constructive Retrieval For Sustainable Finance, Robert Hockett
Bretton Woods 1.0: A Constructive Retrieval For Sustainable Finance, Robert Hockett
Robert C. Hockett
Global trade imbalance and domestic financial fragility are intimately related. When a nation runs persistently massive current account deficits to maintain global liquidity as has the United States now for decades, its central bank effectively relinquishes exchange rate flexibility to become a de facto central bank to the world. That in turn prevents the bank from playing its essential credit-modulatory role at home, at least absent strict capital controls that are difficult to administer and have long been taboo. And this can in turn render credit-fueled asset price bubbles and busts all but impossible to prevent, irrespective of the nation's …
Promise Against Peril: Of Power, Purpose, And Principle In International Law, Robert Hockett
Promise Against Peril: Of Power, Purpose, And Principle In International Law, Robert Hockett
Robert C. Hockett
I take two recent monographs on international law – Mary Ellen O’Connell’s "The Power and Purpose of International Law," and Eric Posner’s "The Perils of Global Legalism," as case studies in a more general inquiry into the role of the "rule of law" ideal in domestic and international law. I argue that international and domestic law alike give varyingly explicit and effective expression to the rule of law ideal, and that the task before us is accordingly steadily to improve their effectiveness in so doing, not to pretend that there is no role for this ideal to play in interpreting …