951. Monetary Power and Political Autonomy: Exchange Rate Policymaking in Follower States
- Author:
- Louis W. Pauly
- Publication Date:
- 03-2005
- Content Type:
- Working Paper
- Institution:
- Institute on Globalization and the Human Condition, McMaster University
- Abstract:
- Common sense suggests that successful leaders need willing followers. Coercion can sometimes be effective, but even the most inexperienced parent soon learns the lesson that results achieved through unforced acquiescence tend to be better and more enduring than those achieved through the application of brute force. Political theorists typically focus on the concept of legitimacy when they evoke the quality that transforms raw power into something more acceptable to its target. Clearly implicated by that concept is another one, even more difficult to measure: respect for the ultimate autonomy of the target. In an era of rapid global transformation, when the exercise of great power is readily observable, research nevertheless proliferates on the meaning and nature of independence, of sovereignty, and of political autonomy (for an overview see Grande and Pauly 2005).
- Topic:
- Economics, Foreign Exchange, and Globalization