This article uses the global value chain approach to analyse the upgrading trajectories of leading apparel exporters adapting to the end of textile and apparel quotas and the economic recession. These events have been coupled by the consolidation and reconfiguration of global supply chains....

This paper demonstrates that the current economic crisis has its roots in the evolution of the global economy during the 1960s. The gradual increase of US debt from the 1960s accompanied by the deficit in the US trade balance due to international competition from EU, Japan, and later from China...

European monetary history prior to 1950 presents many attempts at international monetary coordination, but none were as bold and as far reaching as the European Monetary Union envisioned in the Delors Report of 1989 and enacted through the 1991 Treaty on the European Union in Maastricht. This...

Building on the view that financial systems from contract and trading structures through regulation are artifacts of law and politics, this paper analyzes the fundamental reasons for the observed hierarchy in all financial systems. Why are financial systems hierarchical? The answer offered here...

Contribution to the panel session at the Hoover Institution conference on “Frameworks for Monetary Policy for the Next Century,” May 30, 2014.