Comment on David T. Llewellyn 'International Monetary System Since 1972: Structural Change and Financial Innovation': pp. 14-47
Strange, Susan. “Comment [on David T. Llewellyn ‘International Monetary System Since 1972: Structural Change and Financial Innovation’: pp. 14-47].” In Problems of International Money, 1972-85, edited by Michael Posner, 44-45. Washington D.C: IMF/London: ODI, 1986.
Identifying herself as a ‘political realist’, Strange stresses the need to accord sufficient weight to the ‘realities’ of power and the profit motive when examining the interaction of authority and markets in the international financial system. Thus while Llewellyn’s paper is well received, he is too polite about the problems policy makers and economic ‘experts’ have been unable to solve.
Keywords: Authority; Markets; Money and Finance; Theory; Realism