Chansoo Cho: Visiting Scholar, University of Waterloo; Associate Professor, Kangnam University, South Korea
Reembedded Liberalism and U.S. Foreign Economic Policy Change
Introduced by Ruggie in 1982, the notion of embedded liberalism well captured the linkage of international economic openness and “domestic social security and economic stability.”
The heuristic value of the term is contested when considering the symptoms of disembedded liberalism, which can be attributed to various factors such as declining United States economic hegemony, oil crises, and the weakening faith in Keynesianism as a policy idea. Rather than rushing to a simplistic conclusion in favour of either change or continuity of the postwar settlement, I seek to provide a more nuanced account of what kind of domestic political and institutional factors were behind reembedded liberalism by looking at the case of the United States.
Reembedded liberalism, like its predecessor, embedded liberalism, denotes a set of domestic institutional arrangements for making possible the linkage of economic openness and domestic stability but at the same time reflected industrial and political changes that occurred during the 1960s and 1970s.
Particularly I focus on the Nixon administration for two reasons. First, during the Nixon presidency, the United States experienced significant changes in its economic hegemony, and as a result engaged in policy reformulation. Second, political realignment during the Nixon presidency laid the foundation for a much weakened form of reembedded liberalism which appeared during the 1980s. In other words, the Nixon years exemplify the subtlety of alterations in the postwar economic order.
This talk is based on a paper published under the same title in Korean Journal of Political Science [Daehanjeongchihakhoebo] 19, 3 (February 2012): 277-300.
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