Getting to the Future: The Politicoeconomic Process
The year 1997 was pivotal in the political and economic evolution of the post-cold war international system. Politically, the central role of the United States was demonstrated. The limits o f U.S. leadership were shown in diverse events. One was the reaction to great stock market fluctuations in Asia (and the traumas that a number o f Asian econo mies experienced). Another was the brouhaha over inspections o f sus pected weapons sites in Iraq. And yet another was the question o f an international convention banning land mines. Economically, the strength o f the globalizing economy was demonstrated by the expan sion o f membership in APEC and Mercosur and the extension o f a helping hand to several formerly Communist states by the EU. The potentially darker side o f the extension o f market economies globally was demonstrated by the crises in Asian economies. Politics and eco nomics came together in anointing the International Monetary Fund (IMF) as the global “bad cop” to make sure that emerging market economies played by the rules o f the First Tier.