chapter  IX
9 Pages

Constraints on Economic Sovereignty

An obvious feature of the present international economic system is that it severely circumscribes the freedom of action of its constituent States; the economic sovereignty of individual States is very far from absolute, and this is particularly true for those Western industrial nations that form the core of the international economy. One aim of the present essay is to offer an explanation ofwhy nations have accepted these considerable constraints; such an explanation would seem an essential prerequisite of any attempt to assess the desirability of these constraints and the possibility of easing them, which are subjects taken up later in the chapter.