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1930s AD - Decade
American Journal of Economics and Sociology, The, July, 1993 by Rodney J. Morrison
37. Michelle Fratianni and John Pattison, "The Economics of International Organizations," Kyklos 35. 2 (1982): 256; Mancur Olson and Richard Zeckhauser, "An Economic Theory of Alliances," Review of Economics and Statistics 48. 3 (1966): 268.
38. Moore, World Conference, 247. There was a precedent for international enforcement of such agreements. See Einzig, Triangle, 9, on how the League of Nations was involved in Germany after World War I. The fecklessness of the London Conference in this regard is best illustrated by a proposal suggesting that calling a committee meeting be the means to "ensure" that all interests in a coal agreement be "safeguarded." See League of Nations, Reports Approved by the Conference on 27 July 1933, Official Number C.245.M220 II Appendix 1 (Geneva: League of Nations, 1933).
39. John Conybeare, "Public Goods, Prisoners' Dilemmas, and the International Economy," International Studies Quarterly 28. 1 (1984): 7; Beth Yarbrough and Robert Yarbrough, "Free Trade, Hegemony, and the Theory of Agency, Kyklos 38. 3 (1985): 350-3; Armen Alchian and Harold Demsetz, "Production, Information Costs, and Economic Organization," American Economic Review 62. 5 (1972): 777-80; Fratianni and Pattison, "International Organizations," 246, 252.
40. Leadership surplus is a very comforting term, but in 1933, at the nadir of the Great Depression, the amorphous benefits of being the world's leader, bearing the costs of providing stability for an international community rife with free riders, probably did not appear all that attractive to the president of a country suffering unemployment rates approaching twenty-five percent. For a discussion of the hegemon's reward, see Stephen Krasner, "The Tokyo Round: Particularistic Interests and Prospects for Stability in the Global Trading System," International Studies Quarterly 23. 4 (1979): 493 and "State Power and the Structure of International Trade," World Politics 28. 3 (1976): 254; Kindleberger, "Dominance," 242; Fratianni and Pattison, "International Organization," 254; and Yarbrough and Yarbrough, "Free Trade," 349.
41. While trade may be subject to the exclusion principle, the same cannot be said of a monetary regime. In this respect, Roosevelt's rejection of Conference currency proposals was a blow to potential free riders. See Yarbrough and Yarbrough, "Free Trade," 352.
42. Conybeare, "Public Goods," 7; Beth Yarbrough and Robert Yarbrough, "Reciprocity, Bilateralism, and Economic 'Hostages:' Self-enforcing Agreements in International Trade," International Studies Quarterly 30. 1 (1986): 8.
43. Contrast this with Bretton Woods, where cooperation (and the unrivaled power of the United States) put in place a new international monetary system and a liberal trading regime.
44. Yarbrough and Yarbrough, "Free Trade," 350-3; Alchian and Demsetz, "Production," 777-80; Fratianni and Pattison, "International Organization," 246, 252.
45. Foremost among these costs was the constraint the role of hegemon would have placed on Roosevelt's ability to conduct an independent domestic monetary policy.
