Journal Article
The Thailand-US Alliance after the Asian Financial Crisis: The Security Implications of International Economic Policy (2019.11)
- Author : Iordanka Alexandrova
- Journal : The Southeast Asian Review
- Publisher : Korean Association of Southeast Asian Studies
- Volume : 29(4)
- Publication Date : June, 2019
- Abstract : This article explains Thailand’s reduced commitment to the security alliance with the United States (US) in the aftermath of the Asian financial crisis of 1997-98. It argues that the economic pressure Washington applied against Bangkok was the primary cause of the change in Thailand’s policy. In the aftermath of the crisis, the US pushed for economic restructuring in Thailand, which hurt the interests of elite groups in the financial and corporate sectors, and the labor they employed. Fearing future losses, these social actors demanded that the leadership defend their interests against further foreign interference in the domestic economy. Thailand’s bargaining power vis-à-vis the US, however, remained relatively weak due to its excessive reliance for security on the great power ally. To regain policy autonomy, the governments of Chuan Leekpai and Thaksin Shinawatra attempted to minimize security dependency by reducing alliance commitment and investing in alternative strategies to improve Thailand’s own defensive capabilities.
Why, When, and How the US Dollar Was Established as World Money (2019.10)
- Author : Kyuteg Lim
- Journal : Peace Studies
- Publisher : Korea University Peace and Democracy Institute
- Volume : Vol.27 No.2
- Date : 2019. 10
Abstract : In the International Political Economy literature, it has been argued that either the strength of US national economy, US political power, or institutional developments determined the universal acceptance of the US dollar during the Bretton Woods era. These explanations do not appreciate the role of the US dollar outside the sphere of market exchange and the system of inter-states. Drawing on insights from the heterodox tradition of monetary thought, this paper argues that European states played a decisive role in developing the US dollar as world money in two ways. As European states used the US dollar as abstract measure of value for rebuilding their war-torn economies and issuing various debts, these European practices led to the institutionalization of the US dollar as world measure of value at the end of the Bretton Woods system. Furthermore, as European states began to place US dollar reserves in the Eurodollar market from the early 1960s, the dynamic of the Eurodollar market developed the US dollar as cross-border credit and debt relations in the early 1970s. In particular, US Treasury debts became ‘risk’-free assets crucial to financial globalization processes