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OPEN States in the Global Economy offers an outside-in framework for analysing the way in which national economic sovereignty is affected by globalization. In response to the largely closed-economy assumptions of most cross-national work on economic policy-making, this framework interprets small-state behaviour in terms of price- and/or policy-taking: small open states are always adjusting to changing international conditions. In short, economic policy choices are understood in terms of both international and domestic pressures. This new framework is then applied to a detailed case study of Norwegian economic policy-making. The Norwegian case is particularly well suited for the task, as it represents a best-case scenario for those who believe that politics still matters in an increasingly global economic context. In contrast to the assumptions of most cross-national studies, however, Norwegian full employment was not secured with an actively or consistently Keynesian policy mix. Rather, Norwegian policy mixes changed frequently in response to external developments.
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OPEN States in the Global Economy The Political Economy of Small-State Macroeconomic Management Jonathon W. Moses OPEN States in the Global Economy Also by Jonathon W. Moses EUROPEANIZATION AND THE END OF SCANDINAVIAN SOCIAL DEMOCRACY? (editor with Robert Geyer and Christine Ingebritsen) OPEN States in the Global Economy The Political Economy of Small-State Macroeconomic Management Jonathon W. Moses Associate Professor Department of Sociology and Political Science University of Trondheim Norway First published in Great Britain 2000 by MACMILLAN PRESS LTD Houndmills, Basingstoke, Hampshire RG21 6XS and London Companies and representatives throughout the world A catalogue record for this book is available from the British Library. ISBN 0–333–77551–1 First published in the United States of America 2000 by ST. MARTIN’S PRESS, INC., Scholarly and Reference Division, 175 Fifth Avenue, New York, N.Y. 10010 ISBN 0–312–23106–7 Library of Congress Cataloging-in-Publication Data Moses, Jonathon Wayne, 1962– OPEN states in the global economy : the political economy of small-state macroeconomic management / Jonathon W. Moses p. cm. Includes bibliographical references and index. ISBN 0–312–23106–7 (cloth) 1. International economic relations. 2. Norway—Commercial policy. 3. Norway—Economic policy. I. Title. HF1359 .M675 2000 338.9481—dc21 99–053014 © Jonathon W. Moses 2000 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No paragraph of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, 90 Tottenham Court Road, London W1P 0LP. Any person who does any unauthorised act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The author has asserted his right to be identified as the author of this work in accordance with the Copyright, Designs and Patents Act 1988. This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. 10 09 9 08 8 07 7 06 6 05 5 04 4 03 3 02 2 01 Printed and bound in Great Britain by Antony Rowe Ltd, Chippenham, Wiltshire 1 00 To dad, who reminds us: if you’re going to do something, do it right. This page intentionally left blank Contents List of Tables x List of Figures xi Preface xii List of Acronyms xv List of Translations <