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Bounded Rationality and Economic Diplomacy: The Politics of by Lauge N. Skovgaard Poulsen

By Lauge N. Skovgaard Poulsen

sleek funding treaties provide inner most arbitrators strength to figure out no matter if governments should still pay reimbursement to international traders for a variety of sovereign acts. in recent times, quite constructing nations have incurred major liabilities from funding treaty arbitration, which begs the query why they signed the treaties within the first position. via a accomplished and well timed research, this publication indicates that governments in constructing nations quite often over priced the commercial advantages of funding treaties and virtually neglected their hazards. Rooted in insights on bounded rationality from behavioural psychology and economics, the research highlights how policy-makers usually depended on inferential shortcuts whilst assessing the results of the treaties, which led to systematic deviations from totally rational behaviour. This not just sheds new gentle on essentially the most debatable criminal regimes underwriting monetary globalization but in addition offers a unique theoretical account of the usually irrational, but predictable, nature of monetary diplomacy.

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