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WWI: Global Shock and Institution Building
- WWI disrupted the first wave of globalization, halting free trade and suspending the gold standard.
- However, it also led to new intergovernmental institutions for coordinating economic activity among Allies.
League of Nations' Economic Role
- The League of Nations pioneered peacetime economic governance efforts like data collection, harmonizing regulations, and financial oversight.
- It struggled politically with trade liberalization but successfully applied austerity-conditioned bailout loans to weaker states.
Selective Sovereignty in Practice
- International economic meddling was predominantly applied to weaker or defeated states, not powerful nations.
- Legal norms held that sovereign equality in practice was a myth; some states were inherently more sovereign.