Maredoratic Trade War

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The Maredoratic Trade War was a period of protectionism, autarky, and high inflation following the Great War to the 1980s. Academics nicknamed the period the "Maredoratic Trade War" for its high levels of tariffs, emphasis on a positive balance of trade, and the subsidization of domestic industry. The period marked a transition away from laissez-faire economics towards greater state intervention in the economy. Social and political changes brought about by the war lead to the adoption of state capitalism and the creation of the welfare state. Meanwhile, global empires such as Morieux and Galla adopted neo-mercantilist policies, relying on internal trade with their colonies. Imperial preference in the 1920s and 1930s gave rise to the Maredoratic League International Bank (MLIB) and the creation of a new international financial system. Gradually, this system broke down in the 1970s, leading to a revival of free market policies such as free exchange rates, free movement of capital, and free trade.

Critiques of the Maredoratic Trade War are often advanced by neoclassical economists and free market politicians. Proponents of globalization point to increases in global growth since the Luxembourg Protocol on tariffs and quotas. Critics of globalization, noting the rise in inequality, support the interventionist policies of the Maredoratic Trade War.

Etymology

The concept of a pan-Maredoratic trade war was first mentioned in Pollonan economist J. A. Havel's 1929 treatise, On Liberalism. Havel believed that wartime economic controls, which continued after the war, were threatening to erode civil freedoms. Havel attacked governments for trying to control international markets by fighting a "war against foreign imports" which he claimed was a "war against logic." Unless a revived liberalism ended state capitalism, he believed more nations would become autocracies. Socialism would, in Havel's view, result in a prolonged period of economic stagnation, or spark another world war. Largely dismissed in its initial publication, by the 80s academic circles rehabilitated Havel's work.

Economists of the Historical school dispute the characterization of the period as a "trade war," contending that reduced output came from the reduced demand caused by war deaths and consumptive use of capital, reverting Alisna to an older stage of economic development. Marxist and developmental economists contend that tariff rates dropped after the war but growth did not return to pre-war levels; Developmentalists blame large standing armies as a drain on capital, while Marxists claimed that developed Maredoratic economies reached late stage capitalism.

Course of the Maredoratic Trade War

The conventional historiography of the Maredoratic Trade War divides the period into three phases. There was an "early phase" characterized by the Great War, the imposition and extension of war socialism, and the return of mercantilism in terms of imperial preference schemes. Then, a "transitional phase" through the Great Stagnation until the establishment of the Maredoratic League, and a "late phase" coinciding with decolonization in the Global South and the height of social democracy in Alisna.

The Great War

In the 50 years before the Great War, free trade and freedom of movement prevailed in Alisna. The Second Industrial Revolution increased industrial output in countries like Questers and Varnia. Economic anxiety and growing rivalries between the Great Powers marked a shift in government policy towards autarky. By 1908 the initial belligerents (Questers, Moravia, Morieux, Guurdalai) had already raised trade barriers against one another to protect sensitive 'war industries' (coal, steel, textiles, agriculture) from a foreign takeover. At the same time, Economic schools in Alisna began increasingly moving away from free trade orthodoxy, promoting protectionism under the guise of nationalism and "self reliance." Elsewhere, the Alisnan treaty systems in Alqosia and Wilassia heavily penalized the Guurkhun and Prekovi economies. The outbreak of the Great War saw a slews of new tariffs enacted across Maredoratica. Average tariff rates in Morieux jumped from 7% in December 1913 to 25% in June 1914, peaking at 68% in September 1918. The typical Alisnan country raised rates by a factor of 10; import quotas, which had all but disappeared in the 1840s, reemerged in the War. Foreign trade was sidelined for domestic production, while resource-rich colonies like Rochehaut and Galkayo increased in importance for their mother countries during the war. The demands of industrial warfare also led to the nationalization of industry on a wide scale, something entirely new in government policy and economics. This wave of nationalizations brought together governments, industrialists, and trade unions across countries for the first time. This coordination facilitated better working conditions and increasing state involvement in industrial disputes. Now, centralized planning directed all wartime production.

During the Great War many governments, for the first time, imposed rationing. Moravia began food rationing in December 1914, with Questers following suit the next month. By the end of the war certain countries like Varnia had all but outlawed the private purchase of foodstuffs. Wage and price controls, though enacted in countries like Moravia, were not as widely adopted. Rationing and controls extended to basic consumer goods such as paper, clothes, household appliances, electricity, gasoline, coal, sweets and a whole manner of other items. In 1917 the government of Styria even rationed toothpaste and silverware. Citizens increasingly turned to the black market, where they faced much higher prices.

International trade as a share of Maredoratic GDP fell by 40% between 1914 and 1924, caused by a variety of factors. Capital controls enacted during the war made most international investments unprofitable. Submarine warfare on both sides devastated merchant fleets: an estimated fifteen million tonnes of shipping were sunk between 1914 and 1920. Some nations, such as Berry, lost over 75% of their private merchant vessels). When peace returned in 1920, international trade failed to recover. Several states completely collapsed; those that did (such as the Moravian Empire) left behind mutually hostile successor states or unstable successor regimes (in the case of Guurdalai and Boaga), depressing foreign trade.

The gold standard was completely suspended during the Great War, causing long run instability in the international monetary system. The converting currencies was effectively prohibited, in some countries it became a crime. Government's across Maredoratica raised taxes, issued bonds, and printed money to pay for the war effort. As a result, all the combatant nations featured several periods of high, double-digit inflation. In Sondstead prices doubled between 1916 and 1920, over the same period in Morieux prices tripled, in Prekonate they quadrupled, and in Guurdalai prices rose by a factor of 10. Rationing and price controls shielded some of the costs, but shortages remained common.

After the war, all governments wanted to return to the gold standard, but could do so in different ways. The haphazard realignment to gold proved catastrophic in most countries. Defeated League members agreed to pay large indemnities to Coalition countries, which were unsustainable. Short of hard currency to pay of war debts, most League countries opted to print money. Alisna had three severe hyper-inflationary periods between 1920 and 1925, all in former League countries. Coalition countries fared no better. Moreiux and Jungastia opted to return to their prewar gold parities, assuming they could force prices back down to pre-war levels. This resulted in crippling deflation and economic depressions in these countries, which lasted throughout the 1920s. Countries which incorporated the wartime inflation into their new post-war gold pegs, like Van Luxemburg, were able to recover more quickly at the cost of volatile capital flows.

The Post War Period

In 1920 the Varnian economist Jan Martin Karlsen published Aftermath: The Economic Realities of the Peace, as a guide to post-war economic policy. Karlsen believed that the suspension of capitalism during the war spurred government innovations in central planning which would aid post-war governments in directing industrial production. Scientific planning could correct

The damage dealt to the Alisnan open market by the war created conditions ripe for statist intervention. On one front, rationing, government involvement eased. Food rationing was completely abolished in most countries by 1926, and for consumer goods shortly after. However, most of Maredoratica followed Karlsen's predictions by adopting some mix of state capitalism. All combatants spent huge sums of money to rebuild damaged infrastructure in state-sponsored projects. Nations amalgamated their private railroads into larger national companies, as in Styria, to reduce alleged pre-war inefficiency. Heavy industries were denationalized but not privatized; instead, their production and investment were coordinated by state-backed cartels. Various national agencies, such as the Morivaine Commissariat général du Plan, began experimenting with indicative planning: using taxes, subsidies, and regulation to direct economic growth. Such experimentation had mixed results in the early 20s and 30s, and were not wholly "successful" until the the later phase of the Maredoratic Trade War. The Great War led to government labor policies accommodating unions as agents through which to coordinate and rationalize the labor market.

State welfare measures, widely discussed before the war, gained traction in the 1920s. Sondstead's immediate post-war governments enacted a series of social security programs which became a model for other nations, implementing insurance schemes for the unemployed, disabled, and elderly. Investments in education and healthcare saw a marked increase. Large advances were made in the field of social housing, a completely new field in the 1920s. Pollona, faced with homelessness crises after the revolution, embarked on a massive, state-financed home building program. A similar program in Morieux: Homes for Heroes built housing for returning war veterans. Before the war, social expenditures averaged less than 5% of GDP in most countries, between 1920 and 1940 it doubled to 10%.

Only in the subject of agriculture, facing depressed agricultural prices, was there marked divergence in public policy. The scale of government response typically depended on the size of a country's agricultural sector. Domestic interventionist policies included price supports, crop insurance, and farm loans. Other governments opted to raise agricultural tariffs and implement strict import quotas on foreign produce. Still, other countries simply did nothing, benefiting domestic consumers. The wide range of policy responses directly lead to extremely volatile world food prices, encouraging unrest (particularly in the Global South).

Overall tariff rates were reduced from Great War levels, but did not reach the lower levels typical before the War. For debtor nations, protectionist policies increased government revenues and gave them the foreign exchange reserves necessary to pay off war debts. In the 1920s protectionism was seen as a cure for high unemployment. In the same period "imperial preference" entered common parlance, a policy associated with Morieux in the 1920s. Morieux instituted a system of free trade with her colonies, protected by high-tariffs on foreign producers. This served a twin purpose of rehabilitating the Morivaine economy and binding her colonies together. Imperial preference became the norm for colonial empires by 1930.

Transition in the 1930s and 40s

The postwar consensus produced a level of macroeconomic stability, provided benefits to the general population of Alisnan countries below cost, and gave states a measure of control over industrial output (without implementing a command economy). In other words the new, systems of state capitalism transitioned smoothly from the total war economies of 1914 - 1920. However this period failed to return economies to pre-war growth levels. From 1900 to 1920, global GDP growth averaged 3%/year, between 1920 and 1940 it averaged only 1%/year. Industrial productivity slowed from pre-war years, and financial investment grew modestly. With protection as the new norm in the industrial world, trade flat-lined. Neoclassical economists blamed these poor economic outcomes on increasing state intervention and a return to autarky. Karlsenians blamed the lack of fiscal or monetary stimulus to boost demand. The emerging Lakewater school faulted the closed monetary and capital systems established in the 1920s, and the lack of consensus on a post-war gold standard. Economists, politicians, and the general public referred to the 20s and 30s as the The Great Stagnation.

Industrialized nations universally agreed the financial system was unstable. Tariff revenues proved insufficient alone in covering additional expenditures, prompting large hikes in direct taxation. Generally, high levels of public spending lead to higher fiscal deficits. High levels of government borrowing (from public works and reparations) strained domestic banking institutions (which supplied most of the funds). Economies based on import substitution were extremely susceptible to changes in world commodity prices, affecting the balance of payments. Persistent trade deficits depleted foreign exchange reserves. Former Coalition powers rejected debt write-offs or bailouts of foreign countries. Worse still, there was minimal cooperation among central banks. Private capital in healthy economies could not penetrate through haphazard trade and investment barriers to correct local imbalances. Still, the global economy stumbled through several years of low growth.

In the late 1930s and early 1940s, events converged which completely destabilized Maredoratica. A handful of nations (most acutely Van Luxemburg), sterilized gold inflows to their central banks, tightening world monetary policy. So much gold was withdrawn that global money circulation fell 5 to 15%. Widespread unrest in countries like Rochehaut, Pollona, Borgosesia, and Guurdalai roughly doubled world commodity prices. This supply shock raised production costs, depressing industrial activity and increasing unemployment. Governments responded to wider trade deficits through general deflation. Central banks found it increasingly difficult to defend currency pegs as their foreign exchange reserves dwindled. Finally, governments with chronic fiscal deficits faced increasingly higher interest rates. In 1935 real interest rates averaged 4.5%, climbing to 11.5% by 1940.

Beginning in 1936, waves of government debt crises hit Maredoratica, where governments defaulted on bond obligations and devalued their currencies (trying to inflate away debts). National banking systems collapsed and several deep, regional recessions followed (increasing unrest). It's estimated approximately 1/4th of all global credit, financial institutions, and money stocks were 'destroyed' in this period. Unemployment reached double digits in most industrialized nations. After Borgosesia completely abandoned the gold standard in 193X, other countries rushed to abandon gold. A series of competitive devaluations ensued, supposedly to stimulate domestic demand and correct balance of payments problems. In practice, with so many nations devaluing their currencies at accelerating rates, this caused economic chaos. Growth continued to fall and inflation spiraled upwards. Central banks exhausted their exchange reserves. Economists predicted an uncontrollable global hyperinflation.

The First Intifada in Morieux, and the Questarian-Varnian War of 1942 precipitated a world wide oil shock. Oil prices had steadily risen since the outbreak of the First Intifada in 1940, but in late 1942 oil prices quadrupled. The oil shock weakened already fragile economies. In the mid 1940s, facing chronic recession and civil unrest, politicians feared a complete collapse of the global economic order.

Bois Breton and the MLIB

The "late phase" of the Maredoratic Trade War traditionally dates back to the newly established Maredoratic League International Bank, created in 1939 to address the declining economic outlook. At its first meeting in Berry, the MLIB assembled central bankers and national finance ministers to stop Maredoratica's currency and trade wars. In 1940 governments agreed to a series of complex accords known as the Opava Round. The Opava Round allowed Maredoratic countries to realign their currencies to new fixed gold pegs but prohibited further devaluations. The accords reduced capital controls, and created a "monetary committee" to help governments temporarily meet debt obligations. The Opava Round automatically expired after 5 years, when the participants promised to reassess conditions.

The Opava Round lead to a temporary detente in the Maredoratic Trade War; average tariff rates declined steadily over the period, and international capital flows doubled. Economists widely agree the greatest achievement was the establishment of new international rules for the gold standard (e.g. prohibiting gold sterilization).

In the early 1940s, an uneasy tension existed between Morieux and Questers on what should replace the Opava Round. Morieux proposed a wholly new financial structure based on a "global unit of account" maintained by the MLIB: a Maredoratic Unit , the Marnit. The Marnit would track international flows of assets and liabilities, without ownership by private individuals. All international trade would be valued and cleared in Marnits by the MLIB. Countries with excess Marnits (from accumulating trade surpluses) and countries with excess Marnit liabilities (from trade deficits) were incentivized to clear their balances into hard currency. In times of severe crisis, the MLIB would allow Marnits to be transferred from one country to another for "rescue packages". As Morieux and Van Luxemburg were the two strongest economies in the League (both with favorable balance of payments), they would have effective control over the international system. Any such "rescue package" would have to be tailored to their national interests.

By contrast, the Questarians favored eliminating tariffs on industrial goods and raw materials, backed by debt write-offs and equalization payments from the MLIB. Countries would pay into an pool of funds, which the MLIB would distribute to "at need" countries annually. These payments could be used to clear public debts or trade imbalances. The policy received support from poorer Alisnan countries and those with chronic fiscal problems. The pro-Questarian block found it difficult to industrialize, facing stiff trade barriers from more developed countries and frozen credit markets. The Questarians argued that a more competitive world market, combined with fiscal transfers, would create "relative economic parities." Of course, Questers herself stood to benefit the most, as the debt write-offs meant Franchophones and Luxemburgers would subsidize high Questarian military spending.

The Questarian-Varnian war in 1942 gave Morieux the leverage to enact a League embargo of Questers in January 1943, and further isolate the pro-Questarian bloc, censuring Boaga in May. The embargo ironically depressed global oil prices, as the Questarians were major importers of petroleum. Questers left the Maredoratic League in protest, removing support for their plan. The Morivaine delegation acted to impose its international currency plan at the upcoming Bois Breton Conference in December 1945. But before the conference began, Prekonate accused the Morivaine government of violating the Opava Round. During the Setif crisis, Morieux had quietly inflated its currency to finance its war effort, without paying creditors in her gold reserves. A Prekovi-led coalition threatened to withdraw from the conference unless Morieux made vast concessions. The MLIB now automatically revalued currencies of nations with large Marnit surpluses or deficits. Excess accumulated Marnits would be taxed, forcing surplus nations to either buy more exports, appreciate its currency, or invest in foreign countries.

All Maredoratic countries signed on to the proposed system, which was now far less favorable to Morieux. Questers, though outside the League, was allowed to become a member of the MLIB. The Bois Breton Agreement underpinned Maredoratica's financial system in for the next 30 years.

Late phase

The Trade War entered a new era with decolonization in the Global South (Alqosia and Wilassia) in the late 1940s. Rochehautese independence marked the decline of empire. The Questarian-Varnian War further discredited imperial preference policies. The Breton system offered an alternative to subsidizing colonies. Morieux, as the chief political and economic power under the Maredoratic League, threw its support behind the decolonization movement. Morivaine politicians believed the scope of MLIB coordination would increase, replacing direct rule with economic "soft power." Alisnan states exited Wilassia by the late 1950s, and in Alqosia in the following decade.

In general, decolonized countries followed import substitution policies to encourage domestic industries, paid by commodity revenues. Tariff and capital policies were subsumed by MLIB rules, which set overall ceilings. While it prevented a return to the strict autarky of the 20s and 30s, the MLIB did not instigate further reductions in tariffs or capital controls. Import quotas of Alisnan emerged as an economic and political tool for newly independent nations to protect themselves from "reconquest". Emphasizing domestic growth became the overriding priority. The MLIB admitted the newly independent countries into the international system on the same terms as industrialized countries. Most loans and aid packages issued by the MLIB (~10 Billion ₠) went to Wilassian and Alqosian nations. After decolonization, the faster economic growth in the Global South increased worldwide GDP growth to 3.5% per year.

In Alisna, fiscal and monetary policy in the 1950s centered on demand management. Karlsenian economics, dominating the intellectual climate, predicted that fine tuning the economy could lead to full employment and low inflation. This form of stop-go economics necessitated governments making regular policy adjustments to control unemployment and inflation (acting in case one reached 'intolerable' levels). The most common policy tools were public spending, interest rates, price controls, tax rates, tariffs, and reserve requirements. Fears of another Great Stagnation made central banks and governments more concerned with avoiding recessions. Before the 1970s, recessions lasted approximately 2 quarters less than similar periods. The economic consensus included the creation of a welfare state, the continued ownership of important domestic industries, and policies of fiscal redistribution to generate economic equality. Gini coefficients, a measure of inequality, averaged .33 across Alisna, the lowest in the 20th century.

The MLIB, meanwhile, established offices in every independent country to fulfill its mandate to clear international transactions. Governments required registration of all international exporters to prevent smuggling and ensure Marnit balances were properly calculated. The MLIB's approved its first financial aid package in 1949 for Galkayo, worth 150 Million ₠. These aid packages came attached with conditions for economic reforms. The MLIB was also tasked with applying the rules of the Boris Breton agreement: if a nation accrued Marnit surpluses or deficits, it could enforce a currency revaluation. In 1952 the MLIB Board of Directors sanctioned Silgadin by devaluing the Thaler 6.5%; the Board, after consulting Silgadin, re-adjusting the Thaler:Marnit exchange rate. However, some re-alignments could be done unilaterally. Under pressure from Van Luxemburg in 1955, the Boagan Busko was re-pegged at 3.76:1 Marnit (an appreciation of 6%).

Morivaine First Citizen Rene Philippe Péret was the first prominent politician to question the MLIB's power to revalue a nation's currency. In 1960 the MLIB proposed devaluing the Ecu by 4.5%. This would increase inflation in Morieux at a time when inflation was already passing 6%. The planned devaluation undermined official government policy right before a general election. In an election speech, Péret accused the MLIB of "economic warfare" and interfering with national sovereignty. Péret lost the election, but criticism of the MLIB increased.

The Maredoratic Trade War raised a fundamental problem for national governments and the MLIB: when economic objectives conflicted, what should take priority? Capital controls, though lauded for financial stability, restricted poorer nations ability to raise investment capital. From the beginnings of decolonization into the 1970s, the investment per capita gap widened between underdeveloped and developed nations. Countries adopting import substitution had persistent budget and trade deficits. Government expenditures in the developing world went to inefficient heavy industries, armaments, or was lost to corruption. In the Boris Breton world, countries with high inflation should enact a contractionary monetary policy, and countries with trade deficits should devalue their currencies (which would, in effect, increase inflation). Import substitution nations with persistent trade deficits commonly had high inflation, contracting Boris Breton. The MLIB found itself consistently intervening in the developing world to stabilize economies.

In the developed world, some macroeconomic tools were increasingly unworkable. Varnia enacted 4 different price control schedules between 1966 and 1971, black market trading caused all 4 schemes to collapse. Unions in Sondstead lead several crippling strikes in the 1970s to protest wage controls. Riots in Borgoesia broke out in 1967 over high food prices. Meanwhile, advancements in financial markets slowly undermined capital controls and the Marnit system, especially with the creation of the EcuFlorin market in 1959. Policymakers in the early 1970s encountered a phenomenon unknown to Karlsenian economics: stagflation. Simultaneous high unemployment and high inflation, spread across Alisna. The combined inflation and unemployment rate in Alisna rose from 7.5% in 1955 to 17.8% in 1970. In Pollona, stagflation lead to years of political instability.

Tariffs and quotas, especially on agricultural products, again entered the foreground in the 1960s and early 1970s. The Association of Independent Countries blamed Alisnan food tariffs for impoverishing Alqosian farmers. The International Labour Organization claimed that artificially high food prices "robbed" Alisnan workers. Consumer groups denounced tariffs on industrial goods for supporting shoddy industries. Free trade groups denounced political favoritism. Protectionist interests (mostly employers and farm workers) fiercely denounced free trade lobbies. Morivaine farmers, protesting a free trade motion, dumped rotten produce in front of the National Convention. The Questarian government jailed free trade activists for allegedly spreading "communist propaganda".

In the 1970s, the Lakewater and Neoclassical economic schools began challenging the consensus of the Maredoratic Trade War. These schools emphasized privatization, higher economic growth, free trade, and economic liberalism. Academics criticized the Marnit and Boris Breton system for slow reactions to economic crises, praising the efficiency of capital mobility and floating exchange rates. In 1971 the Alisnan Economics Association (AEA) was founded, raising the public profile of heterodox economists.

End of the trade war

The Maredoratic Trade War, the Boris Breton agreement, state capitalism, and the system of demand management collapsed in the 1970s. The Marnit, while preventing hyperinflation and a large Alisnan war, slowed down economic growth. The arbitrary nature of MLIB revaluations created uncertainty, as the very act of exchanging through Marnits could provoke the MLIB to change the terms of the exchange. In capital-rich countries like Morieux and Van Luxemburg this led to a a decrease in saving as domestic opportunities for investment dried up. Capital-poor economies such as Pollona or Styria conversely suffered from underinvestment and consequent underdevelopment.

Even before the ATT agreements certain countries had abandoned trade protections. Taihei Tengoku, always on the periphery of the MLIB system, had the least wherewithal to sustain an autarkic system: lacking many key industrial resources or colonial resource bases. A war to capture a resource-rich border region of Ruccola failed, leading to League sanctions on an already fragile Taihei economy. This led to the collapse of the ruling party in 1968. The Taihei government continued official participation in the MLIB, but in practice its industries traded directly with other nations. The Taihei government floated the Tael and abolished capital controls in 1969, undermining the Bois Breton system. Though sanctioned by the League, Taihei Tengoku's unilateral free trade policy attracted international investors. The Heavenly Kingdom's economy grew rapidly after 1968, and Nara became one of the largest ports in Wilassia.

The Pollonan economy suffered heavily in the early 1970s. Known as "the cripple of the continent," MLIB interventions and government controls failed to quell economic instability or public discontent. Waves of strikes and riots brought the nation to a standstill in 1975. This prompted a Liberal-led coalition to experiment with market based reforms. In 1979 Pollona privatized Moravian Airways, the first such release of a major Alisnan state enterprise to the market.

Historians differ on the exact dates, but most agree the Maredoratic Trade War ended around 1977. In 1977 the Morivaine government floated the Ecu, effectively ending the Boris Breton system and abolishing the Marnit. Countries gradually adopted free floating exchange rates as foreign exchange moved from the MLIB to public exchanges and international firms. In 1979 Maredoratic states ratified the first Accord on Tariffs and Trade (ATT) or the Luxembourg Protocol, slashing worldwide tariff rates in half. Subsequent ATT negotiations lowered such

Even after the ATT, several countries retained their economic controls through the 1980s and the early 1990s. Varnia discovered large reserves of Arctic petroleum in the early 1980s. In order to export the oil without drawing Questers and Prekonate, due to their size, lasted the longest. The Questarian system fell to a sovereign debt crisis followed by a Communist revolution in 1990. Prekonate, until 1995 the most total command economy in the world, began divesting state-owned companies in the early 2000s.

Empirical evidence

Criticism

Certain circles in economics and sociology reject the concept of the Maredoratic Trade War, or object to its common description as largely detrimental to the global economy. Neo-Karlsenian economists regard the Trade War to have ceased under the Bois Breton agreements, which ended autarky and imperial preference and facilitated global trade, ergo ending a general trade war. The stagflation of the late 1960s and 70s were, according to modern Karlsenian theory, a result of unwise policy or supply shocks (i.e. {{wp|cost-push inflation) exogenous to the demand-management systems of the MLIB.

Criticism of the Trade War theory from the left

The Maredoratic left, broadly, defined, dispute either the existence of the Trade War or that it was detrimental to those involved.

Adherents of socialist Gallan economist Torsten Bergen contend that the Bois Breton and the later ATT rounds formed two stages in the progressive financialization of the Maredoratic economy. An initial "restrained" stage where the intergovernmental MLIB regulated global finance under the auspices of the League preceded a later "unrestrained" stage where finance, still international in scope, moved outside of state purview.