Given the network-externality characteristic of international monetary arrangements, reforming them is necessarily a collective endeavor. But the multiplicity of countries creates negotiating costs.

What It Means

This is a placeholder explanation generated by the low-overhead model. It interprets "Given the network-externality characteristic of international monetary arrangements, reforming them is necessarily a collective endeavor. But the multiplicity of countries creates negotiating costs." in the context of "Chapter 1. Introduction" to mean that wisdom is timeless.