The transition from management to governance in international economic relations has been said to have gone through three phases, according to Spero and Hart: Bretton Woods, Interdependence and, Globalization. Discuss the principal variables at each level-of-analysis that you believe account for the demise of one phase and the onset of the succeeding one. Do variables at the same levels lead you to believe that a fourth phase is on the horizon? Why/Why not?

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