This article explains the problem of adjustment to the challenges of globalization in terms of the logic underpinning four distinct policy constraints, or trilemmas, and their interrelationship, and in particular the disturbances that arise from capital flows. The analysis of a policy trilemma was developed first as a diagnosis of exchange rate problems (the incompatibility of free capital flows with monetary policy autonomy and a fixed exchange rate regime); but the approach can be extended. The second trilemma we describe is the incompatibility between financial stability, capital mobility and national policy choice over exchange rates. The third example extends the analysis to politics, and looks at the strains in reconciling democratic politics with monetary autonomy and capital movements. Finally, we examine the security aspect and look at the interactions of democracy with capital flows and international order. The trilemmas, in short, depict the way that domestic monetary, financial, economic and political systems are interconnected with the international order, or the impossible policy choices at the heart of globalization. Frequently, the trilemmas conjure up countervailing anti-globalization tendencies and trends.

中文翻译：

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宏观经济学、政治经济学和国际关系之间的权衡

本文从支撑四种不同政策约束或三难困境的逻辑及其相互关系，特别是资本流动引起的干扰的角度，解释了适应全球化挑战的问题。政策三难困境的分析首先是作为对汇率问题的诊断（自由资本流动与货币政策自主权和固定汇率制度不相容）；但该方法可以扩展。我们描述的第二个三难困境是金融稳定、资本流动性和国家汇率政策选择之间的不相容性。第三个例子将分析扩展到政治，并着眼于协调民主政治与货币自治和资本流动的压力。最后，我们考察了安全方面，并考察了民主与资本流动和国际秩序的相互作用。简而言之，三难困境描述了国内货币、金融、经济和政治体系与国际秩序相互关联的方式，或全球化核心中不可能的政策选择。三难困境常常让人联想到反全球化的趋势和趋势。