Financial Statecraft: The Role of Financial Markets in American Foreign Policy

Financial Statecraft: The Role of Financial Markets in American Foreign Policy

by Benn Steil, Robert E. Litan
     
 

ISBN-10: 0300138415

ISBN-13: 9780300138412

Pub. Date: 02/28/2008

Publisher: Yale University Press

As trade flows expanded and trade agreements proliferated after World War II, governments—most notably the United States—came increasingly to use their power over imports and exports to influence the behavior of other countries. But trade is not the only way in which nations interact economically. Over the past two decades, another form of economic

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Overview

As trade flows expanded and trade agreements proliferated after World War II, governments—most notably the United States—came increasingly to use their power over imports and exports to influence the behavior of other countries. But trade is not the only way in which nations interact economically. Over the past two decades, another form of economic exchange has risen to a level of vastly greater significance and political concern: the purchase and sale of financial assets across borders. Nearly $2 trillion worth of currency now moves cross-border every day, roughly 90 percent of which is accounted for by financial flows unrelated to trade in goods and services—a stunning inversion of the figures in 1970. The time is ripe to ask fundamental questions about what Benn Steil and Robert Litan have coined as "financial statecraft," or those aspects of economic statecraft directed at influencing international capital flows. How precisely has the American government practiced financial statecraft? How effective have these efforts been? And how can they be made more effective? The authors provide penetrating and incisive answers in this timely and stimulating book.

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Product Details

ISBN-13:
9780300138412
Publisher:
Yale University Press
Publication date:
02/28/2008
Series:
Council on Foreign Relations/Brookings Institution Books
Edition description:
New Edition
Pages:
224
Sales rank:
966,941
Product dimensions:
5.90(w) x 9.10(h) x 0.70(d)

Table of Contents

Ch. 1What is financial statecraft?1
Ch. 2Banking and foreign policy11
Ch. 3Finance and the "war on terror"31
Ch. 4Capital markets sanctions48
Ch. 5The security dimensions of currency crises81
Ch. 6The economics of financial crises98
Ch. 7Global capital flows and U.S. foreign policy134
Ch. 8The future of financial statecraft159

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