The Hidden Hand of American Hegemony by David E Spiro

The Hidden Hand of American Hegemony by David E Spiro

This study... makes a significant contribution to the literature of international political economy. The book also is a useful point of departure for further exploration by historians of finance, economics, and business. The data on capital flows alone constitute a valuable resource for all analysts.... The book is closely argued within the author's established methodological framework. It engages the reader in lively argument.— Michael R. Adamson ― Business History Review Between 1973 and 1980, the cost of crude oil rose suddenly and dramatically, precipitating convulsions in international politics. Conventional wisdom holds that international capital markets adjusted automatically and remarkably well: enormous amounts of money flowed into oil-rich states, and efficient markets then placed that new money in cash-poor Third World economies. David Spiro has followed the money trail, and the story he tells contradicts the accepted beliefs. Most of the sudden flush of new oil wealth didn't go to poor oil-importing countries around the globe. Instead, the United States made a deal with Saudi Arabia to sell it U.S. securities in secret, a deal resulting in a substantial portion of Saudi assets being held by the U.S. government. With this arrangement, the U.S. government violated its agreements with allies in the developed world. Spiro argues that American policymakers took this action to prop up otherwise intolerable levels of U.S. public debt. In effect, recycled OPEC wealth subsidized the debt-happy policies of the U.S. government as well as the debt-happy consumption of its citizenry.

The book provides a good panorama of the global situation after OPEC increased the price of oil in the early 1970sNo previous knowledge of the issue is required, as it is very well explained and the book is well organized. In addition it looks not only at the protagonist countries, the USA and Saudi Arabia, but also includes all the surrounding political actors, and the role they played regarding their own interests.

-- Gabriela Cano * Journal of Energy Literature *

This study... makes a significant contribution to the literature of international political economy. The book also is a useful point of departure for further exploration by historians of finance, economics, and business. The data on capital flows alone constitute a valuable resource for all analysts.... The book is closely argued within the author's established methodological framework. It engages the reader in lively argument.

-- Michael R. Adamson * Business History Review *

An international business consultant, David E. Spiro has taught political economy at Brandeis, Columbia, and Harvard universities.

SKU	Nicht verfügbar
ISBN 13	9780801428845
ISBN 10	080142884X
Titel	The Hidden Hand of American Hegemony
Autor	David E Spiro
Serie	Cornell Studies In Political Economy
Buchzustand	Nicht verfügbar
Bindungsart	Hardback
Verlag	Cornell University Press
Erscheinungsjahr	1999-09-09
Seitenanzahl	200
Hinweis auf dem Einband	Die Abbildung des Buches dient nur Illustrationszwecken, die tatsächliche Bindung, das Cover und die Auflage können sich davon unterscheiden.