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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