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Exporting Capitalism - Private Enterprise and US Foreign Policy (Hardcover)
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Exporting Capitalism - Private Enterprise and US Foreign Policy (Hardcover)
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The first comprehensive history of America's attempts to promote
international development by exporting private enterprise, a story
marked by frequent failure and occasional success. Foreign aid is a
primary tool of US foreign policy, but direct financial support and
ventures like the Peace Corps constitute just a sliver of the
American global development pie. Since the 1940s, the United States
has relied on the private sector to carry out its ambitions in the
developing world. This is the first full account of what has worked
and, more often, what has failed in efforts to export
American-style capitalism. Ethan Kapstein draws on archival sources
and his wide-ranging experience in international development to
provide penetrating case studies from Latin America and East Asia
to the former Soviet Union, Afghanistan, and Iraq. After WWII the
Truman and Eisenhower administrations urged US companies to expand
across the developing world. But corporations preferred advanced
countries, and many developing nations, including Taiwan and South
Korea, were cool to foreign investment. The Cold War made exporting
capitalism more important than ever, even if that meant
overthrowing foreign governments. The fall of the Soviet Union
brought new opportunities as the United States promoted
privatization and the bankrolling of local oligarchs. Following the
invasions of Afghanistan and Iraq, the United States believed it
had blank slates for building these economies, but ongoing conflict
eroded such hopes. Kapstein's sobering history shows that private
enterprise is no substitute for foreign aid. Investors are often
unwilling to put capital at risk in unstable countries. Only in
settings with stable governments and diverse economic elites can
private enterprise take root. These lessons are crucial as the
United States challenges China for global influence.
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