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Financial Statecraft: The Role of Financial Markets in American Foreign Policy (Council on Foreign Relations/Brookings Institution Books) Paperback – February 28, 2008

by Benn Steil (Author), Robert E. Litan (Author)
3.9 3.9 out of 5 stars 9 ratings
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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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  1. Print length
    208 pages
  2. Language
    English
  3. Publisher
    Yale University Press
  4. Publication date
    February 28, 2008
  5. Dimensions
    9.1 x 6.1 x 0.7 inches
  6. ISBN-10
    0300138415
  7. ISBN-13
    978-0300138412
  8. See all details
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Editorial Reviews

Review

""Financial Statecraft" should be required reading for those who conduct U.S. foreign policy as well as everyone who cares about it. A lot of people are struggling to define America's role in the world in the twenty-first century, but no comprehensive analysis of the opportunities and risks will now be complete without reference to this insightful book."--Jeffrey E. Garten, Juan Trippe Professor of International Trade, Finance, and Business at the Yale School of Management, former undersecretary of commerce for international trade

"Benn Steil and Robert Litan have written the first book devoted to financial statecraft, and it is essential reading for anyone interested in the critical issue of influencing the international capital flows that make an integrated global economy function. As one who was directly involved in a variety of the issues so thoughtfully and creatively discussed in Financial Statecraft, I can say without equivocation that Steil and Litan have performed a signal service in helping us better understand the tools of financial statecraft and the best ways to employ them for the benefit of the United States and the world economy."--Stuart Eizenstat, former US Ambassador to the EU and Deputy Secretary of Treasury


"Financial statecraft is much practiced, little analyzed. This fine book discusses what it is, how it has been applied by the United States, what its (often severe) limitations are, and what its potential is. Altogether, an excellent exposition of a complicated subject for scholars, journalists, and policy-makers alike."--Richard N. Cooper, Boas Professor of International Economics, Harvard University

"From the ''Who Dunnit?'' to the ''When Should We Intervene?'' questions of financial crises, this important new book is valuable reading for serious students and practitioners of financial policy."--Glenn Hubbard, Dean of Columbia Business School and former Chairman of Council of Economic Advisers


"This is a useful, accessible book for lay readers seeking an understanding of the important role that capital flows play in ... foreign policy."--"The Economist"


"From the 'Who Dunnit?' to the 'When Should We Intervene?' questions of financial crises, this important new book is valuable reading for serious students and practitioners of financial policy."-Glenn Hubbard, Dean of Columbia Business School and former Chairman of Council of Economic Advisers

About the Author

Benn Steil is director of international economics at the Council on Foreign Relations and the editor of International Finance. Robert E. Litan is vice president of research and policy at the Kauffman Foundation and senior fellow in the Economic Studies Program at the Brookings Institution.

Product details

  • Publisher ‏ : ‎ Yale University Press; 1st edition (February 28, 2008)
  • Language ‏ : ‎ English
  • Paperback ‏ : ‎ 208 pages
  • ISBN-10 ‏ : ‎ 0300138415
  • ISBN-13 ‏ : ‎ 978-0300138412
  • Item Weight ‏ : ‎ 11.2 ounces
  • Dimensions ‏ : ‎ 9.1 x 6.1 x 0.7 inches
  • Customer Reviews:
    3.9 3.9 out of 5 stars 9 ratings

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Customer reviews

3.9 out of 5 stars
9 global ratings

Top reviews from the United States

David G. Allen
4.0 out of 5 stars Well written, but a little heady
Reviewed in the United States on February 6, 2018
Verified Purchase
The author makes a lot of assumptions about what you already know. As a result, I found myself reading and rereading to understand many of the arguments.

Nonetheless, the scope of this book is surprisingly focused compared to how ambitious it is to cover subject matter of this complexity.

He advocates for dollarization and euroization of non us and non EU countries, and presents a strong argument in that direction. It challenged my thinking and gave me some new ideas to play with.

Like the author, I think dollarization can work fantastically if it is based on sound money, but as the fed keeps printing and the US debt keeps rising, policy makers may only half-apply the authors model of globalization with the the intent of keeping the demand for dollars higher than it would be otherwise - kicking the proverbial can down the road of time just a little longer. The end result is that when the dollar sneezes, Latin America and the Caribbean have an aneurism. The rest would flee to more Asian shores clutching their shoulders and dialing 911.

What is his argument? Read the book.

He also talks about the relationship between currencies, the organizations founded to combat bank insolvency, capital flow hiccups, and the efficacy of market sanctions (that part is an essential read for anyone wondering about North Korea right now in 2018).

If you’re interested in geopolitics and public policy, and also if you’ve spent more time thinking about these subjects than I have, you may find it a breeze. As for me, I’m going to review all the highlights later this week. Happy reading.
3 people found this helpful
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Bob151
5.0 out of 5 stars Years ahead of its time
Reviewed in the United States on January 20, 2024
Since the book was written, debate on the role of the dollar in the global economy and American statecraft has soared onto the front pages. This book was way ahead of its time. Highly recommended.
One person found this helpful
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Jodi
2.0 out of 5 stars Too little on actual financial statecraft
Reviewed in the United States on May 7, 2006
I must respectfully disagree with the esteemed reviewers of this book listed above. I expected so much more from a book with such a fine pedigree (Brookings and the US Council on Foreign Relations).

The topic of how states use financial instruments towards their foreign policy goals is an area which certainly requires more understanding. As such, I expected this book to be an in-depth study of the various ways states have used such tools, and how the authors expect such tools to be used in the future. I thus expected analyses of topics such as how states respond to currency crises of allies and enemies and how states use counterfeiting of enemies' currencies as foreign policy (i.e. as Iran is alleged to do with the US dollar). I also expected a study of how states manipulate access to important currencies (as when the US cut Panama off from receiving dollars as part of an effort to topple Noreiga) and how they have sought to manipulate the foreign financial press (as is alleged to have happened during the classical Gold Standard era).

Some of these topics did receive mention. The issue of how the US should respond to allies' crises received good coverage, especially regarding South Korea. There was also one paragraph acknowledging that countries have counterfeited others' currencies, and a brief discussion of petro-dollar recycling. Moreover, I found the chapter on how interest groups have attempted to restrict access to US capital markets to further other goals very illuminating, and there was a nice summary of anti-terrorism finance legislation. Overall, I found the first half of the book very enlightening.

Unfortunately, the other half of the book dealt predominantly with the authors' assertions that dollarization should be the way forward for developing countries to prevent currency crises, and in particular, that the US should encourage this and absorb some of the costs. The issues of whether countries should use floating, dirty float, pegged or dollarized exchange rates is an important one. However, I did not pick up this book to read about the authors' assertions about dollarization--I picked it up to read about financial statecraft.

Financial statecraft will only grow in importance, and as the authors note, it is critical that policymakers understand how it functions and what tools are at their disposal. This book only discusses financial statecraft primarily in its first 80 pages (and scattered in some places in the latter part of the book as well). I feel eighty pages was just too little to adequately examine financial statecraft. Instead, the reader is unfortunately left with a quick gloss-over of only a few aspects of such an important and under-analyzed topic.
27 people found this helpful
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Pessoa
5.0 out of 5 stars A brilliant guide to understanding economics in politics
Reviewed in the United States on March 2, 2009
"Financial Statecraft" is the best book you'll ever find on the role of economics in foreign policy. Impeccably researched and well written.
3 people found this helpful
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gobin AL
1.0 out of 5 stars TERRIBLE
Reviewed in the United States on January 21, 2007
Very naive - these guys need to work harder before publising. Some terrible naive comments - reads like a bad essay at university and perhaps even high school. waste of money... Terrible stuff a shame that anyone published this.
One person found this helpful
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