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The Hidden Hand of American Hegemony: Petrodollar Recycling and International Markets (Cornell Studies in Political Economy)

Name: The Hidden Hand of American Hegemony: Petrodollar Recycling and International Markets (Cornell Studies in Political Economy)
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5.0 of 5 Stars: International - The Hidden Hand of American Hegemony: Petrodollar Recycling and International Markets (Cornell Studies in Political Economy)

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Book Synopsis: 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.

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Discover the hidden hand behind American hegemony with "The Hidden Hand of American Hegemony: Petrodollar Recycling and International Markets"! This groundbreaking book, part of the Cornell Studies in Political Economy series, will revolutionize your understanding of international politics and economics. With its meticulously researched data on capital flows and its engaging arguments, this book is a must-read for historians, economists, and business professionals. Uncover the truth about the secret deal between the United States and Saudi Arabia that shaped the global economy. Don't miss out on this valuable resource for analysts and researchers!

Are you ready to challenge conventional wisdom and delve into the complexities of international finance? "The Hidden Hand of American Hegemony: Petrodollar Recycling and International Markets" is your gateway to a deeper understanding of the global economic landscape. David Spiro's meticulous research and compelling arguments will captivate your mind and open your eyes to the truth behind the rise of oil prices in the 1970s. Contrary to popular belief, the influx of wealth didn't flow into cash-poor countries as believed. Instead, it was a secret deal between the United States and Saudi Arabia that changed the course of history.

Don't be left in the dark about the true motivations behind global economic policies. Get your hands on "The Hidden Hand of American Hegemony: Petrodollar Recycling and International Markets" and uncover the untold story of the United States' deal with Saudi Arabia. From the rise of crude oil prices to the impact on international politics, this book provides a fresh perspective on the events that shaped our world. Whether you're a finance professional, historian, or simply curious about the inner workings of international markets, this book will captivate and enlighten you.

Ready to embark on a journey of knowledge and discovery? Order "The Hidden Hand of American Hegemony: Petrodollar Recycling and International Markets" today and gain unique insights into the intricate web of global finance. With its meticulously argued analysis and engaging storytelling, this book will leave you with a deep understanding of how the United States leveraged OPEC wealth to fund its debt-happy policies. Don't miss out on this opportunity to expand your understanding of the political and economic forces at play. Take the first step and order now!

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