The Hidden Hand of American Hegemony: Petrodollar Recycling and International Markets
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 effici...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Ithaca, NY
Cornell University Press
[2019]
|
| Schriftenreihe: | Cornell Studies in Political Economy
|
| Schlagworte: | |
| Online-Zugang: | FAW01 FHA01 FKE01 FLA01 UPA01 UBG01 FAB01 FCO01 Volltext |
| Zusammenfassung: | 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 |
| Beschreibung: | Description based on online resource; title from PDF title page (publisher's Web site, viewed 26. Nov 2019) |
| Beschreibung: | 1 online resource (200 pages) 4 tables, 10 drawings |
| ISBN: | 9781501711978 |
| DOI: | 10.7591/9781501711978 |
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Datensatz im Suchindex
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| spelling | Spiro, David E. aut The Hidden Hand of American Hegemony Petrodollar Recycling and International Markets David E. Spiro Ithaca, NY Cornell University Press [2019] © 1999 1 online resource (200 pages) 4 tables, 10 drawings txt rdacontent c rdamedia cr rdacarrier Cornell Studies in Political Economy Description based on online resource; title from PDF title page (publisher's Web site, viewed 26. Nov 2019) 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 In English International Studies U.S. History POLITICAL SCIENCE / International Relations / General bisacsh Internationale Kapitalbewegung (DE-588)4162044-6 gnd rswk-swf Petrodollar (DE-588)4173959-0 gnd rswk-swf USA (DE-588)4078704-7 gnd rswk-swf Petrodollar (DE-588)4173959-0 s Internationale Kapitalbewegung (DE-588)4162044-6 s USA (DE-588)4078704-7 g 1\p DE-604 https://doi.org/10.7591/9781501711978 Verlag URL des Erstveröffentlichers Volltext 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Spiro, David E. The Hidden Hand of American Hegemony Petrodollar Recycling and International Markets International Studies U.S. History POLITICAL SCIENCE / International Relations / General bisacsh Internationale Kapitalbewegung (DE-588)4162044-6 gnd Petrodollar (DE-588)4173959-0 gnd |
| subject_GND | (DE-588)4162044-6 (DE-588)4173959-0 (DE-588)4078704-7 |
| title | The Hidden Hand of American Hegemony Petrodollar Recycling and International Markets |
| title_auth | The Hidden Hand of American Hegemony Petrodollar Recycling and International Markets |
| title_exact_search | The Hidden Hand of American Hegemony Petrodollar Recycling and International Markets |
| title_full | The Hidden Hand of American Hegemony Petrodollar Recycling and International Markets David E. Spiro |
| title_fullStr | The Hidden Hand of American Hegemony Petrodollar Recycling and International Markets David E. Spiro |
| title_full_unstemmed | The Hidden Hand of American Hegemony Petrodollar Recycling and International Markets David E. Spiro |
| title_short | The Hidden Hand of American Hegemony |
| title_sort | the hidden hand of american hegemony petrodollar recycling and international markets |
| title_sub | Petrodollar Recycling and International Markets |
| topic | International Studies U.S. History POLITICAL SCIENCE / International Relations / General bisacsh Internationale Kapitalbewegung (DE-588)4162044-6 gnd Petrodollar (DE-588)4173959-0 gnd |
| topic_facet | International Studies U.S. History POLITICAL SCIENCE / International Relations / General Internationale Kapitalbewegung Petrodollar USA |
| url | https://doi.org/10.7591/9781501711978 |
| work_keys_str_mv | AT spirodavide thehiddenhandofamericanhegemonypetrodollarrecyclingandinternationalmarkets |