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Benn Steil,
co-author
Senior Fellow and
Director of International Economics
Council on Foreign Relations
Financial Statecraft
The Role of Financial Markets in American Foreign Policy
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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.
 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.
Contact
Information
Benn
Steil
Senior
Fellow & Director of International Economics
Council on Foreign Relations
New York, NY
Email
| www.cfr.org |
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