The End of Influence: What Happens When Other Countries Have the Money

The End of Influence: What Happens When Other Countries Have the Money

Stephen S. Cohen, J. Bradford DeLong

Language: English

Pages: 176

ISBN: 0465018769

Format: PDF / Kindle (mobi) / ePub

At the end of World War II, the United States had all the money—and all the power. Now, America finds itself cash poor, and to a great extent power follows money. In The End of Influence, renowned economic analysts Stephen S. Cohen and J. Bradford DeLong explore the grave consequences this loss will have for America’s place in the world.

America, Cohen and DeLong argue, will no longer be the world’s hyperpower. It will no longer wield soft cultural power or dictate a monolithic foreign policy. More damaging, though, is the blow to the world’s ability to innovate economically, financially, and politically. Cohen and DeLong also explore American’s complicated relationship with China, the misunderstood role of sovereign wealth funds, and the return of state-led capitalism.

An essential read for anyone interested in how global economics and finance interact with national policy, The End of Influence explains the far-reaching and potentially long-lasting but little-noted consequences of our great fiscal crisis.

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MONEY During World War I, the world’s long-reigning superpower, Great Britain, faced a disturbing development: Just when the nation really needed it, Britain no longer had the money. The money had shifted to the United States, where it accumulated for the next sixty years, and then began to drain away. Soon it will be gone. The money is not likely to come back anytime soon. The United States is now the world’s biggest debtor, and there is no other debtor nation of consequence. The legendary

nice business for the bankers, though it left the companies financially weakened should hard times hit and earnings fall. Finance was the driving force. It had achieved the cultural dominance that so often goes hand-in-hand with economic dominance: its gigantism and ubiquity, its tonic impact on the entire economy, its fabulous success, the sheer gushing of money, its generous funding of elected politicians, its seconding of its top executives to top posts throughout the regulatory apparatus

employment. Effectively and half-consciously, America restructured its economy. But if finance was the industry of the future, it no longer seems to be a future that many want. The freedom of action that the United States enjoyed because it had the money was squandered. America must restructure its economy again, and so must the world. Countries that seek to grow cannot all just continue by promoting export-led growth alone. And a United States that no longer has the money or the unshakable

with China Banking Regulatory Commission Churchill, Winston Cisco Citi Civil rights Clapham, J. H. Clark, Jim Clinton, Bill Codes of behavior Cold War Collins Commanding heights Commercial jets Committee on Foreign Investments in the United States (CFIUS) Commodity prices Communist Party of France Computing Congress, U.S. Connally, John Consumption, production and Corruption government by interest groups state, shrinking back

groups will regard as the national interest. And when one country does so, it will increase pressure on the others. When the United States bails out its auto industry, or its banks, or insurers, or airlines—shouldn’t France and Germany do so, too? If auto plants are going to close in Europe, it matters a lot to Belgian and German politicians whether the closed factories are in Belgium, Germany, or Spain. The position that detailed interventions in industrial location and structure will be

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