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Book Cover
E-book
Author Spiro, David E., author

Title The Hidden Hand of American Hegemony : Petrodollar Recycling and International Markets / David E. Spiro
Published Ithaca, NY : Cornell University Press, [2019]
©1999

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Description 1 online resource (200 pages) : 4 tables, 10 drawings
Series Cornell Studies in Political Economy
Contents Frontmatter -- Contents -- Preface -- 1. Explaining Petrodollar Recycling -- 2. Defining the Principles of Allocation -- 3. Making Markets Work -- 4. The Failure of International Institutions -- 5. Competing for Capital -- 6. The Interpretation of Hegemony -- Works Cited -- Index
Summary 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
Notes In English
Online resource; title from PDF title page (publisher's Web site, viewed 26. Nov 2019)
Subject Organization of Petroleum Exporting Countries.
International Monetary Fund.
SUBJECT International Monetary Fund fast
Organization of Petroleum Exporting Countries fast
Subject Balance of payments -- Arab countries
Investments, Arab.
Petroleum products -- Prices.
International finance.
POLITICAL SCIENCE -- International Relations -- General.
Balance of payments
International economic relations
International finance
Investments, Arab
Petroleum products -- Prices
SUBJECT United States -- Foreign economic relations. http://id.loc.gov/authorities/subjects/sh85140052
Subject Arab countries
United States
Form Electronic book
ISBN 9781501711978
1501711970