Global Financial Warriors: The Untold Story of International Finance in the Post-9/11 World


Book Description

“A valuable insider’s account of financial diplomacy in the Bush administration.”—Jeffrey E. Garten, Washington Post Sworn in as head of the U.S. Treasury Department’s international finance division just three months prior to 9/11, John B. Taylor soon found himself at the center of the war on terror. Global Financial Warriors takes you inside the White House Situation Room, to the meetings of the G7 finance ministers, and to cities worldwide as Taylor assembles a coalition to freeze terrorist assets, plans the financial reconstruction in Afghanistan, oversees the development of a new currency in Iraq, and deals with the spread of financial crises. From reforming the IMF and the World Bank to negotiating international agreements to reduce Iraq’s debt by 80 percent and cancel the debt of very poor countries, Taylor’s unparalleled access offers the reader an insider’s account of a pivotal time in international finance.







Gridlock


Book Description

The issues that increasingly dominate the 21st century cannot be solved by any single country acting alone, no matter how powerful. To manage the global economy, prevent runaway environmental destruction, reign in nuclear proliferation, or confront other global challenges, we must cooperate. But at the same time, our tools for global policymaking - chiefly state-to-state negotiations over treaties and international institutions - have broken down. The result is gridlock, which manifests across areas via a number of common mechanisms. The rise of new powers representing a more diverse array of interests makes agreement more difficult. The problems themselves have also grown harder as global policy issues penetrate ever more deeply into core domestic concerns. Existing institutions, created for a different world, also lock-in pathological decision-making procedures and render the field ever more complex. All of these processes - in part a function of previous, successful efforts at cooperation - have led global cooperation to fail us even as we need it most. Ranging over the main areas of global concern, from security to the global economy and the environment, this book examines these mechanisms of gridlock and pathways beyond them. It is written in a highly accessible way, making it relevant not only to students of politics and international relations but also to a wider general readership.




Confronting Saddam Hussein


Book Description

A vivid portrayal of what drove George W. Bush to invade Iraq in 2003--an outcome that was in no way predetermined. America's decision to go to war in Iraq in 2003 is arguably the most important foreign policy choice of the entire post-Cold War era. Nearly two decades after the event, it remains central to understanding current international politics and US foreign relations. In Confronting Saddam Hussein, the eminent historian of US foreign policy Melvyn P. Leffler analyzes why the US chose war and who was most responsible for the decision. Employing a unique set of personal interviews with dozens of top officials and declassified American and British documents, Leffler vividly portrays the emotions and anxieties that shaped the thinking of the president after the shocking events of 9/11. He shows how fear, hubris, and power influenced Bush's approach to Saddam Hussein's Iraq. At the core of Leffler's account is his compelling portrait of Saddam Hussein. Rather than stressing Bush's preoccupation with promoting freedom or democracy, Leffler emphasizes Hussein's brutality, opportunism, and unpredictability and illuminates how the Iraqi dictator's record of aggression and intransigence haunted the president and influenced his calculations. Bush was not eager for war, and the decision to invade Iraq was not a fait accompli. Yet the president was convinced that only by practicing coercive diplomacy and threatening force could he alter Hussein's defiance, a view shared by British Prime Minister Tony Blair and other leaders around the world, including Hans Blix, the chief UN inspector. Throughout, Leffler highlights the harrowing anxieties surrounding the decision-making process after the devastating attack on 9/11 and explains the roles of contingency, agency, rationality, and emotion. As the book unfolds, Bush's centrality becomes more and more evident, as does the bureaucratic dysfunctionality that contributed to the disastrous occupation of Iraq. A compelling reassessment of George W. Bush's intervention in Iraq, Confronting Saddam Hussein provides a provocative reinterpretation of the most important international event of the 21st century.




US-China-EU Relations


Book Description

This volume brings together a group of leading international scholars to discuss how US-China-EU relations will shape the future of international politics. Arguing that these three powers will play a key role in establishing and managing a new world order, the contributors examine how a future global order is developed by the interaction of these leading actors in the international system. The authors also address how the US, China and the EU promote cooperation and manage conflict of interests on a wide spectrum of issues including new security challenges. By linking the management of international affairs to specific policy issues, the book shows that the US-China-EU triangular configuration is a pivotal relationship for understanding contemporary international relations. This book offers a comprehensive assessment of US-China-EU interactions and will be of great interest to students of Asian politics, US foreign policy, EU politics and security studies and IR in general. Robert S. Ross is Professor of Political Science at Boston College, Associate, John King Fairbank Center for East Asian Research, Harvard University, Associated Professor at the Norwegian Institute for Defence Studies, Senior Advisor, Security Studies Program, Massachusetts Institute of Technology and a member of the Council on Foreign Relations. Øystein Tunsjø is Senior Research Fellow at the Norwegian Institute for Defence Studies. Zhang Tuosheng is director of the research department and senior fellow at the China Foundation for International and Strategic Studies.




Hard Lessons: the Iraq Reconstruction Experience


Book Description

A combination of poor planning, weak oversight and greed cheated U.S. taxpayers and undermined American forces in Iraq and Afghanistan. U.S. taxpayers have paid nearly $51 billion for projects in Iraq, including training the Iraqi army and police and rebuilding Iraq's oil, electric, justice, health and transportation sectors. Many of the projects did not succeed, partly because of violence in Iraq and friction between U.S. officials in Washington and Iraqi officials in Baghdad. The U.S. gov¿t. "was neither prepared for nor able to respond quickly to the ever-changing demands" of stabilizing Iraq and then rebuilding it. This report reviews the problems in the war effort, which the Bush admin. claimed would cost $2.4 billion. Charts and tables.




International Monetary Cooperation


Book Description

In September 1985, emissaries of the world's five leading industrial nations—the United States, Britain, France, Germany, and Japan—secretly gathered at the Plaza Hotel in New York City and unveiled an unprecedented effort to correct the largest set of current account and exchange rate imbalances that had ever threatened the world economy. The Plaza Accord is credited with sharply realigning exchange rates, significantly reducing current account imbalances, and countering protectionist pressures in the United States. But did the Accord provide a foundation for ongoing international financial stability and policy coordination? Or was it simply a unique one-time coincidence of national interests? The Plaza experience continues to inform today's debates about the limits and possibilities of international monetary cooperation. In late 2015, leading policymakers and economists—including those who were involved in the Accord's design, negotiation, and implementation—held a Plaza Retrospective conference at the Baker Institute for Public Policy to evaluate the Accord's legacy and how its collaborative spirit can be applied today. This volume presents their views and analyses to provide guidance for a time when the world again faces the prospect of currency disequilibria, growing imbalances, trade policy reactions, and thus uncertainty for both the global economy and world politics.




Paper Soldiers


Book Description

"Incisive debut treatise... Mohsin brings to the proceedings a reporter's eye for story" — Publisher's Weekly From Bloomberg News reporter Saleha Mohsin, the untold story of how one of America’s most invincible institutions—the Treasury—has used the U.S. dollar to define America’s role in the world, and our economic future. In 1995, Treasury Secretary Robert Rubin re-defined the next thirty years of currency policy with the mantra, “A strong dollar is in America’s interest.” That mantra held, ushering in exceptional prosperity and cheap foreign goods, but the strong dollar policy also played a role in the devastating hollowing out of America’s manufacturing sector. Meanwhile, abroad, the United States increasingly turned to the dollar as a weapon of war. In Paper Soldiers, Saleha Mohsin reveals how the Treasury Department has shaped U.S. policy at home and overseas by wielding the American dollar as a weapon—and what that means in a new age of crisis. For decades, America has preferred its currency superpower-strong, the basis of a "strong dollar" policy that attracted foreign investors and pleased consumers. Drawing on Mohsin's unparalleled access to current and former Treasury officials like Robert Rubin, Steven Mnuchin, and Janet Yellen, Paper Soldiers traces that policy's intended and unintended consequences, including the rise of populist sentiment and trade war with China—culminating in an unprecedented attack on the dollar’s pristine status during the Trump presidency—and connects the dollar's weaponization from 9/11 to the deployment of crippling financial sanctions against Russia. Ultimately, Mohsin argues that, untethered from many of the economic assumptions of the last generation, the power and influence of the American dollar is now at stake. With first-hand reporting and fresh analysis that illustrates the vast, often unappreciated power that the Treasury Department wields at home and abroad, Paper Soldiers tells the inside story of how we really got here—and the future not only of the almighty dollar, but the nation’s teetering role as a democratic superpower.




Fault Lines After COVID-19


Book Description

This book explores the central economic and political issues defining the modern world. With contributions from a number of world renowned economists, a range of topical debates are discussed in an accessible and practical manner. The topics discussed include the current economic and political backdrop, global economic shifts, challenges within central banking and financial integration, the international monetary and financial system, and geopolitical tensions. Particular attention is given to the transition to a low carbon economy, the perils of public debt, the post-COVID-19 recovery, and the conflict in Ukraine. This book aims to envisage the economic challenges and opportunities that will be faced in the years to come. It will be relevant to students, researchers, and policymakers interested in economic policy and the political economy. Chapter-No.17 is available open access under a Creative Commons Attribution 4.0 International License via link.springer.com.




Legislating International Organization


Book Description

In Legislating International Organization, Kathryn Lavelle argues against the commonly-held idea that key international organizations are entities unto themselves, immune from the influence and pressures of individual states' domestic policies. Covering the history of the IMF and World Bank from their origins, she shows that domestic political constituencies in advanced industrial states have always been important drivers of international financial institution policy. This book will reshape how we think about how the US Congress interacts with international institutions and more broadly about the relationship of domestic politics to global governance throughout the world.