The Invisible Hand of the American Empire

Ethics and International Affairs

Volumn 17, Issue 2, 2003, Pages 77-88

  Wade, Robert Hunter ^a  

^a LONDON SCHOOL OF ECONOMICS   (United Kingdom)

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[No Author keywords available]

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EID: 1842692061     PISSN: 08926794     EISSN: 17477093     Source Type: Journal    
DOI: 10.1111/j.1747-7093.2003.tb00440.x     Document Type: Article

References (19)

1. This is Joshua Cooper Ramo's statement of the core economic value of Alan Greenspan, chairman of the U.S. Federal Reserve, in “The Three Marketeers,” Time, February 15, 1999, pp. 34–42.
2. For an astonishing illustration of this belief in action, see John Poindexter's scheme to create a futures market in political events such as terrorist attacks, assassinations, and coups. Carl Hulse, “Pentagon Prepares a Futures Market on Terror Attacks,” New York Times, July 29, 2003, p. A1.
3. David Gisselquist, Oil Prices and Trade Deficits: U.S. Conflicts with Japan and West Germany (New York: Praeger, 1979), argues that the United States ensured the primary role for the dollar by getting OPEC to agree to accept payments for oil in dollars.
4. Robert Hunter Wade, “What Strategies Are Viable for Developing Countries Today? The WTO and the Shrinking of ‘Development Space,’” Review of International Political Economy 10, no. 4 (2003), forthcoming.
5. For the crucial role of counterfeiting in East Asia's development, see Robert Hunter Wade, Governing the Market (Princeton: Princeton University Press, 2003 [1990]), pp. 268, 294.
6. Lawrence Summers, “America's Role in Global Economic Integration”(speech given at the Brookings conference, “Integrating National Economies: The Next Step,” Washington, D.C., January 9, 1996); available at www.ustreas.gov/press/releases/pr9701091.htm.
7. For the rest of the story, see Robert Hunter Wade, “Capital and Revenge: the IMF and Ethiopia,” Challenge (September/October 2001), pp. 67–75.
8. Michel Camdessus,“Governments and Economic Development in a Globalized World” (speech given at 32 nd International General Meeting of Pacific Basin Economic Council, Hong Kong, May 17, 1999); available at www.imf.org/external/np/speeches/1999/051799.HTM. The IMF has softened its insistence on capital-account liberalization since Camdessus left in 2000.A recent paper co-authored by IMF chief economist Kenneth Rogoff admits, “it is difficult to establish a robust causal relationship between the degree of financial integration and output growth performance…there is evidence that some countries may have experienced greater consumption volatility [hence welfare volatility] as a result [of financial integration].”
9. Eswar Prasad, Kenneth Rogoff, Shang-Jin Wei, and M. Ayhan Kose, “Effects of Financial Globalization on Developing Countries: Some Empirical Evidence,” IMF, March 17, 2003, p. 6; available at www.imf.org/external/ np/res/docs/2003/031703.htm.
10. John Taylor, Under Secretary of the Treasury, testimony before the Subcommittee on Domestic and International Monetary Policy, Trade and Technology Committee on Financial Services, U.S. House of Representatives, April 1, 2003; available at www.ustreas.gov/ press/releases/js149.htm.
11. Quoted in Louis Pauly, Who Elected the Bankers? (Ithaca: Cornell University Press, 1997), p. 94.
12. Joseph S. Nye, Jr., “A whole new ball game,” Financial Times, December 28/29, 2002, p. 1.
13. Martin Wolf, “Asia is footing the bill for American guns and butter,” Financial Times, February 19, 2003, p.17.
14. See Peter Gowan, “Explaining the American Boom: The Roles of ‘Globalisation’ and United States Global Power,” New Political Economy 6, no. 3 (2001), pp. 359–74
15. Peter Gowan, The Global Gamble: Washington's Faustian Bid for World Dominance (New York: Verso, 1999)
16. Richard Duncan, The Dollar Crisis: Causes, Consequences, Cures (Singapore: Wiley, 2003).
17. Robert Hunter Wade, “Is Globalization Reducing Poverty and Inequality?” World Development, forthcoming.
18. Robert Ross and Anita Chan, “From North-South to South-South: The True Face of Global Competition,” Foreign Affairs (September/October 2002), pp. 8–13.
19. Robert Hunter Wade, “Creating Capitalisms: Introduction to the 2003 Printing,” in Governing the Market.