This book pinpoints continuities and changes in U.S. foreign economic policy from the fixed exchange rate system of the 1960s through to the period between the two oil crises of the 1970s. Chapters pay close attention to the interconnectedness between the long lasting decline of the U.S. Dollar on foreign exchange markets and the U.S. balance of payments, transformations in international capital markets, and international oil developments. The book charts the prolonged failure of Washington's foreign economic policies to restore U.S. financial and monetary leadership through to the Carter Administration.
Simone Selva is currently Research Fellow in the history of international economic relations at the University of Naples L'Orientale and visiting scholar at New York University. A former scholar at Harvard and Oxford Universities, he specializes in the process of international financial and monetary interdependence from Bretton Woods through the 1970s. He is the author of Supra-national integration and domestic economic growth: The United States and Italy in the Western Bloc Rearmament Programs, 1945-1955.
1. Introduction.- 2. American foreign financial and economic policy prior to the end of Bretton Woods: Capital account policies, foreign trade and development assistance policies.- 3. Oil, private capital markets, inflation: the crumbling of the post war international payments system before the end of Bretton Woods.- 4. The rise of OPEC Energy finance and the quest for capital supply in the US foreign economic policy 1973-1976.- 5. From the collapse of policies on the capital account through the Carter Administration demand side policies: the short circuit between balance of payments deficit financing measures and petrodollar recycling.- 6. capital markets developments, non oil LDC imbalances, inflation, and the stabilization of US international payments position from the 1960s through the 1970s: continuities and change in the American foreign financial policy