The Political Economy Of The Special Relationship

How America's global financial power was created and shaped through its special relationship with Britain The rise of global finance in the latter half of the twentieth century has long been understood as one chapter in a larger story about the postwar growth of the United States. The Political Economy of the Special Relationship challenges this popular narrative. Revealing the Anglo-American origins of financial globalization, Jeremy Green sheds new light on Britain’s hugely significant, but often overlooked, role in remaking international capitalism alongside America. Drawing from new archival research, Green questions the conventional view of international economic history as a series of cyclical transitions among hegemonic powers. Instead, he explores the longstanding interactive role of private and public financial institutions in Britain and the United States—most notably the close links between their financial markets, central banks, and monetary and fiscal policies. He shows that America’s unparalleled post-WWII financial power was facilitated, and in important ways constrained, by British capitalism, as the United States often had to work with and through British politicians, officials, and bankers to achieve its vision of a liberal economic order. Transatlantic integration and competition spurred the rise of the financial sector, an increased reliance on debt, a global easing of regulation, the ascendance of monetarism, and the transition to neoliberalism. From the gold standard to the recent global financial crisis and beyond, The Political Economy of the Special Relationship recasts the history of global finance through the prism of Anglo-American development.

This unique volume offers an original collection of essays on the theme of America’s ‘special relationships’. It interrogates in an original and provocative manner the distinctive character of America’s interactions with an array of allies and clients, both international and domestic. The essays vary in their focus; some are primarily historical, some are more contemporary. All consider the quality of ‘specialness’ in the context of America’s relationship with particular countries, including the United Kingdom, Canada, Australia, New Zealand, Holland, Russia, Iran and Israel. The collection also concerns the relationship between the American state and key ‘special’ foreign policy interests, notably ethnic lobbies and religious groups. Bringing together a wide range of experts, this timely collection provides a valuable addition to the debates surrounding US foreign policy, and will be of great interest to students and scholars of American politics, American history and international relations.

After the end of World War II, the United States, by far the dominant economic and military power at that time, joined with the surviving capitalist democracies to create an unprecedented institutional framework. By the 1980s many contended that these institutions--the General Agreement on Tariffs and Trade (now the World Trade Organization), the World Bank, and the International Monetary Fund--were threatened by growing economic nationalism in the United States, as demonstrated by increased trade protection and growing budget deficits. In this book, Robert Gilpin argues that American power had been essential for establishing these institutions, and waning American support threatened the basis of postwar cooperation and the great prosperity of the period. For Gilpin, a great power such as the United States is essential to fostering international cooperation. Exploring the relationship between politics and economics first highlighted by Adam Smith, Karl Marx, and other thinkers of the eighteenth and nineteenth centuries, Gilpin demonstrated the close ties between politics and economics in international relations, outlining the key role played by the creative use of power in the support of an institutional framework that created a world economy. Gilpin's exposition of the in.uence of politics on the international economy was a model of clarity, making the book the centerpiece of many courses in international political economy. At the beginning of the twenty-first century, when American support for international cooperation is once again in question, Gilpin's warnings about the risks of American unilateralism sound ever clearer.

How America's global financial power was created and shaped through its special relationship with Britain The rise of global finance in the latter half of the twentieth century has long been understood as one chapter in a larger story about the postwar growth of the United States. The Political Economy of the Special Relationship challenges this popular narrative. Revealing the Anglo-American origins of financial globalization, Jeremy Green sheds new light on Britain’s hugely significant, but often overlooked, role in remaking international capitalism alongside America. Drawing from new archival research, Green questions the conventional view of international economic history as a series of cyclical transitions among hegemonic powers. Instead, he explores the longstanding interactive role of private and public financial institutions in Britain and the United States—most notably the close links between their financial markets, central banks, and monetary and fiscal policies. He shows that America’s unparalleled post-WWII financial power was facilitated, and in important ways constrained, by British capitalism, as the United States often had to work with and through British politicians, officials, and bankers to achieve its vision of a liberal economic order. Transatlantic integration and competition spurred the rise of the financial sector, an increased reliance on debt, a global easing of regulation, the ascendance of monetarism, and the transition to neoliberalism. From the gold standard to the recent global financial crisis and beyond, The Political Economy of the Special Relationship recasts the history of global finance through the prism of Anglo-American development.

Industrialist John Paul Getty famously quipped, “The meek shall inherit the earth, but not its mineral rights.” Throughout history, natural resources have been sources of wealth and power and catalysts for war and peace. The case studies gathered in this innovative volume examine how the intersection of ideas, interest groups, international institutions, and political systems gave birth to distinctive regulatory regimes at various times and places in the modern world. Spanning seven continents and focusing on both advanced and developing economies, it offers unique insights into why some resource-rich countries have flourished while others have been mired in poverty and corruption.

In the comprehensively revised and updated new edition of this highly-acclaimed text, John Dumbrell assesses how and why the Anglo-American special relationship found a new lease of life under Blair as Britain repeatedly 'chose' the US in its evolving foreign policy orientation rather than Europe.

This series explores key issues in world history since 1945, in volumes focused on nations, regions, themes and processes.

“Stimulating and highly readable. . . . The Churchill Complex is a rich and rewarding book.” —Wall Street Journal From one of its keenest observers, a brilliant, witty journey through the "Special Relationship" between Britain and America that has done so much to shape the world, from World War II to Brexit. It is impossible to understand the last seventy-five years of American history, through to Trump and Brexit, without understanding the Anglo-American relationship, particularly the bonds between presidents and prime ministers. FDR of course had Winston Churchill; JFK had Harold Macmillan, his consigliere during the Cuban Missile Crisis. Ronald Reagan found his ideological soul mate in Margaret Thatcher; and George W. Bush found his fellow believer, in religion and in war, in Tony Blair. Today, the bond between Donald Trump and Boris Johnson illuminates the populist uprisings in both countries, as well as a new kind of Special Relationship that goes against everything it once stood for. Remembering the past, even its most glorious moments, can be as misleading as forgetting it. Over and over, in the name of freedom and democracy, British and especially American leaders have evoked Winston Churchill as a model for brave leadership (and Nevillle Chamberlain to represent craven weakness). As Ian Buruma shows, in his dazzling, short tour de force of storytelling and analysis, the myths of World War II too often resulted in bad policies and foolish wars. But The Churchill Complex is much more than a reflection on the weight of Churchill's legacy and its misuses. At its heart are shrewd and absorbing character studies of the president-prime minster dyads, which in Ian Buruma's gifted hands serve as a master class in politics, diplomacy, and the personal quirks of our leaders. It has never been a relationship of equals: from Churchill's desperate cajoling and conniving to keep FDR on his side in World War II, British prime ministers have put much more stock in the relationship than their US counterparts. After the loss of its once-great empire, Britain clung to the world's greatest superpower as a path to continued relevance and leverage. As Buruma shows, this was almost always fool's gold, and now, the alliance has floundered on the rocks of isolationism. The Churchill Complex may not have a happy ending, but as with Ian Buruma's other works, piercing lucidity is its own lasting comfort.