The end of influence: what happens when other countries have the money

177 Pages·2011·0.795 MB·English

by  Cohen, Stephen S.;De Long, J. Bradford

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The End of Influence
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The
End Influence
of
What Happens When Other
Countries Have the Money
STEPHEN S. COHEN
J. BRADFORD DeLONG
A MEMBER OF THE PERSEUS BOOKS GROUP
New York
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Copyright © 2010 by Stephen S. Cohen and J. Bradford DeLong
Published by Basic Books,
A Member of the Perseus Books Group
All rights reserved. Printed in the United States of America. No
part of this book may be reproduced in any manner whatsoever
without written permission except in the case of brief quotations
embodied in critical articles and reviews. For information,
address Basic Books, 387 Park Avenue South, New York, NY
10016-8810.
Books published by Basic Books are available at special discounts
for bulk purchases in the United States by corporations,
institutions, and other organizations. For more information,
please contact the Special Markets Department at the Perseus
Books Group, 2300 Chestnut Street, Suite 200, Philadelphia, PA
19103, or call [phone], ext. 5000, or e-mail
[email protected].
Designed by Timm Bryson
Library of Congress Cataloging-in-Publication Data
Cohen, Stephen S.
The end of influence : what happens when other countries have
the money / Stephen S. Cohen, J. Bradford DeLong.
p. cm.
Includes index.
ISBN 978-0-465-01876-5 (alk. paper)
1. International economic relations—21st century. 2. Power
(Social sciences)—United States. 3. Debts, External—United
States. 4. United States—Foreign economic relations. I. De
Long, J. Bradford. II. Title.
HF1359.C6527 2010
337—dc22
2009031206
10 9 8 7 6 5 4 3 2 1
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for
Eleanor
and for
Michael and Gianna
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CONTENTS
Acknowledgments ix
1 Introduction: When Other
Countries Have the Money 1
2 The Neoliberal Dream Ends 15
3 What the Dream Had Been 35
4 Sovereign Wealth and Other
Government Funds 65
5 Where Did All Their
Money Come From? 91
6 State-Led Development 117
7 Conclusion: Other
Countries’ Money 143
Index 149
vii
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ACKNOWLEDGMENTS
Research for this book received generous support from the
Alfred P. Sloan Foundation and from the European Union
Center of Excellence, UC Berkeley, and benefited from the
excellent research assistance of Estafania Santacreu-Vasut.
ix