As trade flows expanded and trade agreements proliferated after World War II, governments—most notably the United States—came increasingly to use their power over imports and exports to influence the behavior of other countries. But trade is not the only way in which nations interact economically. Over the past two decades, another form of economic exchange has risen to a level of vastly greater significance and political concern: the purchase and sale of financial assets across borders. Nearly $2 trillion worth of currency now moves cross-border every day, roughly 90 percent of which is accounted for by financial flows unrelated to trade in goods and services—a stunning inversion of the figures in 1970. The time is ripe to ask fundamental questions about what Benn Steil and Robert Litan have coined as “financial statecraft,” or those aspects of economic statecraft directed at influencing international capital flows. How has the American government practiced financial statecraft? How effective have these efforts been? How can they be made more effective? The authors provide penetrating and incisive answers in this timely and stimulating book.
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Brookings Senior Fellow and former U.S. State Department Special Envoy on Climate Todd Stern spoke at the US Climate Action Center, at the COP 24 UN climate negotiations, on the future of the Paris Agreement in Katowice, Poland on December 10, 2018.
[On the U.S. negotiating team at the COP 24 climate negotiations in Katowice, Poland] They work seriously, effectively and knowledgeably. There is only this technical negotiating team, not a political one.
[John Bolton’s statement that the North Koreans “have not lived up to the commitments” made in Singapore] totally cuts Secretary of State Pompeo and the special representative, Steve Biegun, at the knees. What is the incentive for North Korea to actually talk about the meat-and-potatoes of denuclearization with the special representative and with the secretary of state if the national security adviser has said nothing is happening so we have to go straight to the top?