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• catalog abstract ""Between 1973 and 1980, the cost of crude oil rose suddenly and dramatically, precipitating convulsions in international politics. Conventional wisdom holds that international capital markets adjusted automatically and remarkably well: Enormous amounts of money flowed into oil-rich states, and efficient markets then placed that new money in cash-poor Third World economies. This massive reallocation of wealth is labeled petrodollar recycling."--Jacket. "David Spiro has followed the money trail, and the story he tells, based on interviews and a painstaking accumulation of fragmentary evidence, contradicts the accepted beliefs both in the particulars and in broad outline. Most of the sudden flush of new oil wealth did not go to poor oil-importing countries around the globe. Instead the United States made a deal with Saudi Arabia to sell it U.S. securities in secret, a deal resulting in a substantial portion of Saudi assets being held by the U.S. government. With this arrangement, the U.S. government violated its agreements with allies in the developed world. Spiro argues that American policy makers took this action to prop up otherwise intolerable levels of U.S. public debt. In effect, recycled OPEC wealth subsidized the debt-happy policies of the U.S. government as well as the debt-happy consumerism of its citizenry."--Jacket.".
• catalog contributor b11342847.
• catalog coverage "United States Foreign economic relations.".
• catalog created "1999.".
• catalog date "1999".
• catalog date "1999.".
• catalog dateCopyrighted "1999.".
• catalog description ""Between 1973 and 1980, the cost of crude oil rose suddenly and dramatically, precipitating convulsions in international politics. Conventional wisdom holds that international capital markets adjusted automatically and remarkably well: Enormous amounts of money flowed into oil-rich states, and efficient markets then placed that new money in cash-poor Third World economies. This massive reallocation of wealth is labeled petrodollar recycling."--Jacket.".
• catalog description ""David Spiro has followed the money trail, and the story he tells, based on interviews and a painstaking accumulation of fragmentary evidence, contradicts the accepted beliefs both in the particulars and in broad outline. Most of the sudden flush of new oil wealth did not go to poor oil-importing countries around the globe. Instead the United States made a deal with Saudi Arabia to sell it U.S. securities in secret, a deal resulting in a substantial portion of Saudi assets being held by the U.S. government. With this arrangement, the U.S. government violated its agreements with allies in the developed world. Spiro argues that American policy makers took this action to prop up otherwise intolerable levels of U.S. public debt.".
• catalog description "Explaining Petrodollar Recycling -- Defining the Principles of Allocation -- Making Markets Work -- The Failure of International Institutions -- Competing for Capital -- The Interpretation of Hegemony.".
• catalog description "In effect, recycled OPEC wealth subsidized the debt-happy policies of the U.S. government as well as the debt-happy consumerism of its citizenry."--Jacket.".
• catalog description "Includes bibliographical references (p. 159-167) and index.".
• catalog extent "xiv, 177 p. :".
• catalog identifier "080142884X (cloth : alk. paper)".
• catalog isPartOf "Cornell studies in political economy".
• catalog issued "1999".
• catalog issued "1999.".
• catalog language "eng".
• catalog publisher "Ithaca, NY : Cornell University Press,".
• catalog spatial "Arab countries.".
• catalog spatial "United States Foreign economic relations.".
• catalog subject "381/.17/0973 21".
• catalog subject "Balance of payments Arab countries.".
• catalog subject "HG3883.A67 S64 1999".
• catalog subject "International Monetary Fund.".
• catalog subject "International finance.".
• catalog subject "Investments, Arab.".
• catalog subject "Organization of Petroleum Exporting Countries.".
• catalog subject "Petroleum products Prices.".
• catalog tableOfContents "Explaining Petrodollar Recycling -- Defining the Principles of Allocation -- Making Markets Work -- The Failure of International Institutions -- Competing for Capital -- The Interpretation of Hegemony.".
• catalog title "The hidden hand of American hegemony : petrodollar recycling and international markets / David E. Spiro.".
• catalog type "text".