1,721,037 research outputs found
Cinquant'anni dopo Bretton Woods: dollaro e sistema monetario internazionale tra storia e presente
No full textOn the occasion of the 50th anniversary of the suspension of the convertibility of dollars into gold by the U.S. government, which led to the demise of the Bretton Woods international monetary system (1944), this article offers a contribution to understanding the key features of Bretton Woods. It analyses the mid-term devel- opments that triggered its crisis in the early Seventies, and why nowadays the U.S. currency still serves as the pillar of world trade and payments, and is the most important reserve currency and means of payment. Today these questions are all the more worth addressing as the U.S. economy share in total world trade is on a downward trend and new currencies (Euro, Renminbi) are coming to centre stage in world economic affairs. The author traces the main features of the international monetary system born out of the end of 19th century Gold Standard, and laid out at Bretton Woods; the various reasons behind the origins of its collapse during the 1960s; a reflection on the central role of the U.S. dollar in world trade and payments throughout the last fifty years against the framework of the rampant ascendancy of new global financial players
recensione a Giuseppe Moricola, L'albero della cuccagna. L'affare emigrazione nel grande esodo tra '800 e '900. Aracne, Roma, 2016, in Journal of Modern Italian Studies, Volume 24, issue 3 (2019)
No full textbook revie
Recycling OPEC Oil Revenues and Resurrecting the Dollar, and the U.S. International Payments Position in American Foreign Policy, 1970-1975
Full text linkThis article first briefly outlines a deep-seated U.S. tendency, since the very beginning of the 1970s, to make the financial resources of the OPEC countries finance U.S. exports to the Middle East region through the intermediary role of American banks that at the time began branching out in the region: that approach aimed at getting the OPEC countries involved in propping up the U.S. current account position. Thereafter, it explores the intertwining between the increased financial wealth of the OPEC oil-producing countries and developments in the international capital markets from the beginning of the decade through the first oil shock in 1973. The upward-trending interest rates in Eurodollar markets prompted the oil producers to increase their financial placements with such short-term, unregulated money markets. Thereafter, this analysis focuses on the U.S. strategy to reduce the balance of payments deficit and to restore stability in international trade through the recycling of OPEC funds into international financial arrangements set up under the aegis of the International Monetary Fund, geared to favor longer-term investments.
Finally, the article investigates the ways in which the OPEC countries reacted to this U.S. strategy to urge the oil producers to shift from short-term, inflation-sensitive placements in the Eurocurrency markets to long-term investments. Both historians and social scientists have so far argued that the investments of the oil producers’ oil revenues in foreign markets, the so-called petrodollars, by and large were channeled to finance either the U.S. foreign debt and stock markets, or short-term assets. Neither historians nor economists have focused specifically on the topic of petrodollars from the viewpoint of U.S. foreign economic and financial relations with the oil producers
American Petroleum Institute
No full textThe entry summarises the history of the American Petroleum Institute, the national trade association of the U.S. petroleum industry, since its founding in 1919
Federal Reserve Bank
No full textThis contribution traces the history of the Federal Reserve Bank of the United States from prior to its creation to the outbreak of the 2007 financial crash. After outlining the series of economic crises that hit the American economy at the end of the nineteenth century and at the turn of the new century, it explores the debate and legislative steps born out of those economic slumps that led to establishing a modern central bank system to stabilise the American economy. Then, it investigates the changing balance of power during the decades leading up to the New Deal era between the Federal Reserve Board and the Federal Reserve banks over the crucial stake of whether or not the latter ones could make open market purchases and sales. Thereafter, this contribution explores the New Deal era, when the Fed was widely reformed, and charts the road to independence from the political system featuring the American central bank over the first few post-WWII decades. Thereafter, it tackles the period from the early 1970s to the outbreak of the 2007-2008 financial crash, when monetary theory and monetarist policymakers took on the American central bank and, with rare few exceptions, made the Fed get the economy stable by resorting to monetary tightening. Finally, it makes sense of the role of the Federal Reserve system in bailing out nation-level insurance companies and banks in the wake of the 2007-2008 financial crisi
SUPRA-NATIONAL INTEGRATION AND DOMESTIC ECONOMIC GROWTH. The United States and Italy in the Western Bloc Rearmament Programs 1945-1955
No full textThrough a detailed reconstruction of American rearmament programs to Italy from the birth of NATO through the implementation of multilateral
military assistance during the early 1950s, this research challenges the idea that the end of reconstruction marked a striking American shift from
economic aid to defense policies. The case study of Italy highlights the impact that the defense procurement contracts had both on monetary
stability and balance of payments, as well as the integration of the Italian products within the infant European trade area. This monograph
demonstrates that through military assistance the United States promoted balance of payments equilibrium and expansionary domestic
aggregate demand to lay down the foundation of a mass consumption market. Furthermore, this work makes the point that the Italian elites
resorted to Italy's industrial role as production source for NATO to both export manufactured products to the West European economies and
import high added value instrumental goods from the U.S. market
The Economic Implications of Early Military Assistance to Western Europe under the Truman Administration, 1949-1951
No full textMy aim in this research is to frame the early years of U.S. military
assistance to Western Europe within the context of economic,
financial, and industrial issues. I focus on military support for the
West European North Atlantic Treaty Organization (NATO)
countries from mid-1949 through the end of the administration of
Harry S. Truman in 1952. I argue that during this period the
United States changed its approach to the economic dimensions of
rearmament. I trace the main features of the first military aid
program, a bilateral assistance program based on a widespread
fear that military aid would impair the ongoing economic recovery
promoted by the Marshall Plan; and a strengthening of military
security in Europe aimed at reinforcing existing military forces
rather than promoting new defense industries. I also address the
structure of mutual security in 1950-51 as a multilateral
rearmament program, touching on the main limits of military
assistance and its procedures as they affected transatlantic
relations. The reorganization of military aid to Europe with
offshore procurement programs after 1952 was closely linked to a
new concept elaborated by the Truman administration in which
rearmament could promote development and aid economic
recovery
Capitalismo. Il futuro di un'illusione
No full texttranslation from English into Italian of Fred L. Block, Capitalism. The Future of an Illusion. Oakland: University of California Press, 2018
Book review of A.Rapini, The History of the Vespa. New York: Routledge, 2019 [ISBN: 9780367662257], in "Italia Contemporanea", n. 294/2020, pp. 301-304.
No full textrecensione a A.Rapini, The History of the Vespa. New York: Routledge, 2019book review of A.Rapini, The History of the Vespa. New York: Routledge, 201
Central European Journal of International and Security Studies
No full textbook review of Benjamin Selwyn, The Struggle for Development. Polity, 2017. ISBN 978-1-509-51278-2
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