Global finance : America's role and stakes
Krogh, Peter F. (Peter Frederic)
Person InterviewedHormats, Robert D.
Examines America's role and interests in the international financial system.
Just fifty years ago the United States stood as the sole nation financially capable of rebuilding a devastated Europe and Japan. American backing also enabled the creation of the World Bank and the International Monetary Fund, institutions essential in supporting and strengthening the economies of developing nations. Yet in the 1970s a variety of financial factors combined to transform the United States from the world's largest lender into a debtor nation. Runaway oil prices, massive defaults on the repayments of foreign loans to U.S. banks, and a rising tide of inexpensive imports from emerging economies all signaled the arrival of a new era for the American economy. A partial response to the growing trade deficit was a new emphasis on trade agreements, revealing the increasingly interconnected state of the world economy. In this episode, host Peter Krogh sits down with Robert Hormats, Vice Chairman of Goldman Sachs International and former Assistant Secretary of State for Economic and Business Affairs, and Jeffrey Shafer, Assistant Secretary of the Treasury for International Affairs, to discuss America's interests in the international economy. Together they examine the questions, what is going on in the arcane world of international finance, and how can the U.S. flourish in the new global economy?
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