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Since the late 1950s the world's banks have expanded their global operations, with US institutions leading the way. As the recent global economic crisis shows, actions of private bankers can threaten capital markets, weaken national regulatory systems, and strain international cooperation-seriously endangering the world economy and the interests of nation states.

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CHOICE Review

Dombrowski analyzes the globalization of US commercial banking and its implications for public policies. Successive chapters describe the globalization process and its linkage to US foreign policy; a principal-agent presentation of this relationship; the role of voluntary credit restraints in the 1960s and 1970s in launching the Euromarkets; the global debt crisis of the 1980s and its management and eventual workout; and lessons for the future. The author provides reasonable political analysis of the public interest aspects of global banking activities with regard to the dual relationship between bank interests and the interests of nations. Banking globalization has clearly paid dividends from the perspective of US national interests, so it is logical that the general public step up to the plate when the industry is heading for disaster. The real question is whether these benefits and costs (or risk-bearing obligations) are symmetrical, which will be a major issue as international banking crises develop in the future. Unfortunately, the author does not focus much on where the real action is in international finance--the capital markets activities of investment banks and investment banking affiliated with universal banks--which is where the next crises are likely to occur. An interesting volume, recommended for college and university libraries. I. Walter New York University

Notas de autor provistas por Syndetics

Peter Dombrowski is professor and chair of the Strategic Research Department at the US Naval War College and adjunct professor of political science at the Watson Institute for International Studies at Brown University.