Читать книгу Financial Cold War. A View of Sino-US Relations from the Financial Markets онлайн

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Nevertheless, markets operate within institutional frameworks and are subject to the incentives that they create. When policies are calibrated to encourage competition and foster enterprise, markets can be powerful drivers of innovation and progress. Financial markets are complex ecosystems, however. Poorly designed incentive structures and lax regulatory enforcement can give rise to serious imbalances. When imbalances occur, their impact can stretch far beyond the financial sphere, with significant social, political and diplomatic repercussions.

Since finding resolutions must begin with understanding, this book reviews in detail the history of how the global financial system today has come about, as well as the ideological and practical underpinnings of different financial and economic policies.

Part One of the book focuses on the US. It first gives an account of how the dollar came to dominate the global financial system, and explains the policies, regulations, infrastructure and market conventions that perpetuate the dollar's global role. It then questions whether the costs of that role to both the US and the rest of the world may now outweigh the benefits.