A wide-ranging history of modern America that argues that free trade has been an engine of US foreign policy and the key to global prosperity.\nSurprisingly, exports and imports, tariffs and quotas, and trade deficits and surpluses are central to American foreign relations. Ever since Franklin D. Roosevelt took office during the Great Depression, the United States has linked trade to its long-term diplomatic objectives and national security. Washington, DC saw free trade as underscoring its international leadership and as instrumental to global prosperity, to winning wars and peace, and to shaping the liberal internationalist world order. Free trade, in short, was a cornerstone of an ideology of "capitalist peace."\nCovering nearly a century, Capitalist Peace provides the first chronologically sweeping look at the intersection of trade and diplomacy. This policy has been pursued oftentimes at a cost to US producers and workers, whose interests were sacrificed to serve the purpose of grand strategy. To be sure, capitalists sought a particular type of global trade, which harnessed the market through free trade. This liberal trade policy sought the common good as defined by the needs, aims, and strengths of the capitalist and democratic world. Leaders believed that free trade advanced private enterprise, which, in turn, promoted prosperity, democracy, security, and attendant by-products like development, cooperation, integration, and human rights. The capitalist peace took liberalization as integral to cooperation among nations and even to morality in global affairs. Drawing on new research from the Reagan, George H.W. Bush, Clinton, and George W. Bush presidential libraries, as well as business/ 
industry and civic association archives, Thomas W. Zeiler narrates this history from the road to World War II, through the Cold War, to the resurgent protectionism of the Trump era and up to the present.\nOffering a new interpretation of diplomatic history, Capitalist Peace shows how US power, interests, and values were projected into the international arena even as capitalism brought both positive and negative results to the global order.

Capitalist Peace: A History of American Free-Trade Internationalism

Business & Money

Zeiler, Thomas W.

Economics

Oxford University Press

Alfred Eckes and Thomas Zeiler argue that the "American Century" of global leadership resulted from revolutionary improvements in technology combined with the leadership elite's enthusiasm for free trade. The authors reveal how this formula helped the nation rise to economic power after the Spanish-American War, and win both world wars and the Cold War. America's power and cultural influence soared as business and financial interests pursued global market dominance in the following decade. But the tragic events of September 2001 and the growing volatility of global finance raise questions as to whether the era of American-led globalization is sustainable.

Globalization and the American Century

ECKES Jr., ALFRED E.

Cambridge University Press

In this era of globalization, it is easy to forget that today's free market values were not always predominant. But as this history of the birth of the General Agreement on Tariffs and Trade (GATT) shows, the principles and practices underlying our current international economy once represented contested ground between U.S. policymakers, Congress, and America's closest allies. Here, Thomas Zeiler shows how the diplomatic and political considerations of the Cold War shaped American trade policy during the critical years from 1940 to 1953.
Zeiler traces the debate between proponents of free trade and advocates of protectionism, showing how and why a compromise ultimately triumphed. Placing a liberal trade policy in the service of diplomacy as a means of confronting communism, American officials forged a consensus among politicians of all stripes for freer—if not free—trade that persists to this day. Constructed from inherently contradictory impulses, the system of international trade that evolved under GATT was flexible enough to promote American economic and political interests both at home and abroad, says Zeiler, and it is just such flexibility that has allowed GATT to endure.

Free Trade, Free World: The Advent of GATT (The Luther Hartwell Hodges Series on Business, Society, and the State)

The University of North Carolina Press

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