Bucking the Buck : US Financial Sanctions and the International Backlash Against the Dollar

Product DescriptionThe US dollar is the world's indispensable currency. The dollar's preeminent status gives the United States enormous coercive powers which it flexes in the form of financial sanctions to punish its adversaries. Over the last twenty years, Washington has relied on financial sanctions with greater and greater frequency. Bucking the Buck argues that the more the United States wields the dollar as a weapon of foreign policy, the more its adversaries will move their international economic activities into other currencies to avoid Washington's coercive reach. Through a combination of case studies and statistical analysis, the book establishes a relationship between US financial sanctions and the rise of "anti-dollar" policies, which are designed to reduce an economy's reliance on the US currency. Though some anti-dollar policies fail to achieve this goal, McDowell's analysis indicates that in many cases they are successful. Patterns of "de-dollarization" following sanctions are clear.In some cases, the anticipation of future sanctions may provoke similar policy measures. Though McDowell does not conclude that sanctions threaten the dollar's status as the world's key currency, the potential consequences of sanctions overuse remain important. Most notably, the use of sanctions may, over time, weaken their effectiveness as US adversaries develop systems and methods to minimize costs associated with such measures. If the United States wishes to preserve the potency of financial sanctions and protect the dollar's dominant position in the world economy, Bucking the Buck argues that Washington's approach to sanctions use should become more discerning. About the AuthorDaniel McDowell is Associate Professor of Political Science at the Maxwell School of Citizenship and Public Affairs at Syracuse University and a 2022-23 Wilson China Fellow at the Wilson Center. His research focuses on the international politics of money and finance, with a focus on the role of the United States and China in these arenas. He is the author of numerous articles in top international relations journals as well as Brother, Can You Spare a Billion? The United States, the IMF, and the International Lender of Last Resort (Oxford, 2017). The US dollar is the world's indispensable currency. The dollar's preeminent status gives the United States enormous coercive powers which it flexes in the form of financial sanctions to punish its adversaries. Over the last twenty years, Washington has relied on financial sanctions with greater and greater frequency. Bucking the Buck argues that the more the United States wields the dollar as a weapon of foreign policy, the more its adversaries will move their international economic activities into other currencies to avoid Washington's coercive reach. Through a combination of case studies and statistical analysis, the book establishes a relationship between US financial sanctions and the rise of "anti-dollar" policies, which are designed to reduce an economy's reliance on the US currency. Though some anti-dollar policies fail to achieve this goal, McDowell's analysis indicates that in many cases they are successful. Patterns of "de-dollarization" following sanctions are clear. In some cases, the anticipation of future sanctions may provoke similar policy measures. Though McDowell does not conclude that sanctions threaten the dollar's status as the world's key currency, the potential consequences of sanctions overuse remain important. Most notably, the use of sanctions may, over time, weaken their effectiveness as US adversaries develop systems and methods to minimize costs associated with such measures. If the United States wishes to preserve the potency of financial sanctions and protect the dollar's dominant position in the world economy, Bucking the Buck argues that Washington's approach to sanctions use should become more discerning. The 1979 film Alien has left an indelible mark on popular culture. Directed by Ridley Scott, at the time known primarily for making advertisements, and starring then-unknown actor Sigourney Weaver in the lead role, it transcended its humble origins to shock and disturb audiences upon its initial release. Its success has led to three direct sequels, two prequels, one ?mashup? franchise, a series of comic books, graphic novels, novelizations, games, and an enormous and devoted fanbase. For forty years, Alien and its progeny have animated debate and discussion among critics and academics from a wide variety of fields and methodological perspectives. This book brings together scholars from diverse disciplinary backgrounds to explore Alien through a contemporary lens. The chapters here demonstrate the extent to which its effects and reception are deeply multifaceted, with the Alien franchise straddling the lines between ?high? and ?low? culture, playing with generic categories, crossing media boundaries, and animating theoretical, critical, and political debates. Chapters touch on female agency and motherhood, the influence of H.R. Giger, the viscerality of Alien's body horror, the narrative tradition of the Female Gothic, the patriarchal gaze in the Alien video games, and the rise of in-universe online marketing campaigns. In so doing, the volume aims to debate Alien's legacy, consider its current position within visual culture, and establish what the series means—and why it still matters—forty years since its birth. "The book's central claim is that US financial sanctions generate political risk in the international currency system. Political risk is defined here as the potential for a political act to raise the expected costs of using a currency for cross-border transactions or as a store of value. Over time, the accumulation of political risk in the system creates incentives for governments to adopt anti-dollar policies to promote the use of currencies or assets other than the dollar for investment and cross-border transactions. Of course, anti-dollar policies may fail. Thus, on their own they do not imply that the dollar is playing a diminishing role in a country's international economic relations. They merely indicate that the government is attempting to bring about such a shift. When sanctions-induced anti-dollar policies do successfully reduce reliance on the dollar, it signifies de-dollarization-the intentional reduction of the dollar's role in a nation's cross-border economic activities. The book explores this argument with a series of empirical chapters that examine the first two decades of the twenty-first century, a period in which the United States steadily increased its use of financial sanctions against foreign adversaries and pariah states"-- Provided by publisher "Alien (1979) has left an indelible mark on popular culture. Directed by a person known for making adverts (Ridley Scott) and starring an unknown actor in the lead role (Sigourney Weaver), it transcended its humble origins to frighten and disturb audiences on its initial release. Its success has led to three direct sequels, two prequels, one "mashup" franchise, and a series of comic books, graphic novels, novelizations, and games, and it has an enormous and devoted fanbase. For forty years, Alien (and its progeny) has animated debate and discussion among critics and academics from a wide variety of disciplines and methodological perspectives. This collection brings together scholars from diverse disciplinary backgrounds to explore Alien more than forty years since its release. The chapters here demonstrate the extent to which this is multifaceted, with the Alien franchise straddling the lines between "high" and "low" culture, playing with generic categories, crossing media boundaries, and animating theoretical, critical, and political debates. In so doing, the collection aims to debate Alien's legacy, consider its current position within visual culture, and establish what the series means (and why it still matters) forty years since its birth"-- Provided by publisher The US dollar is the world's indispensable currency, and it provides the United States enormous coercive powers against its adversaries. Over the last twenty years, Washington has increasingly relied on financial sanctions, but Bucking the Buck shows that the more the US wields the dollar as a foreign policy weapon, the more its adversaries move their economic activities into other currencies to avoid US coercion. The book shows that if the US wants to protect the dollar's status, its approach to sanctions needs to become more nuanced As a media franchise, the film Alien has enjoyed a large and devoted fanbase for over four decades. This new book engages with the franchise in all its forms: not just the original film, but its sequels, prequels, and multimedia offshoots like comic books, audiobooks, action figures and videogames, to offer fresh perspectives on the Alien universe. What is it about Alien that still fascinates audiences, and why does it still matter so many years after its birth?