Henry Farrell, author of Underground Empire: How America Weaponized the World Economy, discusses the shift from guns to SWIFT codes in American hegemony. Topics include semiconductors, SWIFT network, Binance, EU-US relations, Facebook's currency, and the future of global infrastructure.
American hegemony is shifting from traditional military power to leveraging control over internet policies and financial systems.
The US dollar has become a tool of coercion, allowing the US to impose its laws and influence on other countries.
The Snowden revelations have led to increased efforts by countries to insulate themselves from US influence and control, highlighting the challenges of maintaining power in the digital age.
Deep dives
The Power Dynamics of Global Infrastructure
This podcast episode dives into the role of infrastructure in global power dynamics. It discusses how the United States has leveraged its control over important networks, such as the internet and financial systems, to exert influence and coerce other countries. The episode explores specific examples like the SWIFT network and the 5G dominance of Huawei. It also touches on the concept of weaponizing the boring aspects of the world economy, highlighting how mundane factors like financial regulations and communication protocols can become tools of political power. The episode raises questions about the future of global infrastructure and its implications for international relations.
The Rise of the US Dollar as a Means of Coercion
This podcast episode examines the role of the US dollar as a tool of coercion in the global economy. It explains how the US has used its control over the dollar clearing system and financial infrastructure to impose its laws and influence on other countries. The episode highlights examples like the impact of cutting off Iranian banks from dollar clearing and the potential consequences of US actions against Russian banks. It also discusses the rise of cryptocurrencies and the potential challenges they pose to US dollar dominance. The episode explores the links between economic power, politics, and currency in the international landscape.
The Impact of the Snowden Revelations on Global Power
The podcast episode discusses the significant impact of the Snowden revelations on global power dynamics. It delves into the heightened awareness and fear generated worldwide regarding the power of the United States, as revealed by the NSA surveillance programs. The episode explores how these revelations led to increased efforts by other countries to insulate themselves from US influence and control. It also touches on the evolving dynamics of power in the digital age and the challenges faced by governments and corporations in maintaining control and influence in a rapidly changing landscape.
The Balancing Act of Globalization and Power
This podcast episode explores the complex relationship between globalization and power. It discusses the tensions between the ideals of a globalized world and the desire for control and influence exerted by powerful nations like the United States. The episode highlights examples like the European Union's struggle to navigate the balance between US influence and its own aspirations for autonomy. It also examines the contrasting ambitions of tech giants like Facebook and their attempts to shape global networks and currencies. The episode raises questions about the future of globalization and the competing forces at play in shaping the world order.
The Uncertain Future of Global Infrastructure
The podcast episode examines the uncertain future of global infrastructure and its implications. It discusses the potential challenges and changes that lie ahead as existing infrastructure systems age and new technologies emerge. The episode explores the complexities of managing infrastructure in a world marked by geopolitical tensions and competing interests. It touches on the need for adaptability and resilience in the face of evolving power dynamics. Ultimately, the episode raises questions about the influence of infrastructure on politics, economics, and international relations in the years to come.
This week, Felix Salmon, Emily Peck, and Elizabeth Spiers chat with Henry Farrell, author of Underground Empire: How America Weaponized the World Economy. Henry explains how American hegemony shifted from guns and tanks to SWIFT codes and internet policies. Can China or Russia beat it at its own game?
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