Peoples & Things Mary Bridges on US Bankers Abroad and the Making of a Global Superpower
17 snips
Aug 18, 2025 Mary Bridges, an Ernest May Fellow at Harvard’s Kennedy School, delves into her book, 'Dollars and Dominion,' exploring how U.S. banks unexpectedly shaped global finance. She reveals how banking infrastructure laid the groundwork for U.S. dominance post-World War II, examining the Federal Reserve's pivotal role. The conversation highlights the complex interplay between banking history, U.S. imperialism, and economic power, offering insights into the evolution of financial practices and their contemporary implications.
AI Snips
Chapters
Books
Transcript
Episode notes
IBC: A Gilded-Age Side Hustle Goes Global
- The International Banking Corporation (IBC) began as a Connecticut-chartered bank backed by Gilded Age industrialists.
- It opened branches in Manila, China, Panama and aligned itself informally with U.S. overseas activities while pursuing private profit.
Branches Built Local Elite Networks
- Overseas branches developed their own priorities and often served local elites rather than strictly following Washington's political agenda.
- Banks leveraged local relationships and continued existing elite power structures rather than creating purely 'American' commercial networks.
1913 Fed Enabled Scalable Global Banking
- The 1913 Federal Reserve Act reshaped U.S. banking by enabling national banks to scale and institutionalize overseas networks.
- The Fed promoted banker's acceptances to create a tradable trade-credit market that underpinned international banking activity.
