Benn Steil | |
---|---|
Education | BSc Wharton School of the University of Pennsylvania MPhil, DPhil Nuffield College, Oxford |
Occupation(s) | Economist, Writer |
Employer | Council on Foreign Relations |
Title | Senior Fellow and Director of International Economics |
Benn Steil is an American economist and writer. [1] He was educated at Nuffield College, Oxford and at the Wharton School of the University of Pennsylvania. Steil is the senior fellow and director of international economics at the Council on Foreign Relations. He is the founder and editor of the journal International Finance . [2] He has been awarded the New-York Historical Society’s Prize for best book on American history, the American Academy of Diplomacy’s Douglas Dillon Book Prize, the Hayek Book Prize, and the Spear’s Book Prize in Financial History.
Benn Steil is senior fellow and director of international economics [3] at the Council on Foreign Relations in New York. He is the lead writer of the Council’s Geo-Graphics economics blog, and the creator of nine web-based interactives tracking Global Monetary Policy, Global Inflation, Global Imbalances, Global Growth, Global Trade, Global Energy, Sovereign Risk, China’s Belt and Road, and Central Bank Currency Swaps. [3] Prior to his joining the Council in 1999, he was director of the International Economics Programme at the Royal Institute of International Affairs (Chatham House) in London. He came to the Institute in 1992 from a Lloyd’s of London Tercentenary Research Fellowship at Nuffield College, Oxford, where he received his MPhil and DPhil (PhD) in economics. He also holds a BSc in economics summa cum laude from the Wharton School of the University of Pennsylvania.
Dr. Steil has written and spoken widely on international finance, monetary policy, financial markets, and economic and diplomatic history. He has testified before the U.S. House, Senate, and CFTC, and is a regular op-ed writer and commentator on CNBC. His most recent book, The World That Wasn't: Henry Wallace and the Fate of the American Century, published in January 2024, was named as FT Best Summer History Book. Presidential Historian Richard Norton Smith called it "riveting," and "timely." The Wall Street Journal declared it "definitive," and Publishers Weekly called it "meticulous," "vivid," and "rewarding." His previous book, The Marshall Plan: Dawn of the Cold War, won the New-York Historical Society’s 2019 Barbara and David Zalaznick Prize for best work on American history, won the American Academy of Diplomacy’s 2018 Douglas Dillon Prize, won the Honorable Mention (runner-up) for the 2019 ASEEES Marshall D. Shulman Prize, was shortlisted for the Duff Cooper Prize, and is ranked number 3 among BookAuthority’s Best Diplomacy Books of All Time. Paul Kennedy in the Wall Street Journal called the book “brilliant,” the New York Times called it “trenchant and timely,” the Financial Times called it “elegant in style and impressive in insights,” and the Christian Science Monitor called it a “gripping, complex, and critically important story that is told with clarity and precision.” His earlier The Battle of Bretton Woods: John Maynard Keynes, Harry Dexter White, and the Making of a New World Order, won the 2013 Spear’s Book Award in Financial History, took third prize in CFR’s 2014 Arthur Ross Book Award competition, was shortlisted for the 2014 Lionel Gelber Prize (“the world’s most important prize for non-fiction,” according to The Economist), and was the top book-of-the-year choice in Bloomberg’s 2013 poll of global policymakers and CEOs. The Financial Times called the book “a triumph of economic and diplomatic history,” the Wall Street Journal called it “a superb history,” the New York Times called it “the gold standard on its subject,” and Bloomberg’s Tom Keene called it “the publishing event of the season.” An earlier book, Money, Markets, and Sovereignty, won the 2010 Hayek Book Prize.
Friedrich August von Hayek, often referred to by his initials F. A. Hayek, was an Austrian-British academic who contributed to economics, political philosophy, psychology, and intellectual history. Hayek shared the 1974 Nobel Memorial Prize in Economic Sciences with Gunnar Myrdal for work on money and economic fluctuations, and the interdependence of economic, social and institutional phenomena. His account of how prices communicate information is widely regarded as an important contribution to economics that led to him receiving the prize.
International Relations is an academic discipline. In a broader sense, the study of IR, in addition to multilateral relations, concerns all activities among states—such as war, diplomacy, trade, and foreign policy—as well as relations with and among other international actors, such as intergovernmental organizations (IGOs), international nongovernmental organizations (INGOs), international legal bodies, and multinational corporations (MNCs).
The Bretton Woods Conference, formally known as the United Nations Monetary and Financial Conference, was the gathering of 730 delegates from all 44 allied nations at the Mount Washington Hotel, in Bretton Woods, New Hampshire, United States, to regulate what would be the international monetary and financial order after the conclusion of World War II.
The Hull note, officially the Outline of Proposed Basis for Agreement Between the United States and Japan, was the final proposal delivered to the Empire of Japan by the United States of America before the attack on Pearl Harbor and the Japanese declaration of war. The note, delivered on November 26, 1941, is named for Secretary of State Cordell Hull. It was the diplomatic culmination of a series of events leading to the attack on Pearl Harbor. Notably, its text repeats previous American demands for Japan to withdraw from China and from French Indochina. No further American proposals were made before the attack on Pearl Harbor, as the US government had received intelligence that Japan was preparing an invasion of Thailand.
The Bretton Woods system of monetary management established the rules for commercial relations among the United States, Canada, Western European countries, and Australia and other countries, a total of 44 countries after the 1944 Bretton Woods Agreement. The Bretton Woods system was the first example of a fully negotiated monetary order intended to govern monetary relations among independent states. The Bretton Woods system required countries to guarantee convertibility of their currencies into U.S. dollars to within 1% of fixed parity rates, with the dollar convertible to gold bullion for foreign governments and central banks at US$35 per troy ounce of fine gold. It also envisioned greater cooperation among countries in order to prevent future competitive devaluations, and thus established the International Monetary Fund (IMF) to monitor exchange rates and lend reserve currencies to nations with balance of payments deficits.
Jacob Viner was a Canadian economist and is considered with Frank Knight and Henry Simons to be one of the "inspiring" mentors of the early Chicago school of economics in the 1930s: he was one of the leading figures of the Chicago faculty. Paul Samuelson named Viner as one of the several "American saints in economics" born after 1860. He was an important figure in the field of political economy.
Harry Dexter White was a senior U.S. Treasury department official. Working closely with the Secretary of the Treasury Henry Morgenthau Jr., he helped set American financial policy toward the Allies of World War II. He was later accused of espionage by passing information to the Soviet Union, an allegation which was confirmed after his death.
Daniel Howard Yergin is an American author and consultant within the energy and economic sectors. Yergin is vice chairman of S&P Global. He was formerly vice chairman of IHS Markit, which merged with S&P in 2022. He founded Cambridge Energy Research Associates, which IHS Markit acquired in 2004. He has authored or co-authored several books on energy and world economics, including the Pulitzer Prize–winning The Prize: The Epic Quest for Oil, Money, and Power, (1991) The Quest: Energy, Security, and the Remaking of the Modern World (2011), and The New Map: Energy, Climate, and the Clash of Nations (2020).
Charles Poor Kindleberger was an American economic historian and author of over 30 books. His 1978 book Manias, Panics, and Crashes, about speculative stock market bubbles, was reprinted in 2000 after the dot-com bubble. He is well known for his role in developing what would become hegemonic stability theory, arguing that a hegemonic power was needed to maintain a stable international monetary system. He has been referred to as "the master of the genre" on financial crisis by The Economist.
The law of one price (LOOP) states that in the absence of trade frictions, and under conditions of free competition and price flexibility, identical goods sold at different locations should be sold for the same price when prices are expressed in a common currency. This law is derived from the assumption of the inevitable elimination of all arbitrage.
Martin Harry Wolf is a British journalist who focuses on economics. He is the chief economics commentator at the Financial Times. He also writes a weekly column for the French newspaper Le Monde.
Peter Bain Kenen was an American economist, who was the Walker Professor of Economics and International Finance at Princeton University, and senior fellow in international economics at the Council on Foreign Relations.
The bancor was a supranational currency that John Maynard Keynes and E. F. Schumacher conceptualised in the years 1940–1942 and which the United Kingdom proposed to introduce after World War II. The name was inspired by the French banque or. This newly created supranational currency would then be used in international trade as a unit of account within a multilateral clearing system—the International Clearing Union—which would also need to be founded.
Susan Strange was a British political economist, author, and journalist who was "almost single-handedly responsible for creating international political economy." Notable publications include Sterling and British Policy (1971), Casino Capitalism (1986), States and Markets (1988), The Retreat of the State (1996), and Mad Money (1998).
Joshua Kurlantzick is an American journalist from Baltimore, Maryland, United States. He is a Fellow for Southeast Asia at the Council on Foreign Relations.
The Arthur Ross Book Award is a politics-related literary award.
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The post-war displacement of Keynesianism was a series of events which from mostly unobserved beginnings in the late 1940s, had by the early 1980s led to the replacement of Keynesian economics as the leading theoretical influence on economic life in the developed world. Similarly, the allied discipline known as development economics was largely displaced as the guiding influence on economic policies adopted by developing nations.
Eric Helleiner is an author and professor of political science and the Faculty of Arts Chair in International Political Economy at the University of Waterloo, and a professor at the Balsillie School of International Affairs.
Paul James Sheard is an Australian-American economist. Most recently he was Research Fellow and earlier M-RCBG Senior Fellow at Harvard Kennedy School's Mossavar-Rahmani Center for Business and Government, after previously being Vice Chairman of S&P Global. Sheard has held chief economist positions at Lehman Brothers, Nomura Securities, Standard & Poor's Ratings Services, and S&P Global. Prior to entering financial markets in 1995, he was an academic economist based in Australia, Japan and the United States, specializing in the Japanese economy and the economics of firm organization. He was a member of the World Economic Forum's Global Future Council on the New Agenda for Fiscal and Monetary Policy (2020-2022), having been a member of the WEF's Global Future Council on the New Economic Agenda (2018-2020) and of its Global Agenda Council on the International Monetary System (2010-2012). He is a member of the board of the Foreign Policy Association and is a member of the advisory board of the Levy Economics Institute of Bard College. He is a member of the Bretton Woods Committee, the Council on Foreign Relations, the Economic Club of New York and the National Committee on U.S.-China Relations. He attends and speaks regularly at conferences around the world, and his views on the global economy and economic policy are frequently cited in the international press.
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