FSI researchers strive to understand how countries relate to one another, and what policies are needed to achieve global stability and prosperity. International relations experts focus on the challenging U.S.-Russian relationship, the alliance between the U.S. and Japan and the limitations of America’s counterinsurgency strategy in Afghanistan.
NATO Expansion and the Swap Lines: the Unspoken Geopolitics of the Financial Crisis in Europe, 2007-2013
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2008 witnessed a double shock to the post Cold War order. The North Atlantic financial system suffered a historic crisis, which could be managed only by unprecedented financial intervention by the US state. Weeks before Wall Street imploded, Russia invaded Georgia, a country which earlier in the year had been promised NATO membership. Too little remarked upon at the time, this paper will argue that this conjuncture revealed stark limits to the North Atlantic system of security and financial stability, which since 2013 have come back to haunt us in the on-going Ukrainian crisis.
Adam Tooze is the Kathryn and Shelby Cullom Davis Professor of History at Columbia University.
Note: New Location
CISAC Central Conference Room
Adam Tooze
Kathryn and Shelby Cullom Davis Professor of History
Speaker
Columbia University
Seminars
Jason is a political economist who is interested in political risk, the politics of public finance, and economic history. His dissertation examines how newly-independent states finance themselves, focusing on former British colonies. Analysis of the London Stock Exchange in the quarter century following World War II reveals a surprising trend: colonial debt bond prices remained remarkably stable throughout decolonization. In his research at the British National Archives in London, funded in part by The Europe Center, Jason found that price stability was an insufficient indicator of investor confidence. Far from reflecting investors unperturbed by the uncertainty of decolonization, Jason's research uncovers evidence that investors were indeed concerned about the effects of independence on their investment. In fact, investor concerns manifested in higher interest rates, fewer colonial debt bond issues, and lower subscription rates relative to earlier periods. His archival research further uncovers factors that explain why colonial debt bond prices fail to reflect investor sentiment. Chief among these was the British government's intervention in the market. Its strategic purchase and holding of colonial debt bonds ensured price stability despite investor concerns.
In his recent visit to Stanford University, former NATO Secretary General Anders Fogh Rasmussen painted a bleak picture of global politics. The hope of the Arab Spring has been replaced by new authoritarian regimes, civil war, and ISIS. Russia is becoming more internally authoritarian and externally aggressive. According to one measure, global levels of freedom have been in decline for the past nine consecutive years. "It looks", he said, "as if a Pandora's box of religious, ethnic, and political strife has been opened, and many nations have plunged into chaos and extremism." According to Rasmussen, successfully navigating these global challenges requires a concerted effort among liberal democratic states, spearheaded by American leadership. In order to create a strong global community of liberal democracies, he advocated strengthening the Transatlantic alliance. In addition to the existing military alliance forged through NATO, he proposed the creation of a Transatlantic Free Trade Area (TAFTA) and a Transatlantic peoples program, which would foster educational, scientific, and cultural exchanges among the partner states. More than 150 people attended the talk, which was held on September 25. To watch Rasmussen's talk in full, please visit our 
