‘Underground Empire’ argues that because America installed the plumbing of the world’s financial system, it must show restraint – that is unlikely, writes Neil Shearing.
The World Today
Published 29 September 2023 — 3 minute READ
Image — An anti-debt campaigner in Jakarta in 2009. America had the good fortune to be the world’s dominant economy during the era of globalization and the tech boom of the 1990s and 2000s. Photo: Bay Ismoyo / AFP / Getty Images.
Underground Empire: How America Weaponized the World Economy
Henry Farrell and Abraham Newman, Allen Lane, £25
The war in Ukraine is being fought on several fronts. One is on the frontline, where both sides appear to have dug in and a bloody stalemate looms. Another lies deep underground in the tangle of technological and financial networks that connect the global economy. On this front, United States backing means the scales are tilted overwhelmingly in Ukraine’s favour.
