Review: America’s accidental control of the global economy

‘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
3 minute READ

Neil Shearing

Associate Fellow, Global Economy and Finance Programme

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.

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