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Debtor Diplomacy : Finance and American Foreign Relations in the Civil War Era 1837-1873

Debtor Diplomacy : Finance and American Foreign Relations in the Civil War Era 1837-1873
Author(s):Jay Sexton
Collection:Oxford Historical Monographs
Publisher:Oxford University Press, USA
Year:2005
Language:English
Pages:298 pages
Size:1.60 MB
Extension:PDF


[tab] [content title="Description"]The United States was a debtor nation in the mid-nineteenth century, with half of its national debt held overseas. Lacking the resources to develop the nation and to fund the wars necessary to expand and then preserve it, the United States looked across the Atlantic for investment capital. The need to obtain foreign capital greatly influenced American foreign policy, principally relations with Britain. The intersection of finance and diplomacy was particularly evident during the Civil War when both the North and South integrated attempts to procure loans from European banks into their larger international strategies. Furthermore, the financial needs of the United States (and the Confederacy) imparted significant political power to an elite group of London-based financiers who became intimately involved in American foreign relations during this period. This study explores and assesses how the United State's need for capital influenced its foreign relations in the tumultuous years wedged between the two great financial crises of the nineteenth century, 1837 to 1873.Drawing on the unused archives of London banks and the papers of statesmen on both sides of the Atlantic, this work illuminates our understanding of mid-nineteenth-century American foreign relations by highlighting how financial considerations influenced the formation of foreign policy and functioned as a peace factor in Anglo-American relations. [/content] [content title="Content"] [/content] [content title="About the author"]Jay Sexton is the Rich and Nancy Kinder Chair of Constitutional Democracy and Professor of History. A native of Salina, Kansas, he returned to the Midwest to the University of Missouri in 2016 after spending the better part of two decades at Oxford University in England. Sexton started in Oxford as a grad student Marshall Scholar and worked his way up to being Director of the Rothermere American Institute (RAI) and, upon his departure, being elected a Distinguished Fellow of the RAI and an Emeritus Fellow of Corpus Christi College. [/content] [/tab]

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