CHAPTER 1
High Finance~High Politics
International banking used to be regarded not so long ago as
a straightforward commel~clal activity in which tidy sums of
money could be earned. Bankers compared opportunities in
domestic and foreign markets， totted up the costs and benefits
of alternative profit strategies， and allocated their resources
accordingly. Even with formal political-risk analysis thrown
in， financial decisions were ostensibly divorced from consid-
erations of foreign policy. High finance， in principle at least，
was kept separate from the \"high politics\" of international
diplomacy.
That era is over. International banking has expanded dra-
matically in recent decades--and with that \"international-
ization，\" ilm， ~king operations have become inc~aSingly
9o~iticized， as involvements with foreign governments have
rapidly multiplied in scores of countries from Argentina to
Zaire， from Poland to the Philippines， from Libya to South
Africa. Bankers today have no choice but to pay more atten-
tion to foreign policy issues in the ordinary course of their
business， in practice， high finance can no longer be kept sep-
arate from hig.h politics. Indeed， in the contemporary era， they
are increasingly one and the same.
\"~gha-t~s， this mean for U.S. foreign policy? That is the
question addressed by this book. With the growing interna-
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