Side-effects: Politicization of the Financial World
Key Terms: Financial War against Terrorism, Public Choice/Classical Liberalism,
Classical Marxism, World System Theory, Statism, Realism, Asian Financial Crisis,
money laundering, investment banking, “War of Unlimited Boundaries,” Bush
Doctrine, North-South Relations, the Black Friday of Great Depression, New Deal
Key Persons: Adam Smith, John Keynes, Karl Marx, Francis Fukuyama, Paul
O’Neill, John Snow, Mahathir Mohammad, George Soros, Franklin Roosevelt,
Morgan Stanley, Arthur Anderson Co., Enroy, Tung Chee-wah, Alan Greenspan
Key Places: European Union, Japan, Switzerland, Bahamas, Paraguay, Bermuda
I. Theories Governing the Economic Role in the Political World
Perspective A: Public Choice Liberalism and Classical Liberalism
Perspective B: Classical Marxism and World System Theory
Perspective C: Statism and Realism
Globalization Argument (Francis Fukuyama):
“The End of History” of Politics; the Start of History of Economy?
II. Concept of Separated Spheres Between Politics and Economy
Separation of Decision-makers in the Political and Economic World
Concept of the “Backdoor Insurance”
Challenge of the “War of Unlimited Boundaries”
Asian Financial Crisis: the Accusation of Mahathir Mohammad
Politicized Economy, Conspiracy, and North-South Relations
III. Impacts of 911 on World Economy
The Whole World Trade Tower: Voices of the Investment Bankers
Wall Street Stock Market: History of Black Friday, Aftermath of Iraq
Insurance Industry: Challenge against the Concept of Insurance
Aviation Industry: the Nightmare of American Airline and Tourism
Domino Effect: Auditing Industry and the Arthur Anderson Scandal
911: An Economic Attack Only?
IV. “Financial War against Terrorism”
Bush Doctrine applied to the Financial World
Target A: Direct Assets and Investments of Terrorists
Target B: Money Laundry Havens (Central and Southern America)
Target C: International Creditable Banks (Switzerland)
V. Conclusion – Prospects of the “Pure Financial Cities”
The American Achievements
Possible Side-effects of the “War”
Implications of the Swiss Entry into the United Nations
Tung Chee-wah: “Hong Kong is only a commercial city”……
Question: (1) Has 911 changed anything in the financial world? (2) If the 911 attack
was not targeting against New York City, would Bush launch the Financial War
against Terrorism? Why or why not?
Main Text: Martin Baily: “Stirred But Not Shaken – The Economic Repercussions”
(H&R P.269-282)
Supplementary Text: US Department of the Treasury: The 2001 National Money
Laundering Strategy. Sept 2001. (Financial Measures against Terrorism
Website: http://www.usconsulate.org.hk/usinfo/terror/2001/ml2001.pdf)
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