Dollars and Dominion: U.S. Bankers and the Making of a Superpower

The dominance of US multinational businesses today can seem at first like an inevitable byproduct of the nation’s superpower status. In Dollars and Dominion, Mary Bridges tells a different origin story. She explores the ramshackle beginnings of US financial power overseas, showing that US bankers in the early twentieth century depended on the US government, European know-how, and last-minute improvisation to sustain their work abroad. Bridges focuses on an underappreciated piece of the nation’s financial infrastructure—the overseas branch bank—as a brick-and-mortar foundation for expanding US commercial influence.

Bridges explores how bankers sorted their new communities into “us”—potential clients—and “them”—local populations, who often existed on the periphery of the banking world. She argues that US bankers mapped their new communities by creating foreign credit information—and by using a financial asset newly enabled by the Federal Reserve System, the bankers’ acceptance, in the process. In doing so, they constructed a new architecture of US trade finance that relied on long-standing inequalities and hierarchies of privilege. Thus, racialized, class-based, and gendered ideas became baked into the financial infrastructure.

Contrary to conventional wisdom, there was nothing inevitable or natural about the rise of US finance capitalism. Bridges shows that US foreign banking was a bootstrapped project that began as a side hustle of Gilded Age tycoons and sustained itself by relying on the power of the US state, copying the example of British foreign bankers, and building alliances with local elites. In this way, US bankers constructed a flexible and durable new infrastructure to support the nation’s growing global power.

Mary Bridges, a Ax:son Johnson Institute for Statecraft and Diplomacy postdoctoral fellow at Johns Hopkins School of Advanced International Studies (PhD, Vanderbilt University), is a historian of the 20th century United States, with an emphasis on the linkages between US foreign relations and business history.  Her first book Dollars and Dominion: US Bankers and the Making of a Superpower is published by Princeton University Press in October 2024. Prior to joining SAIS, she was a postdoctoral fellow with Yale University's International Security Studies program. She holds an MA from Yale in International Relations and a BA from Harvard, and she worked as a journalist prior to graduate school.

The Washington History Seminar is co-chaired by Eric Arnesen (George Washington University) and Christian Ostermann (Woodrow Wilson Center) and is organized jointly by the American Historical Association and the Woodrow Wilson Center's History and Public Policy Program. It meets weekly during the academic year.