The development of expropriation insurance: the role of corporate preferences and state initiatives

Charles Lipson

International Organization, 1978, vol. 32, issue 2, 351-375

Abstract: As part of the Marshall Plan, the United States Government developed a state-sponsored program of insurance against currency inconvertibility in Western Europe, which grew slowly into a worldwide program insuring US-based multinational corporations against expropriation, war and revolution as well as inconvertibility. Two hypotheses—one based on corporate preferences, the other on state initiatives—can be used to predict the program's development between 1948 and 1974. While there is some independent scope for state policy, corporate preferences appear to be crucial: state policy on this issue has served corporate interests, and state initiatives on expropriation insurance are constrained by private investment decisions. The basic harmony between private investors and the state on expropriation insurance issues is explained by their shared goal of private capital accumulation.

Date: 1978
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