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1. Triffin Reloaded: The Matrix of Contradictions around Global Quasi-State Money

Author:
Herman Mark Schwartz
Publication Date:
03-2024
Content Type:
Working Paper
Institution:
Max Planck Institute for the Study of Societies
Abstract:
What explains the US dollar’s role in the global economy and the tensions affecting its likely persistence? Most analyses start from Triffin’s dilemma, which accurately captured specific but partial tensions of a global monetary system based on essentially fixed exchange rates, gold backing for its core currency, and relatively robust capital controls. Triffin’s approach, and those based on it, struggles to explain the tensions in a system with floating exchange rates and fiat money, because Triffin and successors assume a commodity theory of money, a loanable funds model for credit creation, and the “triple coincidence” of monetary, legal, and economic zones. Approaching the question from different premises – chartalist money, endogenous credit creation, and interlocked global balance sheets – enables us to see four factors behind the antinomies or dilemmas that structure the dynamics and durability of US dollar centrality. Those four factors are adequate credit creation and thus global aggregate demand growth, current account deficits for the core, domestic legitimacy in major economies, and the dollar’s status as global quasi-state money.
Topic:
Debt, Money, Currency, Power, Financial Systems, Geoeconomics, and Reserves
Political Geography:
Global Focus and United States of America

2. Why the U.S. Should Prioritize Security in Its 5G Roll Out

Author:
James Lee
Publication Date:
05-2021
Content Type:
Policy Brief
Institution:
University of California Institute on Global Conflict and Cooperation (IGCC)
Abstract:
5G technology promises to transform practically every sphere of life, from smartphones and self-driving cars, to remote surgery and virtual reality. Policies related to the rollout of 5G in the United States have tended to focus on mitigating security risks, but does protecting security come at the cost of expanding U.S. global influence—or does it simply cost too much? This policy brief by IGCC postdoctoral research associate James Lee analyzes the three main criteria for deciding what a “good” 5G policy should look like—security, global influence, and efficiency— and recommends that the United States’ 5G strategy prioritize security first, influence second, and efficiency third.
Topic:
Defense Policy, Science and Technology, International Security, Innovation, Strategic Competition, 5G, and Power
Political Geography:
China, United States of America, and Indo-Pacific

3. The Great Debt Divergence and its Implications for the Covid-19 Crisis: Mapping Corporate Leverage as Power

Author:
Joseph Baines and Sandy Brian Hager
Publication Date:
01-2021
Content Type:
Working Paper
Institution:
City Political Economy Research Centre (CITYPERC), University of London
Abstract:
The COVID-19 pandemic has amplified longstanding concerns about mounting levels of corporate debt in the United States. This article places the current conjuncture in its historical context, analysing corporate indebtedness against the backdrop of increasing corporate concentration. Theorising leverage as a form of power, we find that the leverage of large non-financial firms increased in recent decades, while their debt servicing burdens decreased. At the same time, smaller firms experienced sharp deleveraging alongside increasing debt servicing costs. Crucially, smaller corporations also registered severe losses over this period, while large corporations remained profitable, and in fact doubled their net profit margins from the early-1990s to the present. Taken together, the results from our mapping exercise uncover a series of dramatic changes in the financial fortunes of large versus smaller firms in recent decades, a phenomenon we refer to as the great debt divergence. We explain this divergence with reference to the dynamics of power in the era of µshareholder capitalism, and we argue that the US political economy in the post-COVID 19 world is likely to resemble the pre-COVID 19 one, only with more market turmoil, more concentration, more inequality, and even less investment.
Topic:
Debt, COVID-19, Corporations, Power, Leverage, and Shareholder Value
Political Geography:
North America and United States of America

4. Power Transition in the South China Sea Challenges for Regional Peace

Author:
Suman Naz and Muhammad Rizwan
Publication Date:
01-2021
Content Type:
Journal Article
Journal:
The Rest: Journal of Politics and Development
Institution:
Centre for Strategic Research and Analysis (CESRAN)
Abstract:
The South China Sea is a contested region between China and different smaller states ( Vietnam, the Philippines, T aiwan, Malaysia, and Brunei) of the Asia Pacific region. The United States is acting as a balancer by supporting smaller nations against assertive Chinese policies. Moreover, the United States has a military presence in the region. According to the US, it has a military presence to protect its allies and freedom of navigation. China considers these US designs as a threat to its interest in the region. The United State who was once considered the sole superpower in the world is now challenged by China in the South China Sea. Power Transition theory explains if the emerging superpower does not follow the rules established by the existing superpower then the conflict is inevitable. As China is building artificial islands, it could invite a strong response from the United States that could eventually lead to a major conflict. This Study analyzes the conflict in the South China Sea by using the lens of Power Transition Theory.
Topic:
Hegemony, Peace, Transition, Emerging Powers, and Power
Political Geography:
China, Malaysia, Taiwan, Asia, Vietnam, Philippines, North America, Brunei, United States of America, and South China Sea

5. Foucauldian Panopticon: A Model for U.S. Cyber Surveillance

Author:
Nida Sheikh and Muhammad Usman Askari
Publication Date:
07-2021
Content Type:
Journal Article
Journal:
Journal of Political Studies
Institution:
Department of Political Science, University of the Punjab
Abstract:
Unlike the conventional means of surveillance in the past, cyber surveillance has become a great security tactic due to being technologically advanced, ungoverned and holistic in scope. In context of contemporary international relations, China, Russia, Iran and North Korea are using the components of information warfare to serve their strategic interests. The internationally competitive trends of information technology and surveillance make U.S. more concerned about its national security and defeating the information warfare threat. Being a global leader, U.S. is constantly developing its cyber capabilities to contain the rise of China.On account of persistent threat perception of cyber intrusions from China, U.S. has been using cyber surveillance as a counter measure. U.S has integrated its cyber capabilities with military operations in the form of aerial, land and naval surveillance to ensure its national security. The present research aims to explore that how cyber surveillance has become an indispensable component of U.S. defense strategy? Michel Foucault’s surveillance theory has been used as a foundation of the study to analyze the implication of surveillance and power in context of U.S. defense policy. The study used qualitative content analysis and furthermore, directed approach has been used. The research is mainly bifold; initially it endeavors to analyze U.S. national strategies within the timeframe of 2015-2020 and subsequently discusses U.S. cyber surveillance capabilities, using the lens of Foucauldian panopticon.
Topic:
National Security, Infrastructure, Surveillance, Cyberspace, Michel Foucault, Power, Panopticon, and Threat Perception
Political Geography:
North America and United States of America

6. Arctic Stress Test: Great power competition and Euro-Atlantic defence in the High North

Author:
Simona R. Soare
Publication Date:
04-2020
Content Type:
Policy Brief
Institution:
European Union Institute for Security Studies
Abstract:
The Arctic is again becoming a region of strategic focus. For three decades after the Cold War, when the region was at the centre of great power competition, successful cooperation transformed the Arctic into a ‘low tension’ zone and consolidated the perception of ‘Arctic exceptionalism’, the sense that the region is uniquely cooperative and immune from broader geopolitical tensions. For the eight Arctic states that comprise the Arctic Council – Canada, Denmark, Finland, Iceland, Norway, Sweden, Russia and the US – there has been hope that regional dynamics can be insulated from global geopolitical shifts. However, two phenomena are challenging the notion of Arctic exceptionalism and testing the limits of regional governance. First, climate change is accelerating the melting of polar ice at a historically unprecedented pace. Ever larger swathes of the Arctic are becoming accessible, and with them the region’s untapped natural resources, raising the prospect of increased human activity. Second, great power competition between the US, Russia and China in and for the Arctic is intensifying, changing regional power dynamics and exposing the region to ‘spillover’ effects from competition in Europe and the Indo-Pacific. These changes are accentuated by the erosion of the rules-based international order which underpins Arctic governance, the dismantling of the arms control regime, and the rapid proliferation of advanced military capabilities. Physical presence and ownership of infrastructure are becoming vectors of influence, as evidenced by President Trump’s offer to ‘buy Greenland.’ Meanwhile, Russian bombers regularly approach European and North American airspace and Russian submarines are increasingly present in the Norwegian and North Seas, constantly probing the agility of Euro-Atlantic defences. The growing Chinese presence in the region creates economic and financial dependencies. Consequently, what happens in the Arctic affects more than just regional actors. What does great power competition for access to and control of the Arctic mean for Euro-Atlantic security? In answering this question, this Brief argues that the Arctic will be a strategic stress test for European defence and for the transatlantic bond. The paper is structured in three parts. The first part outlines the security challenges and the drivers of geopolitical change in the Arctic. The second part examines the features of great power competition in this region and the implications for European and transatlantic defence. The final section of the Brief offers policy considerations for European and transatlantic decision-makers on how to mitigate the negative consequences of these regional dynamics.
Topic:
European Union, Geopolitics, Strategic Competition, and Power
Political Geography:
Russia, Europe, Arctic, and United States of America

7. Discipling Intimacy: The Role of the Catholic Church in Everyday and Intimate Lives of Young Adult Latinos

Author:
Nur Banu Kavaklı
Publication Date:
03-2019
Content Type:
Journal Article
Journal:
AURUM Journal of Social Sciences
Institution:
Altinbas University
Abstract:
Investigating the impact of Catholicism on intimate relationships among young adult Latinos, this work examines whether the role of religion has changed for this particular group. Marriage preparation classes provide a window for understanding the disciplinary power of the Church and how individuals respond to this power. Individuals’ response to these programs is an indicator of their perception of the legitimacy of the Church in dictating ways of life. This research shows that the authority of the Catholic Church is in decline, particularly when disciplining of intimate lives is concerned. Selective rejection of certain teachings of Catholicism is a diffused act of micro-level resistance to the established order. Believers use their own lived experiences and practical knowledge of Catholicism to interpret the teachings of the Church. They construct a religious identity influenced by individualism, where ‘being a good Catholic” is determined according to own and –sometimes unique- terms of each individual. This re/de-construction of religious identity is most significant in matters of sexuality.
Topic:
Religion, Catholic Church, Institutions, Sexuality, Resistance, Marriage, Power, and Latinos
Political Geography:
United States of America

8. Influence and Hegemony: Shifting Patterns of Material and Social Power in World Politics

Author:
Simon Reich and Richard Ned Lebow
Publication Date:
01-2017
Content Type:
Journal Article
Journal:
All Azimuth: A Journal of Foreign Policy and Peace
Institution:
Center for Foreign Policy and Peace Research
Abstract:
Throughout the postwar era, many realists and liberals have maintained the fiction of American hegemony. They have described it as the keystone to global political and economic stability.1 They have also worried that US hegemony was in decline. In the 1970s, these fears were triggered by the resurgence of Germany and Japan, and in the last decade, by the remarkable rise of China. We contend that US hegemony, to the extent it ever existed, was a shortlived postwar phenomenon; that the US frequently behaved in ways that has threatened the order it is allegedly committed to upholding; that hegemony is unnecessary – perhaps inimical – to global stability; and that the functions associated with hegemony have in practice become increasingly diffused among the great powers. Conceptually, the commitment to hegemony stands in the way of our understanding of contemporary international relations. Substantively, it offers an inappropriate and unrealistic role model for American policymakers.
Topic:
Hegemony, Realism, Liberalism, Power, Influence, Sponsorship, and Collaboration
Political Geography:
Global Focus and United States of America

9. The Paradox of Power Asymmetry: When and Why Do Weaker States Challenge US Hegemony?

Author:
Hong-Cheol Kim
Publication Date:
07-2016
Content Type:
Journal Article
Journal:
All Azimuth: A Journal of Foreign Policy and Peace
Institution:
Center for Foreign Policy and Peace Research
Abstract:
Little is known about how, among weaker states, incentives to challenge the status quo are related to the expected response of the US as the system’s hegemon. In contrast to conventional wisdom that suggests militarized punishment can deter potential challengers, it is argued that weak but strongly motivated challengers can interpret the hegemon’s military intervention against adversaries as a window of opportunity to launch their own actions. Empirical results using Generalized Estimating Equations (GEE) and binary time-seriescross-section (BTSCS) models reveal that weaker states possess incentives to challenge the international status quo when the hegemon is preoccupied with prior foreign policy commitments, most notably war. In other words, weaker states dissatisfied with the status quo are more likely to challenge the hegemon when it is preoccupied with prior military commitments. They do so because war involvement distracts the hegemon, drains its capabilities and resolve, and opens up a window of opportunity for weaker states to issue challenges. In addition, weaker states that have an alliance portfolio dissimilar to that of the hegemon are more likely than others to initiate Militarized Interstate Disputes. Theoretically, this paper provides microfoundations to answer the question of why weaker parties instigate asymmetric conflicts when it might seem irrational to do so.
Topic:
International Relations, Hegemony, Conflict, Power, and Asymmetric Relations
Political Geography:
Global Focus and United States of America