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1. Europe under US Monetary Hegemony: How the COVID-19 Pandemic Will Undermine a 100-Year-Old Relationship

Author:
Brendan Brown
Publication Date:
10-2020
Content Type:
Policy Brief
Institution:
Hudson Institute
Abstract:
This policy study is based on the newly released book, Europe’s Century of Crises under Dollar Hegemony: A Dialogue on the Global Tyranny of Unsound Money, by Brendan Brown and Philippe Simonnot, published by Palgrave Macmillan. One hundred years ago, the United States emerged from the First World War and its immediate aftermath, including the Spanish flu pandemic, as the global monetary hegemon, exercising immense power over the Old Continent. This new power quickly became the source of huge instability in Europe, culminating in the collapse of the Weimar Republic. After World War II, the Bretton Woods system set new contours for US monetary hegemony, ultimately resulting in the great economic crisis of 1973–75. This woeful history continues to the present day: Dollar hegemony has not been a force for good. It could have been different. The United States and Europe would both have gained from a US hegemony based on sound money principle. Instead, the guiding characteristic of US monetary power has been inflation, especially around election time. According to the doctrine made notorious by Treasury Secretary John Connally, who served under President Nixon, “the dollar is our currency but your problem.” The US monetary regime’s further lurch toward fundamental unsoundness during the COVID-19 pandemic is not getting the new century of US monetary hegemony off to a new start. The “known unknown” is whether forces will emerge in Europe that will again challenge US inflationary dominance, as occurred under Germany’s leadership in the 1970s. Could high inflation in the post-pandemic US economy cause US monetary hegemony over Europe to crumble?
Topic:
Economics, International Trade and Finance, History, Monetary Policy, Hegemony, Transatlantic Relations, and COVID-19
Political Geography:
Europe and United States of America

2. Big Business in a Multipolar World

Author:
A. Borisov
Publication Date:
01-2020
Content Type:
Journal Article
Journal:
International Affairs: A Russian Journal of World Politics, Diplomacy and International Relations
Institution:
East View Information Services
Abstract:
The 20th Century went down in history as a century of ideologies and sharp confrontation of states belonging to different systems, the Soviet Union and the United States in the first place. The 21st century has already demonstrated a mounting geopolitical confrontation of great powers that drew international business interests into their whirlpool. It turned out that the main actors of world politics cannot agree on new prin- ciples of economic cooperation, free competition and respect for the spheres of interests – they have chosen the road of mounting worldwide tension.
Topic:
Diplomacy, International Cooperation, Hegemony, and Geopolitics
Political Geography:
China, Asia, North America, and United States of America

3. The U.S. Economy in a Polycentric World: Prospects for Preserving Its Position

Author:
V. Supyan
Publication Date:
01-2020
Content Type:
Journal Article
Journal:
International Affairs: A Russian Journal of World Politics, Diplomacy and International Relations
Institution:
East View Information Services
Abstract:
THE U.S., as a leader in innovation, is among the top-ranked countries in the world, according to key indicators for both economic development and global economic relations. For years, even decades, there was no doubt about the economic and geopolitical leadership of the U.S. However, in spite of remaining a leader in key economic areas, the U.S. is no longer so indisputably dominant in all respects, as the 21st century world is becoming increasingly polycentric.
Topic:
Hegemony, Leadership, Innovation, and Economic Development
Political Geography:
North America and United States of America

4. China’s Territorial Claim at South China Sea: A Strategic Competition with USA and its Implications

Author:
Kanwal Hayat and Rehana Saeed Hashmi
Publication Date:
07-2019
Content Type:
Journal Article
Journal:
South Asian Studies
Institution:
Department of Political Science, University of the Punjab
Abstract:
China claims South China Sea as its sovereign domain where it possesses the right to intervene militarily and economically. However, USA considers South China Sea as a common global passage where rule of law and freedom of navigation should prevail.These diverging viewpoints coexist in a wobbly peace environment where both US and China want their own version of international law to be applied and have occasionally resorted to minor armed conflicts over this issue. Every state claiming authority over South China Sea is willing to use coercion in order to get what they want, however, the extent of how far they are willing to go is not clear. This is resulting in a show of gunboat diplomacy involving maritime force of influential states that strives to manipulate the policy makers of the relevant nations (Costlow, 2012). The paper will focus on the situation in the South China Sea. South China Sea is not only claimed by China but various other Asian nations. Does this territorial strife possess the power to turn the region into a war zone? Being one of the most active trade routes in the world having complicated geography and the diverging regional and international interests makes it very sensitive area. China being the emerging economic giant gives competition to the USA in many spheres. Although America has no territorial claim in the South China Sea, it has strategic and economic interests. Where China wants a complete hegemonic control of the area, USA wants to find a way where free unchecked trade could be the future for all.Accompanied with numerous other South Asian nations claiming various portions of the region, a constant tension exists in the region.
Topic:
Conflict Prevention, Economics, International Trade and Finance, Sovereignty, Territorial Disputes, Hegemony, and Conflict
Political Geography:
China, Asia, North America, United States of America, and Oceans

5. Post-Hegemonic (Dis)order and Regional Balancing Strategies in the Middle East

Author:
Kostas Ifantis
Publication Date:
05-2019
Content Type:
Journal Article
Journal:
Revista UNISCI/UNISCI Journal
Institution:
Unidad de investigación sobre seguridad y cooperación (UNISCI)
Abstract:
Following the so-called Arab Spring, the strategic situation in the Middle East has been one of disorder. A series of critical, complex and interrelated security failures have resulted in chaos and bloodshed unprecedented even for a region with Middle East’s history and legacy. The demand for intervention has been high but the response has been very low. In such an unchartered and rapidly deteriorating regional security setting, this paper argues that the conspicuous absence of US hegemonic engagement has allowed for the return to overt regional balance of power strategies and proxy conflicts. Our hypothesis is that a regional balance of power and the resulting order (or disorder) heavily depends on the type of great power regional engagement. In such a context, the “hands off” or non-hegemonic approach that characterizes US strategy since the Arab Spring eruption has heavily contributed to a highly disorderly regional balance of power landscape. In the absence of US hegemonic involvement, revisionist threats emerge and local rivalries intensify.
Topic:
Security, Power Politics, Hegemony, Political stability, Arab Spring, and Regional Integration
Political Geography:
Middle East and United States of America

6. “Americanism, not globalism”: President Trump and the American Mission

Author:
James Curran
Publication Date:
07-2018
Content Type:
Commentary and Analysis
Institution:
Lowy Institute for International Policy
Abstract:
President Trump may be unwittingly preparing the United States for the end of American global hegemony. President Trump invokes neither the language nor history of the Pax Americana. His America First approach is only hardening, meaning allies will need to think about American power differently. The United States will not become a ‘normal nation’, but the distance between its sense of providential destiny and limited capacity to effect transformational change abroad will only grow.
Topic:
Foreign Policy, Government, Hegemony, and Donald Trump
Political Geography:
Australia, North America, and United States of America

7. Indo-US Nexus to Isolate Pakistan: Options and Responses

Author:
Ashfaq Ahmad Malik and Nazir Hussain
Publication Date:
01-2018
Content Type:
Journal Article
Journal:
Journal of Political Studies
Institution:
Department of Political Science, University of the Punjab
Abstract:
India-Pakistan conflict is one of the most complicated and protracted conflicts in modern time, clouded by historical, ideological, religious, and political sentimentality. Beyond these, the diplomatic uncertainty between the two countries has proven to be capable of being transnational and international. Following the Indo-US strategic alliance, there is a growing perception that New Delhi is increasingly demonstrating and deepening its hegemonic designs in South Asia and beyond. Under the BJP government, such hegemonic proclivity has exacerbated the mistrust and the gulf of understanding between New Delhi and Islamabad. With the blessing of Washington, the BJP government has changed the dynamic of the mistrust. To this end, the paper addresses the current dynamics twofold. The first part of the paper looks at Modi’s effort geared at isolating Pakistan, the second discusses the mutual effort of Modi and Trump to politically and diplomatically ostracise Pakistan within the comity of nations. The last part of the paper discusses the three ways Pakistan should respond to the individual and combine efforts of Modi and Trump.
Topic:
Hegemony, Partnerships, and Conflict
Political Geography:
Pakistan, South Asia, India, and United States of America

8. China, the United States, and the Changing Global Architecture

Author:
Seungjoo Lee
Publication Date:
03-2012
Content Type:
Working Paper
Institution:
East Asia Institute (EAI)
Abstract:
With the prospect of leadership change in China and the United States in 2012, the possibility for instability and uncertainty in the East Asia region is high. Despite such concerns, it is expected that the current structure of global governance will mitigate the difficulties associated with this period of transition. Considering the importance of global governance, it becomes necessary then to follow the changes in the global and regional architecture and think about how South Korea should meet this challenge. The trio of closely-related summit meetings that took place in November 2011 was such an occasion in which China and the United States grappled to shape the regional and global architecture. These meetings included the G20 Cannes summit on November 3, the Asia-Pacific Economic Cooperation (APEC) summit on November 12, and the East Asia Summit (EAS) on November 19. It is important to focus on the fact that during these meetings Beijing and Washington had the chance to examine the intention and capability of each other. In that sense, these meetings were akin to that of a boxing match fought over three rounds using not force but the complex elements of international politics in the twenty-first century that interact to design the regional and global architecture. These elements include power politics in international relations, cooperation and conflict in institutions and networks, and the knowledge power which allows for a consensus among countries by sharing the vision of a new order.
Topic:
Foreign Policy, Globalization, Hegemony, and Leadership
Political Geography:
China, Asia, North America, and United States of America

9. Stuck in the Middle? U.S.-China Relations and the Korean Peninsula

Author:
EAI Security Net
Publication Date:
02-2011
Content Type:
Working Paper
Institution:
East Asia Institute (EAI)
Abstract:
Not since the visit of Deng Xiapoing in 1979 has a Chinese state visit attracted so much attention as President Hu Jintao’s visit to the United States on January 19, 2011. After a rocky year in U.S.-China relations following President Barack Obama’s visit to Beijing in November 2009, attention naturally focused on the future direction of the relationship between the two countries. Further attention imbued with curiosity also centered on how a relatively declining United States and a rapidly rising China would shape the world order in the long-run. Also following North Korea’s provocations in 2010, the world carefully looked for any strong emphasis on the issue of the Korean Peninsula as a regional challenge. There have been two different interpretations in regards to the results of the U.S.-China summit: an optimistic outlook that the two countries will become cooperative partners and move forward as underscored in the Joint Statement, and pessimistic views that the two powers will merely continue the repeated pattern of conflict and check that they have been doing since November 2009. A similar mix of opinions prevails in regards to the Korean Peninsula. Some expect immediate improvement in inter-Korean relations and the resumption of the Six-Party Talks, while others criticize the U.S.-China summit for barely papering over the cracks. However, neither hasty optimism nor gloomy pessimism is appropriate at this time. There is a need to utilize a comprehensive response strategy, which goes beyond narrow political understandings, based on a precise analysis of the results of the summit.
Topic:
Diplomacy, International Cooperation, Regional Cooperation, Hegemony, and Summit
Political Geography:
China, Asia, South Korea, North Korea, North America, and United States of America