Leading the World

Paper Summary:

This paper addresses the question: For what reason is it possible to refer to the 20th century as the American Century and in what ways do the institutions of the new global economy perpetuate the power of the US? This discussion begins by discussing the policies that established the US hegemony after 1945 and allowed the US to function as a core economy.

From the Paper:

"In the post war years, the United States emerged as the world's center of peace, democracy and most significantly, the center of prosperity. Perhaps most importantly in economic terms, the US fundamentally defined the century in terms of leading the world in economic growth and wealth. By 1950 the US "produced approximately 40% of gross world output and about 30% of the world's manufactured goods. (Hutcheson, 98)" The US became a "core" country, one that, in the economic theory lexicon, "performed core functions for an associated group of other countries." (Hutcheson, 89)"

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