Hegemonic Stability Theory and International Monetary Policy
The paper looks at the theory of a hegemony in which a rich and powerful state supplies goods and services to the international community.
# 25120 | 2,688 words | 6 sources | APA | 2002 |
Published on Apr 25, 2003 in Business (International) , Economics (International) , Political Science (Political Theory)
$19.95 Buy and instantly download this paper now
The paper discusses the history of hegemony and the economic theory that holds that the world is the most stable and prosperous when a hegemon exists as an organizer of the world economic and political systems. The paper looks at the United States as it historically filled the role of hegemon.
From the Paper:"The theory of hegemonic stability offers an overview of world economic history as influenced by major powers: the Dutch (1620 - 1672), the English (1815 - 1873) and the Americans (1945 - 1971). Naturally following is the theory of hegemony fatigue as put forth by Paul Kennedy and others: hegemony is a self-limiting system since the other countries (free riders) which use and benefit from the system put such a burden on the hegemon (who must bear the cost of the system) that sooner or later the system collapses. When the hegemon becomes unable to bear the burden of cost of the other countries, it either turns inward and puts its domestic issues first, or collapses under the strain. Frequently cited examples of hegemony fatigue and decline are that of England at the end of the 19th century, the collapse of the Bretton Woods system (the mechanism of US hegemony) and the collapse of the Iron Curtain which was the mechanism of the hegemony of the Soviet Union over Central and Eastern Europe."
Cite this Essay:
Hegemonic Stability Theory and International Monetary Policy (2003, April 25) Retrieved January 27, 2022, from https://www.academon.com/essay/hegemonic-stability-theory-and-international-monetary-policy-25120/
"Hegemonic Stability Theory and International Monetary Policy" 25 April 2003. Web. 27 January. 2022. <https://www.academon.com/essay/hegemonic-stability-theory-and-international-monetary-policy-25120/>