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Hegemony

Hegemony. Lake, “British and American Hegemony Compared” Strange, “The Persistent Myth of Lost Hegemony”. Hegemonic Stability Theory:. Collective action problem Naked vs. enlightened self-interest “After hegemony”? - pessimism/optimism Debate about US decline in the 1980s Britain vs. US?.

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Hegemony

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  1. Hegemony Lake, “British and American Hegemony Compared” Strange, “The Persistent Myth of Lost Hegemony”

  2. Hegemonic Stability Theory: • Collective action problem • Naked vs. enlightened self-interest • “After hegemony”? - pessimism/optimism • Debate about US decline in the 1980s • Britain vs. US?

  3. Differences between British and US hegemony (Lake): • Sovereign states – gains from trade are more visible and less exclusive • Political process: “first face” vs. “second face” of hegemony • Economic process: intra-industry trade; FDI • Conclusion: the liberal economic order seems robust; narrow policies of reciprocity would be counterproductive

  4. Continuing US hegemony (Strange): • Myth of decline – need for a different explanation of events in the 1970s • US predominance in structural power • Failure of US leadership

  5. Factors for the spread of free trade: • Outflow of capital for investment – promotes economic growth • Stable international currency supported by lender of last resort • Faith in the stability of the hegemon’s political and economic system

  6. US structural power – the power to shape key social structures: • Security • Production • Finance • Knowledge Failure of US leadership? Challenge from China?

  7. More credible approach? • Liberalism vs. quasi-realism? • MNCs as agents of state power? • American vs. British perspective? • “Myth” of declining US hegemony?

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