Power – and especially economic power – is one of the least researched concepts in International Relations, yet it is arguably one of the most central phenomena for this academic discipline. The purpose of this study is twofold. First, the goal is to shed some light on the obscure concept of economic power and to illuminate its many facets and varieties. One of the most important aspects will certainly be the introduction of the concept of structural power as developed by Strange. Subsequently, the insights about economic power shall be applied to the international position of the United States as it has developed since the early 1970s. This point in time has been chosen because it marks a fundamental break in the international political economy since the end of World War II, according to Helleiner and other observers. The government-led Bretton Woods system with its inherent fixed exchange rates and its intended confinement of finance to the domestic realm was effectively terminated by the US in the early 1970s. Instead, a market-led ‘non-system’ characterised by free floating exchange rates emerged in the field of international finance.
The academic and political relevance of this study lies in the fact that historically the demise of great powers – and the parallel rise of competitors – nearly always caused intense and violent conflict in the system of international relations. In addition, the pre-dominance (or hegemony) of states since the 17th century derived in a large part from their economic, and especially their financial power. This, in turn, is why this study seeks to find whether or not US economic power has been in decline since the 1970s.
Inhaltsverzeichnis (Table of Contents)
- I. Introduction
- II. 1. Elucidating the Elements of the Research Question
- II. 1. 1. The US as an Actor on the International Stage
- II. 1. 2. Power in International Political Economy
- II. 2. The Development of US Economic Power
- II. 2. 1. The First Decades After the End of World War II
- II. 2. 2. The 1970s: The Demise of the Bretton-Woods System
- II. 2. 3. The 1980s: Reaganomics and the Proclaimed US Decline
- II. 2. 4. The 1990s: ‘The End of History’ and the Asian Financial Crisis
- II. 3. Assessing US Economic Power at the Beginning of the 21st Century
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This study aims to illuminate the concept of economic power and to apply it to the international position of the United States since the early 1970s, a pivotal period that marked a fundamental break in the international political economy. The study will analyze the role of US economic power in shaping the post-Bretton Woods system and the ongoing transformations in the global political economy.
- The nature of economic power and its various forms, particularly structural power as defined by Susan Strange.
- The US as a "Lockean" state and its connection to the broader Anglosphere.
- The development of US economic power from the end of World War II to the present day, focusing on key periods and events.
- The different forms of capitalism competing in the international arena, including the Anglo-American, Rhenish, and Asian developmental state models.
- The role of the US dollar as the dominant international currency and the impact of the Dollar-Wall Street Regime on the global political economy.
Zusammenfassung der Kapitel (Chapter Summaries)
- Introduction: This chapter sets the context for the research question, emphasizing the significance of economic power in international relations and outlining the study's structure and scope.
- II. 1. Elucidating the Elements of the Research Question: This chapter defines key terms, clarifying what is meant by "the US" as an international actor and exploring various theoretical concepts of power in international political economy.
- II. 2. 1. The First Decades After the End of World War II: This chapter briefly outlines the US's dominant position in the international economic system during the early post-war period, highlighting the creation of the Bretton Woods system and the implementation of embedded liberalism.
- II. 2. 2. The 1970s: The Demise of the Bretton-Woods System: This chapter explores the factors that led to the demise of the Bretton Woods system, including the rise of MNCs, the emergence of the Euromarkets, and US policies to finance the Vietnam War.
- II. 2. 3. The 1980s: Reaganomics and the Proclaimed US Decline: This chapter analyses the impact of Reaganomics and Thatcherism on the international financial and monetary system, highlighting the trend towards liberalisation and deregulation and the rise of the rentier class.
- II. 2. 4. The 1990s: ‘The End of History’ and the Asian Financial Crisis: This chapter examines the apparent triumph of neoliberalism in the post-Cold War era and its impact on the Asian developmental state model, concluding with the Asian financial crisis and its implications for the global economic system.
- II. 3. Assessing US Economic Power at the Beginning of the 21st Century: This chapter analyzes the US's economic power in the 21st century, focusing on the "twin deficits," the dominance of the Dollar-Wall Street Regime, and the concept of "sticky power."
Schlüsselwörter (Keywords)
The main keywords and focus topics of the text include economic power, structural power, US economic power, Bretton Woods system, neoliberalism, financialisation, globalisation, Dollar-Wall Street Regime, sticky power, Anglosphere, Lockean state/society complex, and the different forms of capitalism: Anglo-American, Rhenish, and Asian developmental state models.
- Citar trabajo
- MA Internationale Beziehungen Jan Fichtner (Autor), 2007, Is US Economic Power in Decline Since the 1970s?, Múnich, GRIN Verlag, https://www.grin.com/document/81028
