Is China a realistic alternative to the United States as a global hegemonic leader
Is China a realistic alternative to the United States as a global hegemonic leader?
“America is the world’s hegemonic power. However, with the rise of China as the world’s largest economy, the hegemonic leadership of America will be increasingly questioned.” But is China a realistic alternative to the United States as a global hegemonic leader?
In answering this coursework question, the essay will discuss the concept of hegemony in International Political Economy, looking at the many sources of hegemonic power held by the United States such as dollar supremacy, US cultural power, US military power and many others. The author will examine how resilient these sources of power are especially in the context of an emerging China ambitious to become a realistic alternative to America as a global hegemonic leader.
What is hegemony?
Antonio Gramsci referred to hegemony as the existence of a dominant state or group of states within the international political system with dominant economic, military and cultural power that is used to facilitate particular patterns of production within the world economy as well as propagate rules and norms favourable to the interests of the dominant state or states. through international organizations and institutions to govern the conduct of monetary and trade relations (Bates 1975). The sources of hegemonic power held by America are categorised as follows; monetary power and dollar supremacy, military power and cultural power which all combine to give hegemonic power to the US. While the US has enjoyed post-war hegemonic power since 1945, there are signs that a combination of factors such as the Iraq/Afghanistan wars and 2008 financial crisis have weakened it and made its sources of hegemonic power weaker and thus less resilient..
US monetary power and dollar supremacy
In the contemporary global political economy, no other state has come to dominate the global financial environment in which other states operate like the US. At the heart of this dominance especially in the monetary realm is the supremacy of the dollar and how it...
Bates, R. Thomas (1975) “Gramsci and the Theory of Hegemony” Journal of the History of Ideas, Vol. 36, No. 2, pp. 351-36
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