The Buck Stops Here: The Return of US Decline

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World Review of Political Economy

Volume 8, Issue 2

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The Buck Stops Here: The Return of US Decline

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Author(s): Michael Keaney

Publication date (Print): Summer 2017

Journal: World Review of Political Economy

Publisher: Pluto Journals

Keywords: national security, hegemony, United States, financial crisis, legitimacy

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Abstract

The widespread perception of the relative decline of the US as a global power in recent years was given particular impetus by the global financial crisis. This has prompted renewed reflection on how the US came to pre-eminence, how it exploited its dominant position, the processes and manifestations of decline, and the impact of decline on the domestic front. The position of the US dollar as global reserve currency remains for now, but increased awareness of the challenges it faces has prompted deeper consideration of the implications of any decline in its hegemonic status for global security, as well as for domestic politics.

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Journal

Journal ID (doi): 10.13169

Journal ID (publisher-id): worlrevipoliecon

Title: World Review of Political Economy

Publisher: Pluto Journals

ISSN (Print): 2042891X

ISSN (Electronic): 20428928

Publication date (Print): Summer 2017

Volume: 8

Issue: 2

Pages: 253-267

Article

Publisher ID: worlrevipoliecon.8.2.0253

DOI: 10.13169/worlrevipoliecon.8.2.0253

SO-VID: cede5e22-976e-4cbe-b011-2ad9f7ac0d67

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References

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Zarate, J. 2013. Treasury's War: The Unleashing of a New Era of Financial Warfare . New York: Public Affairs.

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Comment on this article

[1] Anderlini, J. 2016. “A Shaky Trade Pact That Signals American Decline.” Financial Times , October 6.

[2] Anderson, P. 2013. “American Foreign Policy and Its Thinkers.” New Left Review 83 (Special issue): 5–167.

[3] Barrow, C. W. 2000. More Than a Historian: The Political and Economic Thought of Charles A. Beard . New Brunswick, NJ: Transaction Publishers.

[4] Beard, C. A. 1913. An Economic Interpretation of the Constitution of the United States . New York: Free Press.

[5] Chwieroth, J. M. 2010. Capital Ideas: The IMF and the Rise of Financial Liberalization . Princeton, NJ: Princeton University Press.

[6] Diaz Espino, O. 2001. How Wall Street Created a Nation: J.P. Morgan, Teddy Roosevelt, and the Panama Canal . New York: Four Walls Eight Windows.

[7] Dizard, J. 2015. “A Fancy Union Card for Control over the World Economy.” Financial Times , November 23.

[8] Eichengreen, B. 2016. “Three Ways to Make Sense of the Dollar's Uncertain Prospects.” Financial Times , November 16.

[9] Feifer, G. 2006. Breaking Open Japan: Commodore Perry, Lord Abe, and American Imperialism in 1853 . New York: Smithsonian Books.

[10] Gibson, H. D., and A. P. Thirlwall. 1992. Balance-of-Payments Theory and the United Kingdom Experience . 4th ed. Basingstoke: Macmillan.

[11] Harmon, M. D. 1997. The British Labour Government and the 1976 IMF Crisis . Basingstoke: Macmillan.

[12] Helleiner, E., S. Pagliari, and H. Zimmermann, eds. 2010. Global Finance in Crisis: The Politics of International Regulatory Change . London: Routledge.

[13] Hudson, M. 2003. Super Imperialism: The Origin and Fundamentals of U.S. World Dominance . 2nd ed. London: Pluto Press.

[14] Johnson, C. 2000. Blowback: The Costs and Consequences of American Empire . New York: Metropolitan Books.

[15] Kennedy, P. 1987. The Rise and Fall of the Great Powers . New York: Random House.

[16] Kirshner, J. 2014. American Power after the Financial Crisis . Ithaca, NY: Cornell University Press.

[17] Lahart, J. 2009. “Mr. Rajan Was Unpopular (but Prescient) at Greenspan Party.” The Wall Street Journal , January 2.

[18] Liu, H. C. K. 2006. “The Wages of Neo-liberalism, Part II: The US-China Trade Imbalance.” Asia Times Online , April 1. Accessed August 2, 2016. http://www.atimes.com/atimes/China_Business/HD01Cb05.html.

[19] Mahan, A. T. 1890. The Influence of Sea Power Upon History . Boston, MA: Little, Brown.

[20] McDonough, T., M. Reich, and D. M. Kotz, eds. 2010. Contemporary Capitalism and Its Crises: Social Structure of Accumulation Theory for the 21st Century . Cambridge: Cambridge University Press.

[21] Moore, G. 2015. Defining and Defending the Open Door Policy: Theodore Roosevelt and China, 1901–1909 . Lanham, MD: Lexington Books.

[22] Petersson, M. 2015. The US NATO Debate: From Libya to Ukraine . New York: Bloomsbury Academic.

[23] Plender, J. 2016. “Currency Wars Backfire for Japan and Europe.” Financial Times , April 6.

[24] Riley, D. 2014. “Southern Questions.” New Left Review 85: 147–60.

[25] Roberts, A. 2012. America's First Great Depression: Economic Crisis and Political Disorder after the Panic of 1837 . Ithaca, NY: Cornell University Press.

[26] Seligman, E. R. A. 1907. The Economic Interpretation of History . 2nd ed. New York: Columbia University Press.

[27] Skocpol, T. 2012. Obama and America's Political Future . Cambridge, MA: Harvard University Press.

[28] Spiro, D. E. 1999. The Hidden Hand of American Hegemony: Petrodollar Recycling and International Markets . Ithaca, NY: Cornell University Press.

[29] Strange, S. 1994. States and Markets . 2nd ed. London: Continuum.

[30] Tett, G., and J. Farchy. 2015. “Russian Banker Warns West over Swift.” Financial Times , January 24.

[31] Thompson, J. A. 2015. A Sense of Power: The Roots of America's Global Role . Ithaca, NY: Cornell University Press.

[32] Veeser, C. 2002. A World Safe for Capitalism: Dollar Diplomacy and America's Rise to Global Power . New York: Columbia University Press.

[33] Viotti, P. R. 2014. The Dollar and National Security: The Monetary Component of Hard Power . Stanford, CA: Stanford University Press.

[34] Wallach, P. A. 2015. To the Edge: Legality, Legitimacy, and the Responses to the 2008 Financial Crisis . Washington, DC: Brookings Institution Press.

[35] Wildau, G. 2015. “China Takes Big Step in Push for Renminbi to Rival Dollar.” Financial Times October 9.

[36] Williams, W. A. 1959. The Tragedy of American Diplomacy . Cleveland, OH: World Publishing.

[37] Wolfson, M. H., and D. M. Kotz. 2010. “A Reconceptualization of Social Structure of Accumulation Theory.” World Review of Political Economy 1 (2): 209–25.

[38] Zarate, J. 2013. Treasury's War: The Unleashing of a New Era of Financial Warfare . New York: Public Affairs.

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