The Importance of US Hegemony For most of the 20th century, the United States dominated international trade throughout the non-communist world. As a result, the US possessed significant economic and political power within the global hierarchy. The term hegemony often refers to an environment in which one nation-state plays an outsized, dominant role in the determination of policies, regulations and trade guidelines between themselves and others within the international community. As China asserts itself and Europe leverages its union of countries as viable economic superpowers on parallel with the US, consideration must be given to whether it remains important that America continue to position its trade strategy in hegemonic terms. Stephen...The end:
.....o American markets and American capital provided a major stimulus to world economic growth. (Frieden and Lake 1999, 14) A greater degree of cooperation becomes inevitable in this increasingly globalized world economic order. Nonetheless, the US must work with other world powers deemed as allies to ensure continued open free trade and economic prosperity. References Du Boff, Richard. 2003. U.S. hegemony: Continuing decline, enduring danger. Monthly Review 55, no. 7: no pages. Frieden, Jeffrey and Lake, David. 1999. International Political Economy: Perspectives on Global Power and Wealth. 4th ed. London: Routledge. Krasner, Stephen. 1976. State Power and the Structure of International Trade. Eds. J.A. Frieden and D.A. Lake. London: Routledge.