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Irma Lair
Irma Lair

WITH US SINCE : 12/06/2016
ART IS BY : balaclava, avatar.
IRL NAME : ems, the next supreme

MessageUNITED STATES EmptyMar 13 Juin - 15:20

9.    How has the United States become a hegemonic economic power in the course of the 19th and 20th centuries?
19th century foundations :
= vast supply of natural resources
= endless labour force (open immigration policy)
= large internal market
= capitalist ethos
= technological innovations (e.g. railway)
= british capital
= protectionist trade policy

pre-WWII revolutions in production take place here
= taylorism: "scientific" management, radical division of labour, assembly-line production = leads to efficient mass-production
= fordism : combination of mass production and mass consumption

post-WWII hegemony
= economic dominance in 1945
* over 35% of world GDP
* 60% GDP increase during the war
* 65% of world's gold reserves
* 50% of world's manufacturing capacity
* 33% of world trade
* dollar as world reserve currency
= setting up hegemonic institutions favouring the US.
* Bretton Woods institutional system: IMF international monetary fund, IBRD international bank for reconstruction and development (world bank), GATT general agreement on tariffs and trade + OEEC organisation for economic co-operation and development (later OECD)
= military alliances (NATO, Japan, etc) and bases all around the world.

post-cold war global extension of hegemony, "the unipolar moment".

10.    Will the United States continue to be the dominant economic power of the world or is it in decline? Discuss with pro and con arguments (strengths and weaknesses).
= The US has a declining share in world production
= increasing inequality within its population
= overspending and increasing indebtedness
* welfare spending close to 2/3 of federal budget
* "imperial overstretch": military spending too high
= political dysfunction (trump administration and beyond)

11.    How do transnational companies contribute to American power
the hidden source of u.s power :
= transnational production chains, transnational corporate ownership
= national power cannot be measured simply within national borders (e.g, trade, gdp):
* corporations domiciled in the us continue to dominate most sectors of world economy especially the technologically advanced sectors and knowledge economy
* americans are also the largest owners of corporations outside the US
* americans continue to earn most of the profit and hence, own most of the world's wealth

12.    What is the role of the dollar in underpinning US power and influence around the world?

= dollar as the world's reserve currency medium of exchange and safe-haven asset
= US as the world's most important financial centre
* access to US capital markets is crucial
* financial sanctions, weaponizing finance
- sanctions on russia
= the US can pay and borrow in a currency it can print

= the centre of innovation and IT technology is in Silicon Valley
= centre of research and education
= most desired target for migration
= new energy superpower
= military predominance
= structural power : market share means companies must adopt US standards
top universities are in the us

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