write down the disadvantage of American hegemony
Answers
Explanation:
For over sixty years the United States has been the largest economy and most powerful country in the world. However, there is growing speculation that this era of hegemony is under threat as it faces huge trade deficits, a weaker currency, and stretched military resources. America's Global Advantage argues that, despite these difficulties, the US will maintain its privileged position. In this original and important contribution to a central subject in International Relations, Carla Norrlof challenges the prevailing wisdom that other states benefit more from US hegemony than the United States itself. By analyzing America's structural advantages in trade, money, and security, and the ways in which these advantages reinforce one another, Norrlof shows how and why America benefits from being the dominant power in the world. Contrary to predictions of American decline, she argues that American hegemony will endure for the foreseeable future.
B€ uthe andMilner, 2008;Gowa, 1994; Liao and McDowell, 2016;Norrlof and Wohlforth, 2016). There is also a significant literature, which adopts what one might call a soft social science approach (Cohen and Benney, 2013;Drezner, 2009;Drezner, 2014;Gowa, 1989;Henning, 1998;Kaelberer, 2001;Mastanduno, 2009;Norrlof, 2010;Norrlof, 2014;Oye, 1985;Schwartz, 2009;Vermeiren, 2013). Cohen also cites a large 'critical' literature published in major journals and university presses. ...
... Lane andMilesi-Ferretti (2002),Gourinchas andRey (2005a, 2005b) andGourinchas (2007)show why the rise of financial globalization and valuation changes on the international investment position 727 NORRLOF: IPE OF MONEY, MACRO-MONEY THEORIES AND METHODS (IIP) must be taken into account when evaluating the distributional effects of balance of payments adjustment. Bringing these insights into political science, I argued that US monetary hegemony provides opportunities to gain from return differentials and valuation adjustments, offering the USA increased monetary power and policy autonomy (Norrlof, 2008Norrlof, , 2010). I noted that the field of international political economy continued to measure the benefits from trade by looking at the current account deficit while neglecting their implication for the international investment position (NIIP), resulting in an incomplete picture of political economy gains from cross-border exchange. ...
... Since trade deficits imply net capital imports and therefore growing liabilities, the question is whether the capital and exchange rate gains on the balance of borrowing and lending have a long-term stabilizing effect? I answered yes (Norrlof, 2008Norrlof, , 2010). And the answer is still yes. ...