The German Ascendancy

Bill Lucarelli
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Bill Lucarelli: University of Western Sydney

Chapter 4 in Endgame for the Euro: A Critical History, 2013, pp 52-69 from Palgrave Macmillan

Abstract: Abstract In the study of international political economy, the concept of “hegemony” has acquired a strategic meaning. Whether implicitly or explicitly, the term applies to one country or a group of nation-states, which form a dominant power bloc within a definite hierarchy of nation-states. In the “world system” literature this configuration is viewed as a zero-sum game between the dominant core, satellite and peripheral states (Wallerstein, 1979 & 2003). With the end of the Cold War, a multi-polar system of Japan, the European Community and the United States emerged as the dominant, core group of states. The recent ascendancy of China could also reinforce this multi-polarity of the world system. With the demise of the post-war system of Pax Americana this hegemonic transition might witness the emergence of trading blocs and exclusive currency zones gravitating around these hegemonic core regions.

Keywords: Exchange Rate; Monetary Policy; Central Bank; European Central Bank; Monetary Union (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-37190-4_5

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DOI: 10.1057/9781137371904_5

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