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International Political Economy

IPE (International Political Economy) is the field of study related to political science which attempts to analyze the economies as well as international relationships held within nations (International Political Economy, 2015). Furthermore, it is also called by the name of global political economy (GPE). This essay is based upon the case scenario in which America hegemonic leadership is questioned because of the rise of the world's largest economy like China. In this context, the essay will showcase the concept such as hegemony. In addition to this, it will also depict about varied sources due to which hegemonic position is being held  by America in the world economy. Furthermore, the essay will also provide answers to the question that whether China can be considered as the realistic alternative to the United States in terms of a global hegemony leader or not.

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Meaning of the word hegemony

Hegemony can be described as dominant position, hold by one state or social group over others. The word such as hegemony has come from the Greek word such as hegemony which means leader. For example, a nation that is wealthy and possess all types of resources can establish a hegemony position another nation who is found as lack in all the given aspects. In addition to this, the word such as hegemony is also being used for the group or nation that resides in the position of leader (Oatley, 2012). Furthermore, hegemony can be considered as the synonym of high authority. This is because, a nation that hold the given type of position will get the authority with regard to make the decision about all other nations that do not possess the given position. Moreover, this type of nation decides and guides the direction of other countries which needs to be abiding by them whether they like it or not.

This concept is not only used for nations, but it has its applications in the social life of humans also. For example, kids who are more popular in school will tend to grasp dominant position over other students. As a result of it, these students will set the criteria for the things which can be considered as cool or not regarded as cool. It takes many efforts with regard to get such type of position in the economy (Collinson, 2011). In this context, it has been identified that at present America’s has a hegemony position in the world economy. It is because of the presence of given position only, nation creates influences upon the other countries.

Sources of hegemonic power held by America and how they are resilient

Varied sources identified due to which hegemonic power is held by Americans in the world economy. In this context, it has been identified that economic, military and cultural aspects of America assist it in terms of holding the dominant position in global economies over the countries. In terms of the economic aspect, United State can be considered as the wealthy economy. This is because; it accounts for around 25% of the global economic output in spite of the presence of the fact that it possessing only 4% of the world population (The dominance of America market, 2015). It is because of the presence of the combined effects of given percentage only, United States can be considered as one of the richest counties in the world. Furthermore, in terms of population, it is the largest nation. Given all these factors has played a very effective role in terms of putting the US market in the hegemony position (Woods, 2001). 

US being the largest import destination can be regarded as another source of hegemonic power held by Americans. As per the report published by the WTO in the year 2012, it is assessed that US imports totaled $2.3 trillion which is the 12.7 % of the world share. Furthermore, the GDP condition of a nation also depicts about the hegemony position. In accordance with the given context, in terms GDP, US is being counted among the world 7th largest economy. Having the type of position in the market will be enough to develop hegemony over another nation.

In addition to this, the language spoken by the world citizens can be considered as a type of culture aspect that enables America with regard to held a dominant position in the economy. In this context, the analysis as being carried out by the linguists have identified that there are around half billion people around the world that speak English as their first or secondary language. Furthermore, it has also been identified that in present scenario English is being regarded as one of the most famous trade language that many nations are using. This shows that culture followed by America is widely accepted by the citizens of many countries. Other nations are performing this, with an aim to build effective relationships with the America that has hegemony in the global market (Guzzini, 2013).

Moreover, America holds hegemony position in the world economy because of it’s militarily resources that are huge in number as compared to another nation. America has all types of high tech arms and ammunition that are built through modern and latest technology. In this respect, it is assessed that there are around 8400 attack helicopters available in a world in which US has 6400 of them. In addition to this, America has M1 Abram tank which is more affecting than China Type 99 tank (How much stronger is the US military compared with the next strongest power?, 2015). Moreover, America is being regarded as world largest producer of nuclear power. It accounts for more than 30% of the worldwide nuclear generation of electricity. Overall, it can be said that these are being regarded as the major sources that are helping a nation like US with regard to create and maintain its hegemony position in the world market in an effective way. Given all these sources are resilient because it is with the help of given resources only country is being able to direct its efforts in terms of carrying out the further developments within nation in an effective manner (Cotula, 2012). In addition to this, the given sources are contributing nation with regard to maintain its dominant position in the market even in the global recession type of condition. Thus, it can be stated that the sources identified are flexible in nature as it is assisting America in a positive manner.

Is China a realistic alternative to the United States as a global hegemonic leader?

It takes many years for US with regard to build up its hegemonic position in the world market. But, in the present scenario it has been seen that China is giving biggest competition in the world largest economy such as America. China is making its efforts in terms of building its dominant presence in the global economy. In this context, it has been assessed that the economy of China is growing at a very rapid pace. In addition to this, Chinese government compliance with the activities like industrialization and modernization is playing very effective role in the economic growth of the country (Teng and Lai, 2013). There are many foreign investors are also attracting towards China as it consists people republic system. With regard to the foreign investment, China resides at second position after the United States of America. Moreover, the China export rate is also growing in very rapidly. In this respect, it has been seen that the export growth rate of China is 3 times stronger than global average. However, the import condition of China is not very effective because of the presence of activities like currency manipulation and tariff.

Besides this, in order to hold the hegemony, China is also making effort with regard to improve its military forces in an effective way. In this context, China is using its burgeoning wealth for the purpose to buy and build a modern military. The government is directing its operations with respect to break sole superpower of America in World. In order to pursue this goal, the government of China has increased its military budget. The China is building the new submarines with an aim to expel militarily of the United State from the Pacific Ocean. Thus, it can be said that China can be considered as the best alternative to the United States in terms of world hegemonic leader as in this respect country is making its necessary efforts (Glenna, Brandl and Jones, 2015). Furthermore, the military high command of China is already developing the weapons as well as forces that are necessary to compete with the US military forces. Here, in order to give challenge to US at the global scale, China is trying to build the foundation in Asia through maintaining influence (Arnold, 2012).

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From the above essay writing,  it can be concluded that the international political economy is being considered as one of the most evolving concepts in the field of social science. It is playing very effective role in terms of identifying as well as analyzing the conditions that are happening in the world economies or between the nations. In addition to this, it has also been assessed that America is holding a dominant position in the market because of its strong cultural, economic and military aspects. Furthermore, in the future China can grab the dominant position of US can be became the global hegemonic leader.

References

  • Arnold, P. J., 2012. The political economy of financial harmonization: The East Asian financial crisis and the rise of international accounting standards. Accounting, Organizations and Society. 37(6). pp. 361-381.
  • Collinson, S., 2011. Forced Migration in the International Political Economy. Refugees in International Relations. pp. 305-324.
  • Cotula, L., 2012. The international political economy of the global land rush: A critical appraisal of trends, scale, geography and drivers. Journal of Peasant Studies. 39(3-4). pp. 649-680.
  • Glenna, L., Brandl, B. and Jones, K., 2015. 16. International political economy of agricultural research and development. Handbook of the International Political Economy of Agriculture and Food. pp. 322.
  • Guzzini, S., 2013. Realism in International Relations and International Political Economy: the continuing story of a death foretold. Routledge.
  • Oatley, T. H., 2012. International political economy. Boston: Longman.
  • Teng, J. and Lai, P. Y., 2013. Globalization, New International Political Economy and Global Economics. Monopolistic Competition and International Trade, Oxford University Press, New York, USA. 3. pp. 702-722.
  • Woods, N., 2001. International political economy. The globalization of.
  • Online
  • How much stronger is the US military compared with the next strongest power?. 2015. [Online]. Available through: <http://webcache.googleusercontent.com/search?q=cache:lxYHkjTfIPAJ:www.military1.com/all/article/402211-how-much-stronger-is-the-us-military-compared-with-the-next-strongest-power+&cd=6&hl=en&ct=clnk&gl=in>. [Accessed on 24th July 2015].  
  • International political economy. 2015. [Online]. Available through: <http://www.isanet.org/ISA/Sections/IPE>. [Accessed on 24th July 2015].  
  • The dominance of America market. 2015. [Online]. Available through: <http://www.globalization101.org/the-dominance-of-the-american-market/>. [Accessed on 24th July 2015].

Bibliography

  • http://www.e-ir.info/2011/07/15/why-the-precarious-rise-of-china-will-not-lead-to-global-hegemony/
  • http://www.academia.edu/3187122/US_Hegemony_and_Globalization
  • http://www.academia.edu/3133977/Unipolarity_and_hegemony_in_the_global_political_system
  • http://acme.highpoint.edu/~msetzler/IR/IRreadingsbank/chinauscontain.ch08.6.pdf
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