American Hegemony: Its Limits and Prospects in the Reagan Era

B. Russett , 'The Mysterious Case of Vanishing Hegemony; Or, Is Mark Twain Really Dead?', International Organisation (Volume 39, No. 2. 1985), p. 231. 1.

See, for example, Giovanni Arrighi , 'A Crisis of Hegmony', in S. Amin , G.Arrighi , A.G. Frank and I.Wallerstein , Dynamics of Global Crisis (New York : Monthly Review Press, 1982), pp. 55-108 ; Susan Strange. 'Interpretations of a Decade', in L. Tsoukalis (ed.), International Monetary Relations in the 1970s (London: Croom Helm, 1985); B. Russett , op. cit

Robert W. Cox , 'Social Forces, States and World Orders: Beyond International Relations Theory', Millennium: Journal of International Studies (Vol. 10, No. 2, 1981) and 'Gramsci, Hegemony and International Relations: An Essay in Method', Millennium: Journal of International Studies (Vol. 12, No. 2, 1983), pp. 162-75.

Robert O. Keohane , 'Hegemonic Leadership and U.S. Foreign Economic Policy in the Long Decade of the 1950s', in William P, Avery and David Rapkin (eds.), America in a Changing World Political Economy (London: Longman, 1982), pp. 49-78.

These arguments correspond to what David Sylvan has called ' The Newest Mercantilism', International Organisation (Vol. 35, No. 3. 1981). pp. 375-9. He discusses the state-centric Marxist, Fred Block , The Origins of International Economic Disorder: A Study of United States Monetary Policy from World War II to the Present (Berkeley, CA: University of California Press, 1977); Robert Gilpin , US Power and the Multinational Corporation (London: Macmillan, 1976); and Stephen Krasner , Defending the National Interest and US Foreign Policy (Princeton, NJ: Princeton University Press, 1978). An example from the 1980s is Robert O. Keohane , After Hegemony: Cooperation and Discord in the World Political Economy ( Princeton, NJ: Princeton University Press, 1984). Other examples are discussed in the rest of this essay.

Immanuel Wallerstein , The Modern World System. Vol. II ( New York: Academic Press, 1980), pp. 38-9, and 'The Three Instances of Hegemony in the History of the Capitalist World Economy', paper read at the Conference of Europeanists, 29 April-1 May 1982, Washington, DC, both cited in Mark E. Rupert and David P. Rapkin. The Erosion of US Leadership Capabilities' , in P.M. Johnson and W. R. Thompson (eds.). Rhythms in Politics and Economics (New York: Praeger , 1985).

Robert Gilpin , War and Change in World Politics (Cambridge: Cambridge University Press, 1981), p. 156.

Ibid, pp. 157-66.

Ibid, p. 179.

Mark E. Rupert and David P. Rapkin , op. cit, p. 177.

Christopher Chase-Dunn , 'International Economic Policy in a Declining Core State', in W.P. Avery and D.P. Rapkin (eds.), op. cit, pp. 77-96.

Joseph S. Nye , 'US Power and Reagan Policy', Orbis (Vol. 26, No. 2, 1982), pp.391-412.

Robert O. Keohane and Joseph S. Nye , 'Two Cheers for Multitaterialism', Foreign Policy (No. 60, Fall 1985 ) pp. 148-67; C. Fred Bergsten , 'The Problem?'. Foreign Policy (No. 59, Summer 1985), pp. 132-44.

E.R. Patterson , 'The New Trend to Bilateralism', The Financial Times, 7 August 1985.

S. Strange , 'Protectionism and World Politics', International Organisation (Vol. 39, No. 2, 1985), pp. 233-59.

I am grateful to David Law for pointing out this example.

See David Calleo , The Imperious Economy (Cambridge, MA: Harvard University Press, 1982).

Fred Halliday , The Making of the Second Cold War (London: New Left Books, 1984).

B. Russett , op. cit, pp. 228-9.

J.L. Badaracco Jr. , and D.B. Yoffie "Industrial Policy": It Can't Happen Here ', Harvard Business Review (Vol. 6, 1983), p. 100; military figures are from P. Marsh , 'A Disturbing Outlook', The Financial Times, 3 December 1985.

Christopher Joyce , 'Science Under Reagan: The First Four Years ', New Scientist, 24 January 1985, pp. 24-5. The reference to de Clerq's remarks was in the The Financial Times, 16 July 1986, p. 4 (no author given).

B.Russett , op. cit, p. 231. 1.

Ibid, pp. 213-18.

M. Davis , 'The Political Economy of Late Imperial America', New Left Review (No. 143, 1984), pp. 6-38.

Robert O. Keohane and Joseph S. Nye , Power and Interdependence (Boston, MA: Little Brown, 1977).

A. Gramsci , The Prison Notebooks, translated by Q. Hoare and G. Nowell Smith ( London: Lawrence and Wishart, 1971 ), p. 262. For a lucid exposition of Gramsci's main political concepts, see A. Showstack-Sassoon , Gramsci's Politics (London: Croom Helm, 1980). It should be noted that 'political society' itself requires consent within the membership of state organisations, especially the army.

J. Joll , Gramsci (Glasgow: Fontana, 1977), p. 99.

D. Bell , 'The End of American Exceptionalism', The Public Interest (No. 41, Fall 1975), pp. 193-224.

Cited in D. McKay , 'The Decline and Rise of American Exceptionalism ', paper given to the American Politics Group, British Political Studies Association, University of Exeter, 3-5 January 1984 , p. 11.

Kees van der Fijl. The Making of an Atlantic Ruling Class (London: New Left Books, 1984), pp. 35-75.

On this see Robert W. Cox , 'Social Forces, States and World Orders', op. cit., p. 154.

J.G. Ruggie , 'International Regimes, Transactions and Change: Embedded Liberalism in the Post-War Order', International Organisation (Vol. 36, No. 3, 1982), pp. 379-415; Kees Van der Pijl , op. cit., pp. 90-109.

J.L. Hervey , 'The Internationalisation of Uncle Sam', Economic Perspectives. Federal Reserve Bank of Chicago (Vol. 10, No. 3, 1986), p. 4.

Patrick Cockburn , 'Oil Price Fall Forces Moscow to Cut Imports , The Financial Times, 4 April 1986. Oil makes up 60 per cent of Soviet hard currency earnings. As a result, Soviet imports will fall by between a quarter and a third in 1986. The $10 per barrel barrier was broken on 2 April 1986, when a cargo of Brent oil was sold for delivery in July at $9.90. Between 1980 and 1982 the international price ranged between $35 and $40 per barrel. See, Federal Reserve Bank of Dallas, Bulletin. October 1985.

T. Dodsworth , 'The Wage Deal that Bucked a Trend', The Financial Times, 5 October 1983; and 'Unions Bow to Management's New Found Strength', The Financial Times , 14 May 1985.

Robert Whymant , 'Unions Lose Their Fighting Spirit', The Guardian. I July 1986.

M. Davis , 'Reaganomics' Magical Mystery Tour', New Left Review (No. 149, 1985), p. 47.

Robert Whymant , 'Out Tele-coming Telecom', The Guardian. 15 July 1986.

M. Davis , 'Reaganomics' Magical Mystery Tour', op. cit., pp. 48-55.

Robert Whymant , 'Out Tele-coming Telecom', op. cit. On the relative infancy of the process of transnationalisation in Japan, see 'Japan'. The Financial Times, 17 July 1986. pp. I-XVI, especially Jurek Martin, 'To Open or not to Open, that is the Question', pp. I. III.

C. Fred Bergsten , 'The Problem?', op. cit., p. 138.

Henry R. Nau , 'Where Reaganomics Works', Foreign Policy (No. 57, 1984-85), pp. 22-3.

Henry R. Nau , 'Or The Solution?', Foreign Policy (No. 59, 1985), p. 147.

Ibid, pp. 148-9.

This problem was pointed out by Professor Franco Modigliani of MIT, upon the announcement that he had been awarded the Nobel prize in economics. He stated that the deficit was a 'disastrous policy' for the US. President Reagan's chief economist Beryl Sprinkel retorted that Modigliani was 'wrong'. 'Prizewinner Takes Aim at US Deficit'. The International Herald Tribune, 17 October 1985. See also Susan Strange , 'Paying the Price of Expansion', a review of Stephen Marris , Deficits and the Dollar: the World Economy at Risk (Washington, DC: Institute for International Economics, 1986), The Times Higher Educational Supplement, 25 April 1986.

A. Brummer , 'US will sell of assets to help balance the budget', The Guardian, 24 December 1985.

Letter from Susan Strange to the author, 7 February 1986.