Emerging Economies and U.S. Hegemony

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While U.S. financial investors are troubled over a recent downturn in the national economy, other markets across the world are emerging. What does this mean for the global political and economical order? An interesting analysis in IEET by Mike Treder

clipped from ieet.org Emerging Economies and U.S. Hegemony Does the decline of U.S. geopolitical hegemony make multilateral global governance less likely or more likely? A feature story on the CBS Sunday Morning program yesterday dealt with the shifting world economy and particularly with the rise of economic power in Asia. They show GDP as a percentage of total world output. Note the dramatic reversal in just five years. How much more will it change in the next five or the next ten years? The two previous periods of international order in the 20th century lasted for 30 years and then 40 years (see graphic below). Now it appears that the current order may have met its demise after less than 20 years. Does the recent rise of emerging economies and the evident decline of U.S. unipolar power make that global governance scenario less likely or more likely?

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